- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (4)
- wetdawgs
- Contributions:26802
As an outsider, I can see some rational in not having the Zestimate adjust immediately. A quick adjustment would set the system up for gaming. But, that is my non-Zillow humble opinion.
Zillow describes using the core features of a home for their Zestimates. One of those is tax assessed value (adjusted for local rules) - so features that add value in the eyes of the tax assessor ( such as solar, travertine tile, views etc) are indirectly included in the Zestimates already.
Zillow describes using the core features of a home for their Zestimates. One of those is tax assessed value (adjusted for local rules) - so features that add value in the eyes of the tax assessor ( such as solar, travertine tile, views etc) are indirectly included in the Zestimates already.
- Judy Mullins, "Judy Mullins"
- Contributions:4
Thanks for the great info regarding just how long it takes for Zillow to adjust. Wow, 8 weeks is rediculous. I hear what you say about Solar value and return, but when appraisers give value to full Solar homes, it should matter when providing comps. It's not about the recoup of cost of improvements, it's about how well buyers/sellers are educated on the value given for Solar. If Zillow is going to give "values" publicly then they need to be a little more educated themselves on the current perception of value when it comes to Solar. If the Appraisal Institute is realizing the significance of educating their appraisers now as to the added value for Solar, then Zillow needs to bone up! Yes, I do understand the sale of a home to a qualified buyer dictates market price, but that perception of value should not be "skewed" based on inadequate information that Zillow provides for the buying and selling public.
- wetdawgs
- Contributions:26802
Hi Judy:
Here's a link to "what is a Zestimate?". Another useful page to read is "Zestimate values and accuracy".
It sounds like you are dealing with a pretty special house. I'm glad you edited data, but it takes time for the Zestimate to adjust. The last one I monitored carefully was 8 weeks, the last I saw Zillow comment the phrase used was "several weeks to several months". They don't do this on special request. The types of edits that may affect the Zestimate would be increased home size, increased house size and/or more rooms.
As a Zestimate is an AVM caqlculated off the core facts of the house, it doesn't replace CMAs nor appraisals. It also doesn't take into account upgrades and some features that may add (or detract) from value directly.
Solar power sounds nice, but how much value does it really add? The salesmen and agents often put a bigger number here than the actual buyer. When we last purchased, we weren't willing to pay the significant green premium that had a pay back of decades even assuming dramatic increases in power costs.
Part of the skill set required of agents in the current environment is understanding the strengths and weaknesses of AVMs, and using this to educate buyers and sellers. Be a leader in your understanding and passing it on.
May your sale go quickly and smoothly.
Here's a link to "what is a Zestimate?". Another useful page to read is "Zestimate values and accuracy".
It sounds like you are dealing with a pretty special house. I'm glad you edited data, but it takes time for the Zestimate to adjust. The last one I monitored carefully was 8 weeks, the last I saw Zillow comment the phrase used was "several weeks to several months". They don't do this on special request. The types of edits that may affect the Zestimate would be increased home size, increased house size and/or more rooms.
As a Zestimate is an AVM caqlculated off the core facts of the house, it doesn't replace CMAs nor appraisals. It also doesn't take into account upgrades and some features that may add (or detract) from value directly.
Solar power sounds nice, but how much value does it really add? The salesmen and agents often put a bigger number here than the actual buyer. When we last purchased, we weren't willing to pay the significant green premium that had a pay back of decades even assuming dramatic increases in power costs.
Part of the skill set required of agents in the current environment is understanding the strengths and weaknesses of AVMs, and using this to educate buyers and sellers. Be a leader in your understanding and passing it on.
May your sale go quickly and smoothly.
- sunnyview
- Contributions:25127
You as an agent already appreciate that no AVM like Zillow provides listing prices or appraisals. The market knows what houses are worth and the best way to value a home is with a sale to a qualified buyer not with what the cost of improvements were. Good luck with your sale!
Can you correct the Zestimate?
-
- 0.0/5.0
- (no reviews)
Contributions:4I've added the features to reflect the proper value. Thank you.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.