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Why my home is undervalued?

Last year I bought the house for $455,000 and appraisal came s 464,000. On your site. I have one of the best looking house in the neiborhood with excellent 204 school district. Smaller houses than mine are valued more than mine. We have two school districts in sub division and other district price goes by $35,000 for similar house. Am I getting categorize in wrong group? My address 2724 Charter Oak Drive, Aurora, IL 60502 in Dupage countty, naperville school district 204.

Thanks
  • April 23 2012 - Aurora
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Answers (3)

I can't speak on the Zestimates issues but as you are the new homeowner you should probably 'claim' your home on Zillow and remove the interior photographs as well as the advertising content below the photos. Having interior photos online can be a security issue as well as leaving confusion among some buyers who might believe your home is for sale (and will come knocking on your door).
  • April 23 2012
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The problem with Zillow is that it rebaselines the value of your home at the price you paid for it irrespective of the appraised value and any other factors that contributed to that price that zillow is totally oblivious to. Zestimates are fundamentally flawed and it seems there are so many problems posted on this forum that one has to question how useful they really are for any purpose other than a gimmick to generate advertising revenues.

What I find most objectionable about zestimates, considering the inherent deficiencies, is Zillows refusal to correct or delete erroneous valuations when requested by the homeowner to do so. Zillow gives no expalnantion for this other than to protect the statistical purity of its algorithm, which is self serving nonsense. It's time that Zillow was subject to some form of regulation as they cannot be trusted to act in a fair minded way towards homeowners they way they impose unwanted and inaccurate valuations on private property.
  • April 23 2012
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Profile picture for JohnWilt
That's a major flaw in the Zillow analysis.  There is no accounting for differences school districts, neighborhoods or even floorplans can have on the value of a property.  Ginger Woods is a good area.  You have had a few short sales and foreclosures in your neighborhood, but it's still a popular area.
  • April 23 2012
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