Profile picture for jim63129

I'mn really confused on your valuation

Is the value based upon comp sales? I have multiple properties in South St. Louis City. All are undervalued. Some are valued less that half of what I could sell them for. Could it be based on sale price or city appraised rate? You have on property valued at $45k. I paid 45K in Aug. 2013 and spent another 20k to rehab. You have rent estimate of $723. I have a long term lease at $900. I know I could sell this house between 85k-90k in a very short time. I've had the tax appraisals reduced when I bought these properties and do not want to update your estimates as it could increase my taxes (if spotted by the city appraiser).
  • March 07 2014 - Carondelet
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Answers (1)

Profile picture for Blue in d Nile
No, it is not a "comps" method, and has absolutely nothing to do with "CMAs".  It is a non-linear neural network learning model of multiple variables using all non-distressed ownership unit recent sales in the county, weighted by distance.

See the FAQ:
what is a Zestimate.  It is not an appraisal.  Rehab and renovations since purchase are not factored in, unless reflected in the property taxes, and even then, not fully.

And I don't work for Zillow so complaining about my answer won't change anything.

The machine generated opinions of approximate value are for personal use only... it is against Zillow's terms of use for them to be used for any commercial purposes of any kind.  The estimates cannot affect your taxes; but your property taxes can substantially impact the estimates.

As for Rent-Zestimates; see the FAQ:
What is a Rent Zestimate

It is a very similar modeling method as the Zestimates, BUT it models to the listed rents on Zillow, not actual rent amounts in the area.
  • March 07 2014
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