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Answers (4)
- Roslyn Gauntt, "colleyvillerealtor"
- Contributions:16
Zillow uses as much public data as possible to create their estimates. Unfortunately, each home has unique features, upgrades, and attributes which all work together at defining a proposed value. In Texas the sales price data is not public information. However, original mortgage data is. Therefore it is even more difficult to provide an estimate in our markets. If you have a question about value you should make an inquiry to a trusted real estate professional or a licensed real estate appraiser.
- wordsmth
- Contributions:361
Yap, yap, yap. It doesn't matter what Zillow's calculation is. It doesn't matter what your assessment is. It doesn't matter what you paid for it. It doesn't matter what you think the property is worth. Geez.
If you want to refinance, you apply for a refinancing. The lender will send out an appraiser who will look at all the factors that matter--primarily how your home compares to others that have recently sold. The appraiser won't even look at Zillow. I promise.
Zillow's strength is is automated algorithms. That's also its weakness. It doesn't send people out to do appraisals. It relies on sophisticated mathematical models. Sometimes those models produce pretty accurate results. Sometimes they don't.
Incidentally, assessed values are also a very poor indicator of a property's value. Sometimes a property is worth more than its assessment. Sometimes it's worth less. So a Zestimate limited to a figure higher than a property assessment likely would be less accurate than it is today.
If you want to refinance, you apply for a refinancing. The lender will send out an appraiser who will look at all the factors that matter--primarily how your home compares to others that have recently sold. The appraiser won't even look at Zillow. I promise.
Zillow's strength is is automated algorithms. That's also its weakness. It doesn't send people out to do appraisals. It relies on sophisticated mathematical models. Sometimes those models produce pretty accurate results. Sometimes they don't.
Incidentally, assessed values are also a very poor indicator of a property's value. Sometimes a property is worth more than its assessment. Sometimes it's worth less. So a Zestimate limited to a figure higher than a property assessment likely would be less accurate than it is today.
- Mike Leyden, "leydenrealty"
- Contributions:61
Zillow will have no effect on your mortgage. The lender who funds a refinance will require a full appraisal. Unless you qualify for the newly revised HARP program.
An appraiser will examine your house, inside and out. The appraiser will note any improvements.
An appraiser will use MLS data, not Zillow, to derive their value opinion. Your actual value will be set by the most comparable homes which recently sold.
Again, if you qualify for a HARP refinance you will probably be able to avoid an appraisal. Under the new HARP rules, your house could appraise for $100,0000 and you'd still get a loan. As long as you qualify. Ask your mortgage person about this.
Zillow disseminates real estate information so as to attract visitors to its website, visitors who are exposed to advertising.
Zillow's estimates are more interesting than useful. Look at everything that has sold around you in the past 6 months then pick the most relevant ones; this is is how you establish value.
An appraiser will examine your house, inside and out. The appraiser will note any improvements.
An appraiser will use MLS data, not Zillow, to derive their value opinion. Your actual value will be set by the most comparable homes which recently sold.
Again, if you qualify for a HARP refinance you will probably be able to avoid an appraisal. Under the new HARP rules, your house could appraise for $100,0000 and you'd still get a loan. As long as you qualify. Ask your mortgage person about this.
Zillow disseminates real estate information so as to attract visitors to its website, visitors who are exposed to advertising.
Zillow's estimates are more interesting than useful. Look at everything that has sold around you in the past 6 months then pick the most relevant ones; this is is how you establish value.
- Toby Barnett, "Barnett Associates"
- Contributions:222
Zillow uses a mathematical algorithm and historical data to create automated valuations of properties. Many of a home's attributes and features are not taken into account when providing an evaluation. Also, I believe Zillow is doing its best to refine automated valuations but its difficult to have a computer generate a value in what is typically done by humans. If the valuations are to low ask a realtor to provide a comparative market analysis that can be provide to your lending institution instead of relying on a automated system.
How come your values are NOWHERE near what the assessed value is on homes?
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