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My appraisal when I refinanced is significantly higher than the zillow estimate

  • September 27 2010 - US
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Answers (6)

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.
  • September 27 2010
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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.
  • September 27 2010
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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.
  • September 27 2010
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Cool for you! Hope your in positive equity!
  • September 27 2010
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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.
  • September 27 2010
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Profile picture for wetdawgs
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!
  • September 27 2010
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