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Answers (8)
Louis - thank you for your kind words, and yes you are right with your description and it is something that urgently needs attention by our Legislatures to implement Regulation to stop these sites imposing intrusive and incorrect valuations on our homes with NO right of appeal.
- LouisAquino
- Contributions:4
"surbiton"-- you made my day with your comments about Zillow's and its Zestimates. It is a useless and negative real estate nemesis for Realtors, buyers and sellers.
- Josh Barnett, "JoshBarnettREIB"
- Contributions:376
Appraisals are not the "market value" of a property. An appraisal is a lender's value of a property, a value that that lender is willing to provide financing "up to." This is not the market value.
Does the appraisal match the recent sales in the area? A market is only a market; you can easily over build and over remodel out of a market.
Josh
- Kat Nimmons, "Kat Nimmons"
- Contributions:111
Zillow Estimates are based on basic listings. They do not do cost approach values when many homes do have out there upgrades new roofing etc. Most listing agents do NOT use Zillow to price their listings; because of that very reason. Zillow compares apples and oranges, where as agents and appraiser's are appraising apples to apples to sold properties within the past three months.. Make sense?
However, if your appraisal is based on a re-finance loan; you may want to read up on a re-finance loan appraisal, it is usually automatically inflated, so the lender can re-fi and get you the amount of money you are wanting to make whatever upgrades you are wanting to make. Or at least it used to be, before the lenders had to batten down and really start basing loans on a home owner's debt ratio rather than home value. Not wise to use a re-finance appraisal to price a home for the market. You will run the risk of it sitting and missing all the buyers that would have purchased; and then when you finally get a buyer; and the lender does an appraisal, and it comes in lower, then the seller will have to make up the difference or the contract will need to be re-negotiated. Only Sold Properties within the past 3 to 6 months will be accurate.
However, if your appraisal is based on a re-finance loan; you may want to read up on a re-finance loan appraisal, it is usually automatically inflated, so the lender can re-fi and get you the amount of money you are wanting to make whatever upgrades you are wanting to make. Or at least it used to be, before the lenders had to batten down and really start basing loans on a home owner's debt ratio rather than home value. Not wise to use a re-finance appraisal to price a home for the market. You will run the risk of it sitting and missing all the buyers that would have purchased; and then when you finally get a buyer; and the lender does an appraisal, and it comes in lower, then the seller will have to make up the difference or the contract will need to be re-negotiated. Only Sold Properties within the past 3 to 6 months will be accurate.
- Pasadenan
- Contributions:21458
- Pasadenan
- Contributions:21458
Spencer's new home:
He posted it September 12, 2011.
Actually, it doesn't state that he chose that one... only that he looked at it:
How expensive is it to make a sloped lawn level?
He posted it September 12, 2011.
Actually, it doesn't state that he chose that one... only that he looked at it:
How expensive is it to make a sloped lawn level?
- sunnyview
- Contributions:25139
Zillow does not have a way to accept appraisals as far as I know and appraisals go out of date quickly as the market can change with each new sale.
As an owner, you can make sure you home facts are correct to try to get a fairer valuation. If you want to add your appraisal to your home page, I have seen people add it as a photo or include it with the amount and date in your owners description.
As an owner, you can make sure you home facts are correct to try to get a fairer valuation. If you want to add your appraisal to your home page, I have seen people add it as a photo or include it with the amount and date in your owners description.
- wetdawgs
- Contributions:26830
If you wish to have the appraisal value show on Zillow, you can put it in the "owner's comments" section associated with the Zestimate. If you chose to do so, make sure to include the date of the appraisal. Zestimates are automated valuation model numbers and are not adjusted by an appraisal because there is no way to consistently get appraisal data for every home with a Zestimate (even if there were, they'd have to be updated every couple of months with in person visits).
It appears your asking price and the appraiser's value are both well within the Zestimate range of $207K – $348K. IMHO, it is more important to look at the range than the one number called a Zestimate.
If you had three appraisers come out, you'd get three different numbers. If you look on three AVM sites (like Zillow), you'll get three different numbers. These are all considered opinions. A Zestimate is a starting point for comparing homes, not a substitute for an appraisal.
It appears your asking price and the appraiser's value are both well within the Zestimate range of $207K – $348K. IMHO, it is more important to look at the range than the one number called a Zestimate.
If you had three appraisers come out, you'd get three different numbers. If you look on three AVM sites (like Zillow), you'll get three different numbers. These are all considered opinions. A Zestimate is a starting point for comparing homes, not a substitute for an appraisal.
I Just got my home appraised and it is higher than zillow. Do you want a copy of appraisal
so I send a copy of appraisal? shirleeemail@yahoo.com
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