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ZEstimate gives my home value $284500, but automated valuation model - only $243000. Which is true?

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December 17 2008 - Hatboro
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Answers (4)

Hello Sergueio,

Tammy is correct, the AVM usually end up coming in lower because they are based off a conservative figure and database.  Both are just actual estimates becuase the true figure can only be determined by an appraiser who will actually come out and look at the property and get the updates and everything else and then go out and find comparable sales within the last 6 months that are within a 2 mile radius.

The best would be to contact an appraiser and see if they would be able to do a comp search and see if they can give you a better idea as to were the value may come in on your home.  If they won't do it then it might be worth paying the $350 for an appraisal and find out for sure.

Good luck!!
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January 24 2009
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The automatic valuation model (AVM) was found via Bank of America Web sites. Its prices are consistently lower than ZEstimate for all houses in my neighborhood. ZEstimate shows the house price over 30 days going up $4,000, the AVM shows it going down $13,000. I just wonder whether the appraiser's price will be closer to this or to that. Depending on this I'll either refinance or not. (The current mortgage rates look ve-e-e-e-ery good:) 
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December 18 2008
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This is a custom home built in 1989 with extra square footage and ammenities not shown on tax rolls, such as an outside wet bar and bath with the pool, etc.  the $284,500 above is not even close... Lee
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December 17 2008
Zillow is merely an estimate. However, that being said, the automated valuations through lenders do tend to come in a little low.  Who is your lender that did it?
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December 17 2008
 
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