Zillow "Zestimates" - in the ballpark or not?
According to zillow and trulia, the house that we want to purchase was purchased by the current owners 5 months ago for $320,000. The source of the selling price is listed as "public record".
Now, these same owners are trying to sell the same home for $552,000. To make matters worse, last month they were asking $585,000. There have not been any updates or anything that makes sense for this huge jump in price. There's no shopping center that moved in etc. Nothing that makes sense.
The "Zestimate" on Zillow is $363,000. This price seems reasonable to us, considering the location and price per square foot of other homes in the area.
However, this particular home is a midcentury home built in 1960. Many would consider it "ugly" and it's definitely not of the same architecture of the other homes in the area. As far as "finishes" go, there are no jacuzzi tubs (which I detest, anyhow, but you get what I'm saying,stainless steel appliances, or marble countertops; as there are in the neighboring homes. The other homes are Acadian styled, which is what people down here in Baton Rouge are after - Acadian or French Provencial. The home we are wanting has terrazzo flooring in the wet areas. Most Baton Rougeans would snub their noses at terrazzo. My husband and I, however, appreciate the architecture along with its terrazzo. LOL!
We really want this home, but we can't spend over half a million on an old home that will need a little TLC AND continue to pay private school tuition for 4 kids. So, if we offer $350,000 with room to negotiate, would that be considered a "low ball offer"?? I think it would be, but at the same time, I think their asking price is a uhhhh, how do you say it, a highball request???
Put me in my place or sympathize with me. Am I in need of a reality check or are they?
By the way, we don't have an agent. (I don't think I want one. I make them miserable because I'm picky.) But the sellers have an agent. We have not said anything about the price to their agent. She's shown it to us and knows we are interested. But that's all. Assuming we were like most in Baton Rouge, she apologized for the terrazzo and gave suggestions of new floors, we just smiled and nodded. We left by saying that we'd call her back within the week.