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I have an appraisal which shows my property $100K more than the zillow estimate

Hello,

For months now I have watched my property price on zillow decrease, it wasn't an issue until I made the decision to refinance my home. As part of the refi process an appraiser provided an appraisal which is $100,000 more than the zillow estimate. Whilst I understand the Zillow price is an estimate, an estimate should be somewhat close to the actual/ appraised value, however in my case it is off by 17%. You may question the appraiser, but this is the 3rd time in 2 years I've had an appraisal performed on my property and whilst Zillow tends to be lower at all times, this is the first time that Zillow is out by $100K.

Your help in understanding why the value is off by 17% would be appreciated.
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December 04 2011 - Pacific Heights
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Answers (3)

The appraiser who visited your home and provided you with a detailed appraisal report is licensed and experienced in your market area. Therefore he has a much greater knowledge of the factors that affect your local market and a more in depth understanding of where that market is heading and why, i.e. local jobs increasing/decreasing, financing availability, local government programs, demographics etc.

Zillow bases their estimates on public information such as tax assessments, foreclosure rates in your area, # of sold properties vs. current listings, days on market etc. This is all useful information to a certain extent but only represent part of the picture.

Especially in smaller markets these estimates can vary widely in both directions and can be skewed by outliers. These outliers can be a house selling for far more than it would otherwise but the seller included an incentive such as a new boat or car, OR a house selling for much less BUT the buyer included in their offer to the seller a piece of land or another property in addition to the sale price. Zillow doesn't know these things but your local Realtor and Appraiser should.

Congratulations on such a great appraisal!
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December 05 2011
Profile picture for Caveat Emptor
I have an appraisal which shows my property $100K more than the zillow estimate

you must be thrilled! have a nice day.

You may question the appraiser, but this is the 3rd time in 2 years I've had an appraisal performed on my property...

nope, no reason to doubt the appraiser, though you must enjoy blowing money if you have had 3 refis in 2 years. what are you doing?


Your help in understanding why the value is off by 17% would be appreciated.


no mystery here, the appraiser has access to more/better information about your house itself and isnt basing his opinion on the OVERALL market. hes seen the inside.
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December 05 2011
Go in to My Zillow and claim your property , in the remarks section mention it was appraised , the date and for how much.Zestimates are a rough idea of value, not an appraisal, Zillow states in their explanation, 
Here is a link
http://www.zillow.com/wikipages/What-is-a-Zestimate/
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December 05 2011
 
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