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Flavio Tejada, MBA-Finance, Realtor, Broker/Owner
I have been selling home in Rivermark Area. This home doesn't fall under the Actual Rivermark. Since the area is adjacent to Rivermark but not really under Rivermark Don Callejon School, the price is low.
Zillow doesn't know of that only a realtor of that area can give you the right picture. Zillow is based on nearby sales.
If you compare Rivermark area, 2 Bed 2 Bath Condominium are going for $500K+. A single family home in Rivermark is 1M+ The other side of Montegue Expressway the story is totally different, however, from Zillow point of view it is way less than within quarter mile area.
So that is why Zillow cannot predict the price. Most of the time Zillow pricing is always conservatively priced.
Call me if you would like to know more of this area. I can drive you to nearby places to show you homes of your dream.
Rivermark area is booming since it is in the heart of silicon valley. Most of the silicon Valley companies are within 10 minutes reach. 49ers stadium is coming and a proposed downtown near the stadium. If all this happens think where the price will go.
However, 'Guesstimates, horoscopes, magic numbers and all automated evealuation systems are simply random number generators with a lot of small print to give the validity. (No one reads the small print and assumes every number the see to be factual.)
Juliana makes a great point. Zillow states that more that 75% of the time they are off the mark by more than 5%. They actually provide the scale of inaccuracy, which nobody actally interprets as the random number generator it is. Too many believe if there are precise numbers, there must be something factual related to it. There is. But it has NO relevance to someone making a real estate purchase decison. Such numbers are relevant to those making regional or even state wide decisions. The average home buyer is being deceived by such numbers. The exception would be if there have been a sustained volume of sales of like kind property in that area over a period of many months.
Now, the question begs to be asked..."Why have you not made a purchase offer on such a steal of a deal?"
"Why are you asking this question on Trulia and not Zillow?"
"Who or on what will you rely regarding future or current real estate guidance?"
I'm actually surprised Gregorio's research shows the property price is in line with the market given Zillow's median error rate within Santa Clara County:
Very interesting actually.
If you look at the recent sales around this home they are for much smaller homes. Sales in 2013 for similar sized houses were on the other side of 101. Zillow is probably using comparable sales which aren't very close to this property. This property is not one which a computer could create a good estimate. The property has been used as a rental and is being offered in a way to get everyone interested to respond quickly.
Santa Clara home values are shown at http://julianalee.com/santa-clara/santa-clara-statistics.htm
Santa Clara homes just sold are shown at http://julianalee.com/santa-clara/santa-clara-home-sales.htm
Top 2 agent nationwide at Keller Williams Realty, the nations largest
Over 20 years experience
Over 1,000 homes sold in Santa Clara County and San Mateo County
The others are also correct regarding automated valuations... most are based on comps and market trends, which ignore an individuals property's unique location and characteristics. Most of them are 20% to 30% off on their estimate.