Profile picture for ryanchurchley

Zestimate versus Appraisal

The Zestimate here at Zillow.com values my home at $335,000.  We just got our appraisal back for our refi and our home appraised at $372,000, a difference of $37,000 or 11%.  How could the Zestimate be off by so much?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 21 2010 - Arvada
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (3)

Because Zillow, and to a lesser extent, appraisals, are not 100% accurate. Check out my Zestimate vs the appraisal on my home here. Regardless, relax about it. You will never REALLY find out how much your home is worth until if and when you sell it. . . .. ..
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 21 2010
Zillow is for fun, it's a computer model, a logarithm. GIGO

An appraiser has training, an apprenticeship, a license to practice valuations in that state, E & O insurance.  Most importantly, an appraiser has an intimate knowledge of the properties in that appraisal.  They have driven by, called brokers, done research....Zillow gets a data feed.

A better question is how could Zillow be correct?  In the metro area Zillow is within 5% of the sold price 30% of the time.  Weather casters are more accurate.

That's not to say Zillow is not useful.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 21 2010
An appraisal is done by a human. A Zestimate is done by a computer program. If a Zestimate was accurate, they would replace appraisals because of the cost savings. A Zestimate cant tell you about a recent landscaping project or granite countertops. An appraiser can.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 21 2010
 
Related Questions
How do I get a zestmate on my Home?
Profile picture for Ice L.
Latest answer by Ice L.
December 10 2010 | 3 answers
Zestimate versus Appraisal
Profile picture for Vince Curtis
Latest answer by Vince Curtis
September 21 2010 | 3 answers
How can you find average prices in the area of the same house that you are trying to sell?
Profile picture for Annalisa Ambrose
Latest answer by Annalisa Ambrose
September 07 2010 | 3 answers
I have a ranch 1693 upstairs and a finished apt. in the basement totaling 2855. Which sq ftg. do I
Profile picture for Scott Sufak
Latest answer by Scott Sufak
September 14 2009 | 1 answers
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 5633 Garrison St, Arvada, CO Home For Sale
    5633 Garrison St, Arvada, CO 80002

     For Sale: $325,000

    • Beds: 4
    • Sqft: 2661
    • Baths: 2.0
    • Lot: 11761
  2. Crawford Gulch Rd, Golden, CO Home For Sale
    Crawford Gulch Rd, Golden, CO 80403

     For Sale: $1,465,200

    • Beds: 0
    • Sqft: --
    • Baths: --
    • Lot: 5749920
  3. 5130 Independence St, Arvada, CO Home For Sale
    5130 Independence St, Arvada, CO 80002

     For Sale: $214,783

    • Beds: 5
    • Sqft: 2024
    • Baths: 3.0
    • Lot: 6969