I mentioned the other day that housing problems are especially noticeable in my neighborhood– that there’s a house on Wallace Street with an asking price of $789k and a Zestimate of $532k.
Well, that discrepancy isn’t because the house is overpriced– or at least, not all of it. Part of the issue is that Zillow’s got old data. Zillow’s description shows a 1365 sq-foot, three-bedroom, 2.5-bath. In contrast, the listing on Somerville.com shows that the seller has turned it into a 1500-sq-foot with three full baths and the requisite granite countertops. I saw the place at an open house and it really is an impressive renovation.
(An aside: Granite is going to be this decade’s avocado green. Sadly, if Somerville’s ongoing love-affair with vinyl and aluminum siding is any indication, it’ll be the hot thing around here for at least another fifty years.)
I don’t know if fancy counters, a stainless fridge, and a new tub are worth enough to explain the difference in price, but they justify at least some of it.
Zillow is now accepting homeowner updates and corrections, so we’ll see if that has any effect …