Answers (3)
- John Stewart, "nwhome.us"
- Contributions:2568
Nice post Pasa.
"which might be a little better than the +/-10% to +/- 20% that you can expect from typical AVM's"
Zattarh, Zillow's site uses an Automated Valuation Model (AVM) to ESTIMATE market values in real estate. They don't drive by, look into or for that matter "see" any homes. The accuracy of the AVM (+/- 10-20%) is absolutely affected by situations like yours. That's why they give the the accuracy numbers that they do.
Appraisers and buyers actually visit homes. Appraisers take that visual visit into consideration when they compare their valuations against any AVM. Buyers typically don't have the knowledge or experience to make those interpretations which is why, when they are asking a lender to help them make the purchase, the lender sends out an appraiser.
"which might be a little better than the +/-10% to +/- 20% that you can expect from typical AVM's"
Zattarh, Zillow's site uses an Automated Valuation Model (AVM) to ESTIMATE market values in real estate. They don't drive by, look into or for that matter "see" any homes. The accuracy of the AVM (+/- 10-20%) is absolutely affected by situations like yours. That's why they give the the accuracy numbers that they do.
Appraisers and buyers actually visit homes. Appraisers take that visual visit into consideration when they compare their valuations against any AVM. Buyers typically don't have the knowledge or experience to make those interpretations which is why, when they are asking a lender to help them make the purchase, the lender sends out an appraiser.
- Pasadenan
- Contributions:26042
"How do I get an accurate price on our home?" -
You pay an appraiser about $800, and they will give you an "appraisal" that will be within about +/- 5% of "present market value", which might be a little better than the +/-10% to +/- 20% that you can expect from typical AVM's.
And if you want it posted on this site, you claim your property and post the "owner" or "agent" estimate, and post the source of your estimate in the space provided.
"...and someone sees this site, it would give them very false information." --
No, an "estimate" is not "false information", it is an "estimate".
The only "false information" is the owner that claims an "estimate" is "supposed to be" the "price". It is not. Such a claim is 100% FALSE.
Read the FAQ:
What is a Zestimate?
You pay an appraiser about $800, and they will give you an "appraisal" that will be within about +/- 5% of "present market value", which might be a little better than the +/-10% to +/- 20% that you can expect from typical AVM's.
And if you want it posted on this site, you claim your property and post the "owner" or "agent" estimate, and post the source of your estimate in the space provided.
"...and someone sees this site, it would give them very false information." --
No, an "estimate" is not "false information", it is an "estimate".
The only "false information" is the owner that claims an "estimate" is "supposed to be" the "price". It is not. Such a claim is 100% FALSE.
Read the FAQ:
What is a Zestimate?
- Dave Hibbard, "714homeguy"
- Contributions:20
Knowing how the lenders appraise homes has been a huge help for me. I'm rarely off the mark on my CMA and usually can show the appraiser why my price deserves looking at. Learn to speak their language and they come around.
What to do when Zestimate is way off?
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