Profile picture for user780179

My zestimate is WAY off. I have already listed new improvements on my BRAND NEW home. We added a 60k

  • May 13 2013 - Bradenton
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Answers (2)

Profile picture for davidhawke
Zillow estimates your value by averaging the "sold" prices of similar homes in your subdivision within the last few months.  Unlike a human appraiser, who can go look inside and give you credit for upgrades... Zillow's software algorithm sees none of this (and takes none of it into account, even if you manually enter it). 

So, your value (on Zillow's zestimate) will probably stay were it is, until similar sized homes in your area start selling for substantially more than you bought yours for.  Also, keep in mind that upgrades do not yield a 100% return in value.  Many upgrades only add 20-40% of what they cost you to do them.  Partially because everyone has different taste in upgrades.  I showed a house yesterday, that the seller had clearly sunk a ton of money into remodeling it to her taste.  It had lots of antiques, and a recently installed "country kitchen" (complete with yellow cabinets, white Quartz counter-tops, and porcelain roosters). 
Problem is... 95% of young affluent buyers HATE country kitchens, and feel like they are best left in the 1980's.  So, for this reason upgrades will never factor into a value nearly as much as good ole fashioned "finished square footage".   Not to say that your upgrades included a 'country kitchen" but hopefully you get my analogy.   One man's expensive upgrade, is another man's demolition project.

Hope this helps!  Good luck!
  • May 13 2013
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Zestimates really means nothing, I wouldn't get too worked up about it.

Read this, though, to see how you can note your improvements....
  • May 13 2013
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