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Zestimate Dramatically Off - What to Do?

Hello.  My house was appraised within the last month for my refinance at $530k.  A smaller house two doors down sold for $519k two months ago.  The Zestimate shows a big (>$70k in one month) drop, putting the Zestimate at $423k!  How can I correct this -- at least to be reasonably in-line with the actual value?  Thanks in advance.
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May 26 2012 - US
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Answers (4)

First off, zillow calls it a 'zestimate' which sounds like guesstimate...anyone using Zillow to set a home price gets what they deserve for their stupidity.
Zillow is a guide, a guesstimate. So if your home was appraised go into your home on Zillow if you want the world to know and in the remarks section put the date the appraisal was done, the company that did it and the price they said your home's market value was 'On that date' 
If you aren't selling your home who cares what Zillow says? And if you are. use a Realtor.
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May 28 2012
Profile picture for fb462827053
No bank would use Zillow as the end all for a comparison. That would be irresponsible of the bank. Banks must go into the home, and do actual comparisons of homes within the area that have sold. The numbers that Zillow, Trulia, Redfin and Chase come up with on their valuation sites are ESTIMATES. (No I don't work for Zillow). You can go onto your property page and make corrections. If the tax base were in line with the estimates, I doubt anyone would mind if their home were "undervalued"
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May 28 2012
Profile picture for user272485
We should lobby our representatives to hold Zillow accountable since they are affecting the market with their wild numbers.  I recently tried to refinance my house and the bank told me they looked at Zillow site for their estimate which made my house value to be half what it should be so no refinancing is possible.
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May 27 2012
Profile picture for user9893238
Zillow makes me sick! They are showing my home about 200k less than appraisal.  So disgusted as their numbers are wildly inaccurate and hurt potential sales!  Happy to see that many states are banning them!  I feel all this so called FREE information that Zillow and Trulia et al put out is actually an invasion of my freedom of privacy!  I have no problem with them listing public info, i/e sq ft, lot size, what house had sold for when, but for them to put out this wildly inaccurate zestimates is insane.  They should be ashamed as they are surely hurting many homeowners that are trying to sell!  

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May 27 2012
 
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