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Answers (3)
- Neil R
- Contributions:2899
Hi rigre2011 -
Recent renovations can substantially alter valuations. This is one of the reasons a zestimate is a starting point, only, and cannot be as accurate as an appraisal or CMA by a realtor.
A zestimate is an estimated valuation based on identical information about homes (e.g., beds, baths, square footage, lot size, tax assessment, prior sale price).
It's important that the algorithm itself be consistently applied to all homes in a similar manner.
There is no way for us to systematically gather and verify that type of remodel or build information, which is why the algorithm can't use that information.
While we do use user submitted data that is measurable, (additional bedroom count, bath count, and sq. footage) There is no way for us to systematically gather and verify the type of remodel or build information where the value is based upon how the final product appeals to the buyer.
Thank you.
Neil
Zillow Customer Support
Recent renovations can substantially alter valuations. This is one of the reasons a zestimate is a starting point, only, and cannot be as accurate as an appraisal or CMA by a realtor.
A zestimate is an estimated valuation based on identical information about homes (e.g., beds, baths, square footage, lot size, tax assessment, prior sale price).
It's important that the algorithm itself be consistently applied to all homes in a similar manner.
There is no way for us to systematically gather and verify that type of remodel or build information, which is why the algorithm can't use that information.
While we do use user submitted data that is measurable, (additional bedroom count, bath count, and sq. footage) There is no way for us to systematically gather and verify the type of remodel or build information where the value is based upon how the final product appeals to the buyer.
Thank you.
Neil
Zillow Customer Support
- rlgre2011
- Contributions:2
I believe potential buyers are using your incorrect ZESTIMATE as an appraisal and/or fair market value. The home I have for sale is assessed at $121k with an even higher fair market value according to tax data. And the assessment does not include the $25k I have spent on improvements. Therefore, I believe Zillow should eliminate the ZESTIMATE because it can negatively effect the interest of potential buyers and ultimately the offer price for a home. In my case the home I am attempting sell has a ZESTIMATE of $88.8k; well below what it is actually worth. The only information Zillow should be able to provide are the public records.
I cannot afford to "wait several weeks to several months", for Zillow to "choose" whether they will change the ZESTIMATE. At the very least Zillow should provide a simple process for working with home sellers to adjust or eliminate the ZESTIMATE.
I will consult with a lawyer to learn the steps I need to take to eliminate the ZESTIMATE on my property.
I cannot afford to "wait several weeks to several months", for Zillow to "choose" whether they will change the ZESTIMATE. At the very least Zillow should provide a simple process for working with home sellers to adjust or eliminate the ZESTIMATE.
I will consult with a lawyer to learn the steps I need to take to eliminate the ZESTIMATE on my property.
- wetdawgs
- Contributions:26842
Probably the best thing you could do to affect the Zestimate would be to add the lot size to the data. It tends to take several weeks to several months with substantial edits for the Zestimate to fully adjust.
A number that will work against the increase in the Zestimate is the low recent sales price in August. If this is a data error, flag the transaction.
A Zestimate is using standard data, i.e. doesn't include condition. Therefore, if you wish a number that does include condition you may wish to get an appraisal.
A number that will work against the increase in the Zestimate is the low recent sales price in August. If this is a data error, flag the transaction.
A Zestimate is using standard data, i.e. doesn't include condition. Therefore, if you wish a number that does include condition you may wish to get an appraisal.
Other
I recently viewed the ZESTIMATE for 2325 Mitchel St., Racine, WI (MLS#122449) and believe the estimate is low by about $25k. This home has been remodeled and is in move in condition. As the owner/seller of this property how can I work with Zillow to adjust your ZESTIMATE up to a more appropriate market value ($110k to $115k).
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