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Answers (3)
- sunnyview
- Contributions:25139
Congratulations on your high appraisal! However, you are comparing apples and oranges since a Zestimate is not a tailored appraisal with hand picked comps. Can I ask if it was a new house? That can make a difference.
- Alain Picard, "Alain Picard"
- Contributions:21
I see this quite often. Don't rely on the Zestimate. I'm sure your appraisal is a lot more accurate.
- wetdawgs
- Contributions:26842
There are many reasons Zestimates can be 33% different from an appraisal. Perhaps data are missing. Perhaps the last sales price was for the land then the house was built. Perhaps the last sales price was so long ago that Zillow doesn't have it in their records. Perhaps your home is in an area where there isn't much data so the swings are big. Perhaps your home is exquisitely upgraded, and Zestimates don't take into account upgrades.
Or, of course, perhaps the appraisal was inflated.
A Zestimate is not a substitute for an appraisal, merely a starting point for comparison of houses. I find the ranges for each home and the community trends far more valuable than the one number called the Zestimate.
Or, of course, perhaps the appraisal was inflated.
A Zestimate is not a substitute for an appraisal, merely a starting point for comparison of houses. I find the ranges for each home and the community trends far more valuable than the one number called the Zestimate.
Our home was recently appraised for a bank on a new mortgage. Your zillow estimate is off by 33%!
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