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Zillow Estimate

Is it possible to have Zillow change their estimate pricing for a home. The owner for 2899 South Court, Palo Alto California believes that the price listed on zillow is below the market price.

Thanks,
John
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July 02 2010 - Palo Alto
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Answers (3)

Zestimates are only rough ballpark numbers that may be way off from real values.  They should not be used in lieu of an appraisal or a professional market analysis any more than you would use a medical website to diagnose an illness.  It may be a good starting point to get some ideas, but anything more than that needs refinement.

I am shocked that some Lenders are actually referring to Zillow figures in their lending process.  This is just incredible, but look at the mess thay got us into the past few years.  I guess Lenders have already proven their ignorance.

Here is Zillow's error range chart:
http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm 
Keep in mind that these are average error ranges and can be in either direction, above or under value, making the total error range possibility quite large.
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July 05 2010
You can go to the home's page on Zillow and create your own estimate, under "Charts and Data."
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July 02 2010
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Zestimates are updated 2 or 3 times a week.

Zestimates are not appraisals or "market prices" but a number generated by a statistical model.  They don't take into account upgrades, views and many other features that add value.     Therefore, it isn't surprising it is below market price. (No, they don't adjust them just because).

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July 02 2010
 
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