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Answers (6)
- Kevin Horan RN & Susan Horan, "KevinAndSueSellHomes"
- Contributions:262
A good problem to have indeed. The appraiser who did the work for your refinance is probably an expert in your area who has seen many other homes in the past and is not "estimating" or "Zestimating" value". He or she is DETERMINING value based on the neighborhood, local comps, upgraded features and many other variables. They will also adjust for short sales and bank owned properties that may or may not be truly indicative of value.
- Kyle Ball, ABR, e-Pro, "Kyleball"
- Contributions:137
That is a good problem to have! You can see what the % of accuracy Zillow has in your area. They publish the % for most metro areas. It is a 8% + or - in my area of Portland oregon.
- Claude Windell, "Claude Windell"
- Contributions:3
Another factor that can affect the Zestimate is lack recent sales in the
area around your home. Also neighborhoods that have a wide range of homes from cottages to mansions will be difficult to estimate.
area around your home. Also neighborhoods that have a wide range of homes from cottages to mansions will be difficult to estimate.
- Jessica Christopher, "JessicaZC"
- Contributions:178
Cool for you! Hope your in positive equity!
- Brock Harris, "brockharris"
- Contributions:235
Zillow is historically within 10% of true value. They are just that, though, an estimate. Best way to know true value? Meet with three local realtors.
- wetdawgs
- Contributions:26773
A Zestimate is just that, an estimate using a statistical model. It doesn't take into account upgrades, views, great landscaping and many other things that add value but which will be noted by an appraiser.
If you are planning to sell and wish to call this out, you can put the appraisal value (and date) in the comment box. Other wise, smile and be happy!
If you are planning to sell and wish to call this out, you can put the appraisal value (and date) in the comment box. Other wise, smile and be happy!
My appraisal when I refinanced is significantly higher than the zillow estimate
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