Profile picture for Nafisa Hoodbhoy

My bank appraised my home value at 88,000. Zillow estimates are $182,000. Why the difference?

  • June 21 2009 - Anacostia
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Answers (3)

it is true that the current HVCC legislation is killing home values.  But 50% difference is excessive. Get a CMA ( competitive market analysis) from your Realtor. Look at the appraisal with yoru lender and se if ther are any inncauracies. Without looking at the appraisal I can't tell you why it is so low.  Althoug Zillow is typically close to target, it is a computer model and zillow didn;t enter your home as the appraiser did.
  • October 09 2009
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While an appraiser is suppossed to be thorough current changes in legislation have weakened some of the standards by limitng the choices that lenders have when it comes to ordering appraisals from experieinced appraisers. Zillow does a good job of delivering neighborhood value characteristics but is not as reliable as an a good appraisal. The question, under the new law, is did you receive a good appraisal?
  • June 22 2009
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Profile picture for Ray Stevens
Zillow estimates are computer models and can be grossly inaccurate.  The computer cannot tell the upscale houses in the next community are not acceptable comps for your community.

As for your appraisal, it is a long way off from Zillow.  There may be a problem.  As your bank what is allowed and not allowed in challenging that appraisal.

If allowed, ask your local realtor to find recent sales in your neighborhood.  Look for some good comps the appraiser didn't use and ask for the reason why.
  • June 21 2009
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