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House value

Where does zillow get their info for valuing a house? We bought a brand new house Aug 2013 and ever since zillow has been telling us that it's only worth 100K less than our actual purchase price and the actual appraisal. Zillow needs to get their act together on their pricing, they're way off out there in left field.
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July 18 - Goodyear
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Answers (3)

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Zillow doesn't do particularly well with brand new homes.  While they do usually have the price you paid, the tax assessor data are lagging and also contribute to the formula.
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July 20
The system used by Zillow is outlined online on their webpage.  Zillow uses their own proprietary figure that they attached to a home.  The amount is based on a formula and that amount can vary from home to home.  The Zestimate is the not the appraised value, fair market value, or amount that your home would sell for if the house was put on the market for sale.  Each home can vary slightly based on the features of the home and other factors.  If you are planning to list your home for sale, you should use a Realtor that understands how Zillow works and how to most effectively market your home.  This would be a good question to discuss with qualified Real Estate Broker.
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July 20
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  • Faye
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mikedm -

A Zestimate is an estimated valuation based on publicly available information about homes as well as user submitted data (e.g., beds, baths, square footage, lot size, tax assessment, prior sale price). Here's our Zestimate FAQ.

Thank you.

Faye
Zillow Customer Support
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July 18
 
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