How can the zestimate assert to be a better predictor of price than an recent appraisal?

Profile picture for Ann E Walker
The zestimate price range is substantially lower than a current appraised price, which utilized 2 different appraisal methods.  Why does zillow think its analysis is more accurate than an professional appraiser, who viewed the property, when the zestimate acknowledges that zillow has not viewed the condition or the property and is not qualified to appraise a property?
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May 25 2011 - Weldon Spring
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Answers (2)

Profile picture for Pasadenan
Fairly new to Zillow?  What do you think Zillow asserted?

Have you tried the "frequently asked questions" section on this forum?

Did you click on the "?" question mark next to the word "Zestimate" under the charts and data section of the home details page?

It appears that you are mistaken, as most members of NAR tend to be.

And don't forget:


(Ever thought about trying to clean up the misrepresentations of your association first?)
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May 25 2011
Profile picture for hpvanc
If you are trying to sell the property add comments about the appraisal in the property description on Zillow, or post a copy of it as one of the photos.

The value of Zillow to consumers is that they do not allow sellers to remove the Zestimate and limit their ability to game the system when they are on the market.  If the Zestimate is out of line, informed buyers and sellers will realize it and price or offer accordingly, that does not however mean that the Zestimates is not a good general benchmark for a neighborhood.  I realize they are less accurate and useful in non-disclosure states or counties.  For your area, if I am not mistaken, Missouri is generally non-disclosure state, but St Louis County does disclose real estate sales prices.
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May 25 2011
 

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