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How does a home owner reconcil the Zillow value of a home when I know that it is undervalued?

I own a home in a small community that has upper end homes.  I've done quite a bit of remodelling on the home that is not reflected in the county assessments for the property.  I have made adjustments to my homes profile on Zillow but only saw an increase of a couple thousand dollars.  Zillow has my home valued at about $605,000.00, but I know from R.E. agents and comparables in the neighborhood that my house is worth something over $750,000.00.  This error in valuation wouldn't normally bother me but I am going through financing, and the current problems with heloc and mortgage appraisals has me a little bothered.
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July 09 2009 - Blue Ridge
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Profile picture for rjon.101
If you are refinancing the onlly thing that matters in this world is what the lender's appraisal is. Nothing zillow says does or posts on its web site is relevant to the appraisal process.Zillow even tells you it is not an appraisal service and to get an appraisal.
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July 09 2009
rjon.101 is correct.  Please note that the Zestimate is an estimate not the actual price and also not an appraisal. It is just a starting point in figuring out the true value of a house.

Zestimates are calculated based on your County's public records. If those are incorrect, the Zestimate will be incorrect. To account for these errors, we allow homeowners to edit their home's facts and publish updated estimates which you have done. You could also make the necessary corrections at your County - but please note that if they do make those corrections, it can take some time for assessor updates to be reflected on Zillow.

We do not offer the Zestimate as the basis of any specific real-estate-related financial transaction. It is still best if you will get an official appraisal that will include the specific improvements you made for your property.

Please let us know if you have anymore questions.
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July 14 2009
You also need to keep in mind that appraisals are a Fannie Mae (or other) sales based method. The value of your upgrades may not show up if they are not also present in the neighborhood sales comparables.
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July 13 2009
 
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