Zillow estimate of our home value is a joke 135 Griffin Circle Decatur GA 30030

Profile picture for maggier99
The zestimate is a complete joke for our 5 bed 3 bath home (built 2005). A home with less bedrooms, and less sq footage and a worse location but only 100 yards from our home has just sold for $510k. We have refi'd our first and second morts on separate occasions in Dec 2008 and Dec 2009 and the walk thru appraisal came in at $630k and then $640. How do they get less than $400k when nearby homes 3bed 2 bath are going for that!
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April 26 2010 - Decatur

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Profile picture for Sally English
Zillow operates using preset formlas and proximity data.  No "human" takes a look to see if everything makes sense.

If you are interested in a real market analysis of your home, by an intelligent human being, go to [Content removed by moderator due to self-promotion] and you will find a contact form that will get the information to me I need to give you a valid market estimate for your home.

There is also a lot of information on that site about how market values are determined.

For lots of real estate advice, go to my main website [Content removed by moderator due to self-promotion]
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April 27 2010
Profile picture for RichardReid

Zillow estimates are not very accurate in Atlanta or Decatur - and they tell you so.

Zillow posts their track record in major markets.  The metro Atlanta market is one of their worst areas.    Their calculations on data ending December 31, 2009 (the latest information as of June 2, 2010) shows a 2 star rating – out of 4 possible stars on their chart.  Zillow's site publishes a median error of 17.7%, and claims estimates within 15% of the sale price only 49% of the time.

Home valuation is a very local science.  It matters that you are in city of Decatur vs. just Dekalb county, or that you pay unincorporated Dekalb county taxes with an Atlanta address.  These are nuances a software program is almost never going to know.  Neither, by the way, is an agent or appraiser who has never worked your market unless they do a lot of research (most don't).

Whether you want a ball park estimate of your home's value, or a real estimate (broker's price opinion / appraisal) – with a property walk through and current comparable properties, you need an expert.  The better the information available to you, the better the decision you will be able to make.

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June 10 2010
 
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