Profile picture for user5783363

Can we adjust the Zestimate to match a currect home appraisal?

I would like to consider listing my home for sale by owner with Zillow. I had an official appraisal done, and the value was determined to be $750,000 based on recent sales data. However, the Zestimate is only $546,900. How do we correct this before I list my home?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 21 2012 - Libertyville
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (3)

Hello user5783363

Zestimates utilize all data within a 3 mile radius of your home and sometimes within a specific zip code.  They do not take into consideration For Sale By Owner homes until they have actually closed, or once a homes data becomes public knowledge.  They do take into consideration Auction homes, Deed in Lieu, Short Sales and Foreclosed homes.  That may be the leading reason that there is a significant difference between your appraisal and the zestimate.  Especially if the appraisal removed those types of homes from their report.

What is the pricing strategy among the homes for sale surrounding your home? 

Please keep in mind that an "asking price" is not an actual value.  A home is only worth what a buyer is willing to pay for it.  So one must set their home apart from the competition and convey the value in the eyes of a buyer. In other words create the demand in the buyers eyes. 

Also, please keep in mind, that if you paid for your appraisal the appraiser was working for you and not a bank.  What that means is that they were working to give you a price that you would find acceptable.  Not a price that a bank would loan on.  

Instead of changing the zestimate, I would utilize the zestimate to the fullest extent.  Pointing out the differences between those homes that zillow suggests are comparable to yours and point out the upgrades or differences that capitalize on the value of your appraised value.  

I would also request a CMA from a local Broker/Agent to gain insight into what the market is actually doing in real time.  

How long ago was your appraisal completed?  If it was over 6 months ago, it is out of date.  It does not reflect current data or market trends.  6 months is as far back as a bank will go to determine lending practices. 

Wishing you the Best!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 29
Triangulate your appraisal and the county assessed value with the zestimate.  If the appraiser and zillow agree, your appraisal was too generous.  zestimates are based on avg cost per square foot math correlated to a zipcode.  Either your house is way over improved for the neighborhood, or your house is smaller than the comps. 

Bit of a sales pitch here...
Understand that if you are trolling for high end buyers with jumbo mortgages you need to expand the pool of buyers by going with a full service brokerage.  Your goal is to find the greatest number of people to see your house and from those find someone who is willing to pay the most for it.  High end buyers don't like dealing with FSBO sellers and relocation companies with a corporate transferee buyers have had bad experiences with unrepresented sellers. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 31 2013
Profile picture for wetdawgs
You may find some information about the calculations for Zestimates in
"What is a Zestimate?"   

If I were in your shoes, I'd claim my home on Zillow, make sure all facts are correct and also add the appraisal value (with date) to the Zestimate comments.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 21 2012
 
Related Questions
Can we adjust the Zestimate to match a currect home appraisal?
Profile picture for Lisa Schade
Latest answer by Lisa Schade
March 29 | 3 answers
Agent selection
Profile picture for Lisa Schade
Latest answer by Lisa Schade
March 29 | 9 answers
Why have the values of my neighbors homes went up so much, and our house has declined in value?
Profile picture for 2143 Kenton Lane
Latest answer by 2143 Kenton Lane
July 02 2011 | 2 answers
Zesimates
Profile picture for Brian Teyssier
Latest answer by Brian Teyssier
April 18 2011 | 3 answers
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. (undisclosed Address), Mundelein, IL Home For Sale
    (undisclosed Address), Mundelein, IL 60060

     For Sale: $149,900

    • Beds: 4
    • Sqft: 2146
    • Baths: 2.0
    • Lot: --
  2. 925 S 4th Ave, Libertyville, IL Home For Sale
    925 S 4th Ave, Libertyville, IL 60048

     For Sale: $474,900

    • Beds: 4
    • Sqft: 2579
    • Baths: 3.0
    • Lot: 10007
  3. 1330 Saint William Dr, Libertyville, IL Home For Sale
    1330 Saint William Dr, Libertyville, IL 60048

     For Sale: $599,000

    • Beds: 4
    • Sqft: 3112
    • Baths: 4.0
    • Lot: 12829