My home on Zillow is being valued at less than 1/2 it's replacement cost - seems Zillow is a WAG!!

The Zillow valuation of my property is great if I can use it to challenge my tax assesed value. It sucks for my getting my property refinanced. neighbors with not as nice of home. Smaller footprint w/ some extra finished basement got a real appraisal 60% higher than mine.  In face much smaller older and dated homes on same street sold for more than my Zillow value in the last year.
Seems like Zillow is a bad place to start - unless your a buyer.
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April 02 2010
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I thought not also, but I responded to a letter from my current mortgage holder (US Bank Mortgage) who was offering a discounted refi.  I called and started talking to their rep. and the first thing she did was to confirm my name, promo code and property address.  She said according to our valuations your home is worth about $275K.  I asked where she got such poor information as that and she said that they do a property look-up on zillow.com.  She did say that the final valuation would be done per appraisal but that they used that information as a starting point.  This caused me to go to zillow.com and look at my property and neighboring.  I did claim my home and updated the profile.  It went up $25K but it is still a fraction of the real market value assuming that values are down 30-35% from 06-07.  I noticed that Zillow does label many homes w/ Zillow values... My investigation proved that they are meaningless so why have them??? I would suggest that no information is better than bad information.
John
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April 02 2010
Lenders do not use zillow for sny type of valuation. Hey if you want to increase the value of your home on zillow you can go in claim your home  and play with features. Zillow is more just for fun real estate is local and zillow mixes neighborhoods and school districts when giving a zestimate.
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April 02 2010
 
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