Profile picture for oblythe

There is a mistake in the zestimate of our house value (about 100k lower). what should I do?

Hi It's been a couple of months now. The zestimate of our home value is about 100k lower than the comparable homes in the neighborhood and we have also the exact  floor plans and footage. I want to notify zillow so that they could correct it but don't know how. I am a bit worried because I don't know how long this mistake will continue to stay uncorrected and whether it will affect the sales of our home (we are not selling now but eventually will).  I know this questions is a bit tricky but I do hope someone could help me with it. Thanks!   - oblythe
  • November 30 2011 - Lower Peters Canyon
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Answers (3)

Indeed, anyone interested in your home is going to want to have a market analysis done anyway.  Zestimates are based on public records.  
  • November 30 2011
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Profile picture for bluecoastrealty
I would not worry about this too much.  Zillow estimates aren't a perfect science, and real estate professionals (agents, lenders, appraisers, etc.) know this very well.  Once you put your house for sale, your agent will be able to give you a better estimate by comparing to similar homes that recently sold in your area.  The buyer's agent will do the same when assessing whether your listing price is fair. 

Zillow has published a piece on this subject too, see: http://www.zillow.com/wikipages/What-is-a-Zestimate/

However, while Zestimates are mainly out of your control, the one thing that you can actually do is to make sure that the description of your home in Zillow's system is accurate, and if not, then update your home facts accordingly.  See: http://www.zillow.com/wikipages/Edit-Your-Home-Facts/.  You can do this by clicking "edit" in the screen detailing your home's characteristics. 

Good luck!

Michael
  • November 30 2011
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Profile picture for swaldbar
Hello Oblythe,
I see this often.  Zillow can only regulate the enormous number of homes with general Estimates(general pricing only), some are accurate, some close to accurate and others simply off base.  The only way to measure value of your home is via one source and that is the MLS and Tax Services within the MLS.  An appraiser will  not use Zillow nor will incoming buyers (with a great agent) use other online sources to determine their purchase price.  Short of climbing the Zillow customer service ladder, I frankly would simply ignore this and align yourself with a top notch agent who daily comps homes for a living.  If you are seeking a refi, they won't lend credence to a low estimate online but do their own ranking.  You may use my website, linked to MLS, to determine surrounding home values in your neighborhood.  I can't tell you the cilents I have to tell to please do not use Zillow and sure shooting, the appraisal trumps it everytime in their favor.  Have a wonderful holiday.  Barbara Waldowski [contact information deleted by Zillow moderator.  Please see our Good Neighbor Policy]
  • November 30 2011
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