Profile picture for theadorie

Zillow estimate of my home is $30,000 less than that of "home value estimate" @chase.com. Why?

I was baffled why some of  the exact same townhomes in my development with one less bedroom than mine where valued thousands higher. Also my neighbor added a familyroom, but still have galley kitchen and same size bedrooms and their home is valued @ $100,000 above mine -COME ON! Have a friend in real estate in my area. Said Zillow is unreliable - that I should use chase.com. Went on chase site and have to agree that zillow zestimates are way off!!!!
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December 23 2011 - Evesham
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Profile picture for bspencer490
Yeah, the folks at Zillow are absolute idiots. My home has been COMPLETELY remodeled inside & out and is nearly 4,000 Sq ft.and it's at like $72/sq. While the neighbors directly beside me are still in Leave it to Beaver land and at around $120/sq. I've even updated the pics & Info on the Zillow site myself 2 years ago and the amount remains close to the same. I am pretty sure they do not even need to be posting such ridiculous UN educated guesses.
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5 days ago
@Ines

Do not go by Zillow estimates. They are not accurate

I think Theadorie already knew this. His point is that he is not happy having such an erroneous valuation placed on his home by a company who he has not given permission to trespass on his property in this way. It is outrageous that as the property owner he has no right of appeal to get this inaccurate valuation corrected.
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December 23 2011
Hello Theadorie,
Thanks for you question.
Do not go by Zillow estimates. They are not accurate. They help to give you an idea but if you are looking to get a more precise information have your Realtor or contact one who will do a free market analysis of the market around your home. This will give you a better idea of what your home will be worth.
On Zillow you can also adjust the estimate but adding all the renovations you may have done showing as a Seller's Estimate.
Good luck.
Ines De La Cruz, Realtor, ABR
RE/MAX Connection
[website deleted by Zillow moderator.  Please review our Good Neighbor Policy for posting guidelines]
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December 23 2011
Profile picture for wetdawgs
When I check my house (and several neighbors) on approximately 10 AVM sites, I get a range of 70% across the various sites.   I guess I get what I paid for!   In my neighborhood, Zillow is closest to the selling prices and there has never been a selling price outside the Zestimate range.
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December 23 2011
Eppraisal says my dream home is worth $237,920. I wonder if the owners would be offended if I show up at their doorstep and offer them that amount?


(again thier current asking price is $450,000)
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December 23 2011
@theadorie
 zillow zestimates are way off!!!!

That's my personal experience as well. I looked amy zestimate a few moments ago and saw that on my side of the street they have fallen in the last 30 days, but across the street they have increased in the same period. That has to be garbage and only explanantion maybe that Stan Humpreys the zillow chief Economist has his 'brackets' screwed up again. Yesterday Zillow had to publish a correction on a national press release as they said home values in San Diego increased by $9.7Bn in 2011, when in fact they went down by $9.7Bn. It's just another example of how badly zillow manages data. A high school pupil learns how to build control totals on spreadsheets - hasn't the Chief Economist at Zillow learnt such basic controls? obviously not.
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December 23 2011
Chase says $331,000. So regardless of who is placing a value on the property, the homeowner is still the highest by over 25%.
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December 23 2011
It's just one more estimate done by a computer with public information. I don't think any intelligent buyer or seller believes these computerized estimates can come very close.

I wouldn't expect a HUMAN appraiser to be able to produce a decent estimate based ONLY on public information without seeing the house. So I certainly don't expect a computer to be accurate, especially since they can't factor in things like a beutiful  view.

I compared a house I am looking at on several different estimation websites and the "zestimate" was by far the highest. However the owner listed the house initially at $550,000 and dropped it to $450,000 after 45 days. Most of the sites value the house around $240,000 and the Zillow estimate was about that but suddenly rose yesterday to $275,000.

I was so excited when the place went on the market because I knew it was perfect for us and had every feature we wanted. I also suspected it would be at the top end of our price range. However when I called and found that they were listing it at $550,000 I figured they had gold fixtures or some other feature I couldn't afford, and now admire it and its for sale sign from afar...
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December 23 2011
 
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Zillow estimate of my home is $30,000 less than that of "home value estimate" @chase.com. Why?
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Latest answer by bspencer490
5 days ago | 8 answers
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