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Answers (10)
Best Answer
- Clay Tate, "claytaterealestate"
- Contributions:1
There has always been a lot of discrepancy with Zillow's Zestimate feature and most agents have taught their clients to disregard it altogether. You need to remember that it is just an estimate that is calculated based on the tax appraised values for certain homes in the area. At least that is what a Zillow employee told me. He said they didn't have the resources to appraise every house so they "do the best they can". If you want to contact Zillow I'm sure they'll tell you something similar. If you are interested in the true market value of your home then I would consult your local Realtor for the last 3 months of "Sold" data. This will get you the most accurate information.
- redsoxfans
- Contributions:11
Zillow seems to be hurting the real estate market rather than helping it.
- redsoxfans
- Contributions:11
We're not ready to sell, but when we do we'll certainly use a realtor. We have used Zillow in the past to chart the value fluctuations of our home, but I am becoming increasingly discouraged by their methods.
- Deb Forte, "debbieforte"
- Contributions:271
I really would worry about the value on Zillow. If you truly want a value have a realtor come our and do a CMA. Zillow doesn't have all the facts and most of the time it doesn't have all the latest upgrades done on homes. Are you planning on selling. Also you can claim your home and update the facts too!!
- Pasadenan
- Contributions:21466
And neither will any Realtor... if you need an appraisal, you will need to pay for it.
- Heidi Zizza, "Heidi Zizza REALTOR"
- Contributions:724
It won't make a bit of difference. REmember this is just an online estimation based on sales and online tax information. This is not giving out fair market value
- wetdawgs
- Contributions:26852
You sure have a lot of questions today! Keep asking. Most of those you ask aren't within agents' expertise
- Pasadenan
- Contributions:21466
Won't make a difference.... schools and pride, and crime are not part of the estimate modeling.
What is used is the recently sold non-distressed sales in the vicinity, modeled to the public records data, and select owner/agent revised data. (Some delay in the owner/agent revised data to minimize gaming).
Primarily, the variables used for the modeling and extrapolation are:
1) house sqft
2) lot sqft
3) # bedrooms
4) # bathrooms
5) # stories
6) year built
7) tax assessed value (adjusted for local rules)
8) last sold price extrapolated from sold date
9) covered parking (if in the county records).
Issues like "schools" and "quality of neighborhood" show up in the tax assessed value and the last sold price adjusted for last sold date.
If it doesn't show up in those two variables... then that means the buyers were not making the distinction you are.
Over 1 million separate "learning" models are used. And the calculations are done approximately 3 times a week, thus the models are constantly "learning".
But what Zillow does want notification about is recently sold transactions that were applied in error, or incorrect details data on either the recently sold, or the properties in question. If it is your own property, they prefer you make the correction yourself, but you should still use the "report a problem" so that the county records column on the home details page can be corrected.
What is used is the recently sold non-distressed sales in the vicinity, modeled to the public records data, and select owner/agent revised data. (Some delay in the owner/agent revised data to minimize gaming).
Primarily, the variables used for the modeling and extrapolation are:
1) house sqft
2) lot sqft
3) # bedrooms
4) # bathrooms
5) # stories
6) year built
7) tax assessed value (adjusted for local rules)
8) last sold price extrapolated from sold date
9) covered parking (if in the county records).
Issues like "schools" and "quality of neighborhood" show up in the tax assessed value and the last sold price adjusted for last sold date.
If it doesn't show up in those two variables... then that means the buyers were not making the distinction you are.
Over 1 million separate "learning" models are used. And the calculations are done approximately 3 times a week, thus the models are constantly "learning".
But what Zillow does want notification about is recently sold transactions that were applied in error, or incorrect details data on either the recently sold, or the properties in question. If it is your own property, they prefer you make the correction yourself, but you should still use the "report a problem" so that the county records column on the home details page can be corrected.
- HomeSand.net, "White Picture"
- Contributions:4397
No, not at all. Zillow doesn't use the those data as crime, well kept properties in the calculation since those data already offset to the near by comps, higher crime areas -> lower purchased prices come, higher well kept property areas -> higher purchased prices comps.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
You have a lot of questions today. Why not just use a realtor?
Zillow bases it on public records, recently solds and an an algorhythmical formula..
Zillow bases it on public records, recently solds and an an algorhythmical formula..
What does Zillow base the value of homes on?
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