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Answers (2)
- Leah Pham, "Leah Pham"
- Contributions:58
The "Zestimate" does NOT equal true "Market Value"... if you would like to find out the true market value of your home, then you should get an appraisal done, or ask a Realtor for a CMA. Zillow is the first to admit they have a "margin of error" in their Zestimates (avg 10% margin of error, but up to 40% in some areas!). Cheers :)
- Sam DeBord, "SeattleHome.com"
- Contributions:3472
Great question. The answer is that the Zillow estimate is a blind computer-based model that has no idea about your upgrades. It's an unreliable value model for a single home.
Somehow, Zillow's model has taken a recent low sale price of another home as having a strong attachment to your home's value. The erratic price change somehow didn't affect your neighbors.
Rest assured, it's not an appraisal, just a model that's not designed to truly place a value on a single home.
Somehow, Zillow's model has taken a recent low sale price of another home as having a strong attachment to your home's value. The erratic price change somehow didn't affect your neighbors.
Rest assured, it's not an appraisal, just a model that's not designed to truly place a value on a single home.
I'm confused as to why my property which for 7 yrs has been priced slightly higher than the 2 homes
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