Inaccurate estimates

Profile picture for pzimmermann
My home is in a small very nice adobe development built in 2001 in a historic district. Homes here regularly sell for far more than houses in our greater Tucson AZ area. A just got a new Zillow estimate in an email that said our house had gone down another 3.4% to $388,200. We refinanced our house recently and the bank had an independent appraiser do an appraisal two weeks ago. We just found out that the appraiser valued our house at $550,000. This does not give me a very good feeling about the value of Zillow as a price estimator, since the bank generally goes with very conservative appraisers.
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December 23 2011 - Eastside
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Profile picture for TucsonSpirit
You are correct, Zillow is just that, an online estimate. They are trying to establish an estimate or "Zestimate" for every property in the US.  I too live in a historic district here in Tucson, established in 1928, Zillow does not even recognize it as a subdivision, and certainly not a desirable historic subdivision in Central Tucson.  As a free tool, a free resource for a ballpark guess, Zillow and their Guestimate, I mean "Zestimate" are ok.  That is why no one in the real estate industry, including apprasiers do not use Zillow Zestimates.  Congrats on it apprasiing, you are in the minority of home owners, it is estimated around 70% are upside down on their mortgage.
Best of luck.
Spirit
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December 23 2011
 
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