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Answers (9)
- sunnyview
- Contributions:25139
Thankfully, Zillow does not drop the value of your home because you complain so there's no need to worry about that. Zestimates should not be used by banks for lending purposes. Some banks do use them to get a quick snapshot of general value to see if you are in the ballpark for the loan that you are asking about, but they should not be using them to make lending decision because they are not reliable for that. The range is simply too wide.
You can't really dispute your home value on Zillow because it it only an opinion and not an appraisal or even tailored CMA. It is meant to be a "guideline" only. I don't use them too much. I look instead at the comps that have sold recently on Zillow and look at the trend information for the zip code and neighborhood. That makes is easier for me to decide if the house I am considering should be at, under or over the median for the smaller area and it gives me a more accurate idea about the possible value.
You can't really dispute your home value on Zillow because it it only an opinion and not an appraisal or even tailored CMA. It is meant to be a "guideline" only. I don't use them too much. I look instead at the comps that have sold recently on Zillow and look at the trend information for the zip code and neighborhood. That makes is easier for me to decide if the house I am considering should be at, under or over the median for the smaller area and it gives me a more accurate idea about the possible value.
- msnov9
- Contributions:5
My neighbor's home behind us is valued much higher than ours and it ws built the same time. His home is a one car garage and ours is a 2 car garage? This entire Zillow thing is very confusing and I'm guessing since I'm complaining about them, they dropped the value further!!!
- wetdawgs
- Contributions:26833
If a bank is using a Zestimate instead an appraisal, and rejects your loan request because of it, please read the Zestimate definition here. The section of particular importance is
"Can I use the Zestimate to get a loan?
No, you can't. To get a federally guaranteed loan, a law called FIRREA (the Federal Institutions Reform, Recovery and Enforcement Act) requires an appraisal from a professional appraiser. "
- msnov9
- Contributions:5
Wetdawgs...Thank you for the information. If it is true about the Zestimates and not an appraisal than why are banks using it in their determination when appraising your home. They are not coming out to appraise the homes rather relying on Zillow....This also is a hinder to them since they are basing on sales in area and not checking the homes and could be appraising a shack in a well to do area at a higher value!!! This means of doing appraisals is not fair to home owners and needs to be stopped and changed. Banks need to do individual appraisals on homes and not computer generated ones!!!
- wetdawgs
- Contributions:26833
A Zestimate is a number calculated with the public data available. It is not an appraisal or CMA, and it is not a record of appraisals and CMAs (which are also opinions). Hence, if there are factual errors then you can correct the errors and if those were substantial it will recalculate over the next few weeks to months. You can also put a comment on the Zestimate on the property details page just below the table showing the Zestimate range and rent range. The comment will be public.
If you chose to comment, be factual and offer some comps on which you base your opinion. Date it.
If a Realty person told you that you can challenge the Zestimate (which, as far as I (not a Zillow employee) know is incorrect), please ask the same person for the technical details on how this is done.
Have you had an opportunity to read the Zestimate values and accuracy for your area?
If you chose to comment, be factual and offer some comps on which you base your opinion. Date it.
If a Realty person told you that you can challenge the Zestimate (which, as far as I (not a Zillow employee) know is incorrect), please ask the same person for the technical details on how this is done.
Have you had an opportunity to read the Zestimate values and accuracy for your area?
- msnov9
- Contributions:5
I was also told by someone in Realty that you "can" dispute the value of your home on Zillow. If this is not the case than I guess our next step is to reach out for help as Zillow is not correct in their "Zestimates" of homes. This is rediculous and I don't know where Zillow came from and how they can give a "Zestimate" on home that they are not coming out and physically looking at. I challenge Zillow on the value of our home!!! I want them to come out and see our home and tell us that it is worth what they are "Zestimating" it at!!!!
- wetdawgs
- Contributions:26833
I'm not sure what the other poster was talking about, perhaps a "not" was left out of his sentence. You can edit facts and make sure they are correct, but you can't directly change the Zestimate.
- msnov9
- Contributions:5
How do I change the value on Zillow? My house is worth much more than what Zillow is stating and I would like for this to be changed.
- Frank Festa, "Frank J Festa"
- Contributions:1188
The value of a property is based on the public record. However, you can change the value of the property on Zillow. Regards,
My house is not valued correctly on Zillow. There is no way the home was newly built in 2007.
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