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Answers (10)
- James Barath, "JamesBarath"
- Contributions:36
Mercyfisher, it is relative to the state and city that you are trying to get your value. In states with open records, the raw data that supplies comparables is more accurate than states that have a "closed" policy. As Tony Grego referenced, Indiana is not an open records state and zillow is not an effective tool for that kind of assessment.
Here is my suggesstion. If you know any Realtors, you could ask them to do a quick CMA. Or ask your neighborhood appraiser. If you need any resources, please ask as I am located here in NW Indiana.
- Tony Grego, "tgrego"
- Contributions:25
Indiana is a "closed record" state. This makes the Zillow estimates not to be the most reliable. To best find out a realtor or apprasior is the only way.
Good Luck
Tony
Good Luck
Tony
- Betty Hesaltine, "West End Realtor"
- Contributions:31
Zillow estimates should be used for information purposes only and can not be considered as completely accurate. Prices vary from block to block according to neighborhoods. Zillow often uses comparable homes from non-comparable neighborhoods. Tax figures can also be inaccurate because some towns only changes assessments every 3-7 years. I suggest using it for information and to make sure as a homeowner you check to make sure the information about your house on Zillow is accurate.
Values are all over the board. Zillow cannot be blamed but only used as a tool. Good for a quick comp, but as a major lender sometimes the appraisals come in a little bit lower depending on the area. If it does come back higher, I am having a party!
- Frank Sandoval, "Mortgage Finance Pro"
- Contributions:86
Keep in mind that Zillow's value model is automated and as with any model you can have issues of "garbage in, garbage out".
For example, if Zillow's data is missing information about legal additions to a property or legal changes in room count or, as in my case, zillow's data doesn't pick up the fact that my home has a large private roof deck with incredible views of SF, then zillow's valuation engine will not take these "valuable" features into account.
I have found zillow to be very accurate when they have recent comp data for very similar properties.
For example, if Zillow's data is missing information about legal additions to a property or legal changes in room count or, as in my case, zillow's data doesn't pick up the fact that my home has a large private roof deck with incredible views of SF, then zillow's valuation engine will not take these "valuable" features into account.
I have found zillow to be very accurate when they have recent comp data for very similar properties.
- Wonder Why
- Contributions:44
zestimate said the house I was in the process of purchasing was $452k but my appraisal came out as $459k...which was also asking price. now, I don't know if my appraiser intentionally appraised it at asking price so the transaction can go through...
Exhibit A)
Zillow says $856,500, actual appraisal came back at $600,000.
That's quite some margin of error!
Zillow says $856,500, actual appraisal came back at $600,000.
That's quite some margin of error!
- Nida Makein, "Nida M"
- Contributions:309
Hi,
We publish our Zestimate accuracy rate for different regions on the website: http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm
Let me know if you have any other questions.
We publish our Zestimate accuracy rate for different regions on the website: http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm
Let me know if you have any other questions.
- wetdawgs
- Contributions:26854
If you delve deeply into this website, you'll be able to find a section that shows the percentage variation in Zestimates vs actual sales prices in different communities.
10% is pretty typical in most major communities.
10% is pretty typical in most major communities.
- Andrew Adams, "203K Specialist"
- Contributions:9349
About as accurate as throwing darts to determine value.
how accurate cloase does the zillow apprasial come to an actually apprasial
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