Profile picture for user9188789

Why Zestimate less than Assessed Value & Less than Appraisal done in 2010

Your Zestimate of property value is COMPLETELY WRONG.  No wonder I've had over 800 "Lookie Lous" and NOT A SINGLE PHONE CALL!!!!!!  My home was APPRAISED for $290,000 in 2010 and property values have GONE UP 8% PER YEAR SINCE THEN.  I pay property taxes on an Assessed Value that is HIGHER  THAN WHAT YOUR ZESTIMATE IS!!!  This property has been continuously updated--i.e., new furnace, new water heater, new energy efficient e-glass double pane windows throughout, real oak floors, and new Berber carpets in bedrooms.  This house is in EXCELLENT CONDITION.  Please CORRECT YOUR ERROR and change/update the Zestimate value to a more REALISTIC FIGURE of $325,000.  
  • September 23 2013 - Kodiak
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Answers (7)

Profile picture for hpvanc
It doesn't look like Zillow has a complete source for public records from the Kodiak Island Borough. As a result the information going into the Zestimate algorithm doesn't include last sold prices or tax assessments on very many properties and is going to be limited in its accuracy.
  • September 23 2013
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Profile picture for blue screen exile
By the way, I'm curious why would would want a Zestimate of $325k, when you post that your CMA is $375k...

Of course it doesn't matter, there is no means to manipulate the estimates except to change the price of what sold in the county, or to modify the home details, which doesn't fully impact the estimates for a full 8 weeks.
  • September 23 2013
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Profile picture for blue screen exile
Yes, I found the listing now...
listed for $364k by owner,
last Zestimate (9/22/13 - last night) is a "range" of $158k to $366k.

The "range" is a 70% confidence interval.  That is, there is a 15% chance the value falls below that range, and a 15% chance the value lies above that range.

As the asking price falls within the range, the estimate is as good as is technically possible with the available data.

However, it should be noted that the home details page has only existed for 50 days, and the property tax data and last sold price is missing from the details page, thus the estimates would be closer if county records data was available in the area.  Not to mention, from the time details are changed on the details page, it takes 60 days before the changes are fully factored into the estimates, so the estimate is still rising.
  • September 23 2013
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Profile picture for blue screen exile
If you are curious how the estimates are calculated, read the FAQ that answers it:
"what is a Zestimate".

If that doesn't give you enough detail, read Zillow's patent on the subject:
U.S. Patent #8,140,421


Yes, I see I had my price range filter set too tight... Zillow used to clear it automatically when selecting a different search area, so I hadn't checked it.

And no, I don't like crab, and consider the slaughter of crabs an infringement on the environment.

And I don't have any respect for the Coast Guard either, other than to say they do more important work than 9 branches of offensive militarily.  If we cut the military, the Coast Guard and the National Guard would be the only ones in my mind worth keeping.
  • September 23 2013
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Profile picture for user8529379
Dear Passadenen...obviously you are a very intelligent person, educated by the internet. I am sure you follow blogs posted by opinionated persons such as yourself. If you did your research outside of Zillow, and became less of a lookie lol and more of a informed poster, you would know that there are 15k people who live on the island if Kodiak. That the largest US Coast Guard base is located here, that the delicious king crab, snow crab, salmon and halibut you dine on in California most likely came from the boats of the fishermen who call Kodiak home. People come from all over the world to visit Kodiak, its beauty, the Kodiak bears that inhabit the island, the thousands if bald eagles that call Kodiak home. But you know all that because, as you state, there is only one property for sale in Kodiak. Please stop responding to subjects which you know little to nothing about, cluttering up space on valued forums, and allow someone with true knowledge of how Zillow does their estimates to respond. I am actually quite curious myself and found your response to a valid question offensive.
  • September 23 2013
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Profile picture for user9188789
not sure who you are or where you are getting your information--but there are currently 75 properties in Kodiak, Alaska listed on Zillow.com
  • September 23 2013
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Profile picture for blue screen exile
You didn't contact Zillow, you posted on an open forum for "lookie-loos".

So, as Zillow's #1 lookie-loo site visitor; nobody cares what your home estimated at, nor what upgrades you did.

And replacement of the furnace and water heater is "normal maintenance", not an "upgrade".

And no, values in Kodiak Alaska have NOT been increasing 8% annual since 2010.



And no, "assessed value" has absolutely nothing to do with present market value... that is only used for figuring how much taxes they are supposed to charge you, and that is only updated at most once per year.

Why don't you "correct your error" and list your house for sale at a more REALISTIC FIGURE of $49k?

No, I still wouldn't buy it as the climate zone is terrible, very few jobs that anyone would want to have, and shopping is limited.

Besides, there is only one home on Kodiak island listed for sale on Zillow, and it isn't yours.  It only has 361 page views.
  • September 23 2013
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