Sometimes both Buyers and Sellers rely on the ZTRs (Zillow, Trulia, Realtor.com and others) to estimate [Zestimates for Zillow] the value of homes.
These estimates may be entirely unreliable.
Here are some of the reasons theZTR blanket estimates do not work well in Prescott, Arizona.
- Many lots were sold to individual Builders
- There are very few “look-alike” homes here
- No “cookie-cutter” or “ticky-tack” homes here
- Forest settings vary widely from one part of town to another
- Prescott is hilly and some of the lots are steep
- Some have big views, others do not
- Ages of the homes vary widely, a few are as old as 100 years or more
- Homes in the pines are mostly 30 to 50 years old
- Many homes have been remodeled or updated
Questions you should ask when shopping for a home in Prescott
- How steep is the lot? – there are very few nearly level lots
- How many stair steps to get to the main living level?
- How many levels in the home?
- How steep is the driveway and how long is it?
- Does the driveway face north or south?
- Do you want to live in the pines?
If you come from Phoenix or other area where there is no snow, you probably would not think a north-facing driveway versus a south-facing driveway is significant. However, it does make a huge difference when there is snow on a steep driveway. The last home I had in the pines had a steep driveway and faced to the north. What little snow we get in Prescott usually melts in a day or two but not so on a driveway that is shaded in the winter.
Just a cursory analysis shows that there may be a $50,000 to $60,000 premium for a 2,000 sq-ft home in the Ponderosa Pines compared to a home that is not in a “piney” area. Doing meaningful CMAs in Prescott is very difficult. I do not routinely do CMAs as it is so difficult to account for or adjust for the factors mentioned above.