Profile picture for bc770057

My sense is that your estimates of value are not remotely close to reality.

My home in Pawleys island, SC was recently appraised for (on a conservative basis by the lending community at $390,000.  Your estimate of value is $294,000.  Either the bank is way off the mark and is willing to lend me as much as the as your estimate indicates,or your estimate is way off.  If the latter is true, I suspect you are doing a disservice to a wide range of parties by promoting significantly understated values. 

I would appreciate your thoughts.  Regards..............Bruce Corner bc@ssitech.com
  • September 15 2011 - Pawleys Island
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Answers (3)

If you check the other online home evaluating tools, they will probably be higher than the Zestimate also. I tried it on my own home and Zillow was almost the lowest.
  • September 15 2011
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Profile picture for sunnyview
Zillow does not provide an appraisal at all. For an appraisal, I would trust the value determined by a licensed appraiser who can inspect the property and hand pick similar comps. In this market however, the real value lies in what a buyer is willing to pay not what an agent or an appraiser for refi purposes or Zillow says.

The Zestimate is only one number. Zillow cannot see you house and so they provide a range to try and give a span of value across different types of houses.
  • September 15 2011
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Profile picture for wordsmth
In today's market, I'd trust the appraiser's value.

But I'm not really sure what disservice is being done. No serious buyer is going to use a Zestimate . . . and your property isn't even for sale. Some folks express the concern that lenders based their appraisals on a Zestimate--absolutely untrue, as you've found out with your recent appraisal. So, you're not hurt. There's no buyer to be hurt. The bank isn't hurt. Your neighbors aren't hurt. The only one who's hurt is Zillow, which I'm sure seeks as much credibility as possible.
  • September 15 2011
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