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Answers (7)
Best Answer
- Dunes....
- Contributions:3894
Because Zillow is using New Math...Read here
http://www.zillow.com/advice-thread/Zillow-Announces-Zestimate-Improvements/403036/
And no I'm not suggesting it's a good thing..just saying Zillow gives THEIR explanation to your question there..you decide if it rings true or not
http://www.zillow.com/advice-thread/Zillow-Announces-Zestimate-Improvements/403036/
And no I'm not suggesting it's a good thing..just saying Zillow gives THEIR explanation to your question there..you decide if it rings true or not
- Dunes....
- Contributions:3894
Thank you cagrnc..appreciated
@Vince Curtis, to be fair all estimates are guesses. Some are more defensible then others. That said, Zillow does quite an exceptional job in compiling information from public records to produce an close estimation of the RE value. Ultimate a home is only ever 'worth' what someone is willing to pay or lend you to buy.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3917
...I would bet that something nearby closed and affected the value....but it doesnt really affect your value because as I said earlier, realtors do not go by search engines, we pay to to use the MLS system which is where we build our comps. Garner, you all are so famous now? Scottie town ...I was just listening to QDR talking about him....
- cagrnc
- Contributions:2
I realize these are not appraisals and only estimates based on surrounding market conditions. The real question is a drop from $401K to $362K in a 20 day period is NOT $800 as the site shows - it's a drop of $39K! How can it be so off in the simple math????
- Sharon Lewis, "Sharon Lewis"
- Contributions:3917
If you want to know 'what your home is worth' hire a professional appraiser.That appraisal is good for the day it was done, because tomorrow another home may be sold for a higher or lower number that is comparable to your home. A realtor can do a comparative market analysis, but before you go and ask one, please be considerate of our time. It takes a long time to do one.
Here is Zillow's explanation
The Zestimate (pronounced ZEST-ti-met, rhymes with estimate) home valuation is Zillow's estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home's value. The Zestimate is pulled from data; your real estate agent or appraiser physically inspects the home and takes special features, location, and market conditions into account. Variations in price also occur because of negotiating factors, closing costs, and timing of closing. We encourage buyers, sellers, and homeowners to supplement Zillow's information by doing other research such as:
* Getting a Comparative Market Analysis (CMA) from a real estate agent
* Getting an appraisal from a professional appraiser
* Visiting the house (whenever possible)
.
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
http://www.zillow.com/advice-thread/Zillow-Announces-Zestimate-Improvements/403036/
A Zestimate is ONLY a guess - NOT your real value.
A Zestimate is ONLY a guess - NOT your real value.
How can zestimates vary so much and not represent what was reported via email within a 30 day period
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