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Answers (4)
- David Hoggatt, "Roseville_Broker"
- Contributions:471
You are welcome. You should have the appraiser come out to your home when you finish the repairs/upgrades and value it "As Is." Since he already did a full appraisal on the home, he should be willing to update it for a small fee. You can then attach this new appraisal to your listing if you decide to sell. That way all potential buyers will see the appraisal and see that the price you are asking for is justified. This is a great tool to get a better than asking price offer for your home.
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Have a great day!
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Have a great day!
- wetdawgs
- Contributions:26826
It takes several weeks to several months until the Zestimate changes in response to the facts. It appears you edited the facts yesterday.
One of the issues with the Zestimate may be the purchase price. Zillow assumes standard condition of the property at the sale date so the purchase price weighs heavily in the calculation of the Zestimate. This can be a real issue when one purchases a major fixer upper.
One of the issues with the Zestimate may be the purchase price. Zillow assumes standard condition of the property at the sale date so the purchase price weighs heavily in the calculation of the Zestimate. This can be a real issue when one purchases a major fixer upper.
- Saklayen
- Contributions:2
thank you David for your prompt reply. It was indeed very helpful.
I will surely post pics after all the updates are done.
Yeah we did a professional appraisal done before the purchase and the appraisal came out as 358,000 (as completed value) and 315,000 respectively.
Even though the Zestimate is not an appraisal, many buyers begin their evaluation with the Zestimate as the starting point. If in the neighborhood, ur house is off by 70/80 K in Zestimate, it raises eyebrows and 'doubts' are the last thing that you can fight as per as the house market is concerned.
thanks Again
I will surely post pics after all the updates are done.
Yeah we did a professional appraisal done before the purchase and the appraisal came out as 358,000 (as completed value) and 315,000 respectively.
Even though the Zestimate is not an appraisal, many buyers begin their evaluation with the Zestimate as the starting point. If in the neighborhood, ur house is off by 70/80 K in Zestimate, it raises eyebrows and 'doubts' are the last thing that you can fight as per as the house market is concerned.
thanks Again
- David Hoggatt, "Roseville_Broker"
- Contributions:471
After updating your home facts on Zillow, it may take a while for you to see a change in the Zestimate.
Zestimates are based on many different data points including recent sales, location of property, upgrades etc.
Fortunately, Zillow's Zestimate is only an estimate of value. It has absolutely no effect on the actual value of your home. The best way to get a true value is to hire an appraiser to appraiser your property and/or as a local Realtor to provide you with a CMA (Comparable Market Analysis). Most Realtors will be more than happy to provide you with this report for FREE.
Congratulations on the purchase of your new home! Make sure to post pictures once you complete your upgrades.
Zestimates are based on many different data points including recent sales, location of property, upgrades etc.
Fortunately, Zillow's Zestimate is only an estimate of value. It has absolutely no effect on the actual value of your home. The best way to get a true value is to hire an appraiser to appraiser your property and/or as a local Realtor to provide you with a CMA (Comparable Market Analysis). Most Realtors will be more than happy to provide you with this report for FREE.
Congratulations on the purchase of your new home! Make sure to post pictures once you complete your upgrades.
How frequently the zestimates are updated
I bought the house for 242,000.00 but I am spending more than 50,000 dollar to make it livable ( the hosue did not have HVC, roof was falling off etc)
I recently updated the facts but the zestimate seem to be the same.
Could you please tell me why the house zestimate went down so drastically and how it can be brought back to reflect the actual zestimate.
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