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Zestimate seems off

How do you calculate zestimates? Some seem off.
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October 06 2011 - Kernersville
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Profile picture for wetdawgs
Tax assessment is one of many factors used in the formula.  The Zestimate is not just showing the tax assessment.  
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October 06 2011
Your tax assessment is the basis for which they will tax you on the estimated property value at the time of assessment.  It is not the same as market value or a CMA.  The Zestimate was cited to me as being off up to 12% by the Zillow represenative, but their system should be pulling data from local sales.

Simply put the Zestimate is likely more accurate than your tax assessment though it won't compensate if you have made any unreported improvements on your property compared to the comparable sales.  The Zestimate is a good place to start but if you want a better idea of your properties value you should contact a local Realtor or pay for an appraisal.

I hope that helps.
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October 06 2011
Profile picture for im in kville
If tax assessment is considered, the tax assessment on my home is 171, 000.00 and you have my home value as 159,000.00
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October 06 2011
Profile picture for wetdawgs
Zestimates are numbers calculated by a computer using the data that are available from public sources.   They are starting points for comparison of homes, and don't substitute for appraisals and CMAs that have a person visit a home.

Last sales price (adjusted for date) and tax assessment are a couple of the numbers used, along with lot size, home size, number of rooms.

There are a number of things you mentioned that aren't part of the Zestimate calculation, but may make a difference to an appraisal such as new roof, custom patio and deck or the things you make disparaging comments about on your neighbor's home.

Zillow offers the opportunity to comment on the Zestimate (owner's comments).  It carries more weight with viewers if it is factual.

It is important to look beyond the single number called the Zestimate and look at the range offered on the home details page.  It is also useful to read Zillow's information on Zestimate values and accuracy.to understand Zestimates in your community.


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October 06 2011
 
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