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Why is my home appraised by zillow at much lower than three recent bank appraisals

I recently refinanced my home at 17 No Hill Ave Needham MA.  Two bank appraisals in October 2011 valued my home at $605K and $613K and a recent one in February  2012 valued my home at $640K.  Why is the zillow value posted at $540K?
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March 05 2012 - Needham
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Answers (2)

Zillow use the purchase price as one of many facts to calculate a propery's value. And your $1 purchase price maybe has some thing to do with it, If I were you, I'm going to edit the incorrect detail, which may affect the property's Zestimate, by open the home detail page, hover the cursor on the pencil edit menu (right under the picture), click on the Claim your home to claim your home on Zillow, then click on the Edit home facts. The update may affect on your property's Zestimate in a few weeks to a few months if any.

http://www.zillow.com/advice-thread/Zestimates-Price-History-Tax-History/415515/

http://homesand.net/QuickComps.aspx?17+No+Hill+Ave+Needham&citystatezip=MA?Map=1
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March 05 2012
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The difference is most likely because Zillow does not offer appraisals but estimates calculated from public data (including past sales history).  In person appraisals can incorporate into their numbers upgrades and other features that may add value (such as views, proximately to water front etc).
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March 05 2012
 
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Why is my home appraised by zillow at much lower than three recent bank appraisals
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March 05 2012 | 2 answers
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