Why's homes.com price est. so low/inaccur for our home 4373 E. Sagittarius Pl 85249? Based on our neighbors' comps our home shld be @least 1,047,163

My wife and I are wondering why the home next door to us - 4393 E. Sagittarius Pl, Chandler, AZ 85249 (4219 sq. ft. $208.35/sq. ft.) - has a Homes.com Estimate of $879,026 (in line with other similar homes and comps in our neighborhood at $200+/sq. ft.), and yet our home 4373 E. Sagittarius Pl. Chandler, AZ 85249 at (5026 sq. ft.) has a Homes.com Estimate of $700,363 (completely inaccurate). Our home is not only over 800 sq. ft. larger, but to build our home would cost quite a bit more given its custom nature. We are considering selling in the next few months, but if you take the neighbors price/sq. ft. and that of similar homes in our gated community, our Homes.com Estimate should be approx. $1,047,163. As I'm sure you know - people look up websites like Homes.com to get a gauge on what they believe a home's value is and the price they believe they should be paying. I hope Homes.com can make the appropriate adjustments to our home pricing on their website to reflect it's actual value. My email address is: pangelotti@gmail.com Thank you for your time and help.
(0) | asked by: Philip Angelotti | share | 1 month ago | Report
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answer by Karen Peyton    |   Visit My Website   |   Contact Me
This website (which is similar to others) is data driven and based upon a programmed algorithm to determine value. Do not worry. Assuming you will use a Realtor to market and sell your home, he or she will "scour" all forms of comparable data available (not consumer "entertainment" websites) to accurately determine the market value of your property. At a quick glance, from June 1st through August 14th, eight homes have sold in your subdivision. While all of them aren't "head to head" comparisons to your property, the value of an agent is to assign appropriate weight to all sources of information. Of course there will be more data in the coming months leading to the time you will sell your home. Recent data will replace the old, and the market conditions of that time will prevail in determining the value of your home. Contact me should you have any questions or if you would like a market analysis.
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answer by Mindy Jones    |   Contact Me
These are all really great questions - It certainly can be very frustrating when trying to get an accurate assessment of your home's value from the very sites consumers turn to for accessible real estate information but as Michael in the West Valley noted, the online valuation tools are limited in scope and are only as good as the data they are fed. Real estate agents have a BIGGER toolbox and can absolutely give you a more accurate assessment of value based on your area comparables, the information YOU know best about your house as the seller in terms of features and upgrades, and incredibly important - the market conditions. With inventory down another 4% across the Phoenix Metropolitan area this month and down nearly 30% in your zip code from LAST YEAR ALONE, it is a great time to have a real estate agent out to your house to look at the market conditions that will support your goals of putting your house on the market. With the growth in the Price Corridor, the Intel announcement we weighed in on earlier in the year, and the continued growth ALL around Basha - you are well positioned in Citrus Preserve to garner the market attention you need to get your home sold. We did some great pre-marketing on a house in Valencia and went under contract within 24 hours this past weekend - the buyers are out there and when you are aligned with the right agent in your area, it all comes together!
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1 month ago  |   Report   |   share
answer by Michael Pringle    |   Visit My Website   |   Contact Me
Most of the information on this site is driven by the MLS. Since your home is not on the market, there isn't any real up to date MLS info for your home. Sites such as this tend to rely upon tax assessments when no other info is available. I took a look at the address on the county assessor's website. The values align quite closely. If you are looking for a more reliable method of determining current value, your best bet is a real estate agent to take a look at the average price per square foot in your area. I would imagine most agents would at least run comps for free. I did a quick search and found sixteen homes within less than a square mile of yours sold within the last month. The average price per square foot was $140. This should indicate a list price of $703,640. Unless the extra 800 square feet you mentioned means 5826. Then it would be $815,640. However, I am talking about the average. In viewing your home through my various systems, I would have to say it is definitely above average. The highest price paid in that area within the last month was $204 per square foot. This puts you at $1,025,304 given 5026 square feet. Based upon all this information, it sounds as though your assessment is VERY close to reality. Let me know if I can do anything else to help.
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