Profile picture for phultquist

how do i let zillow know that their zestimate for my home is almost 50% off actual value?

  • March 02 2012 - Catalpa Park
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Answers (10)

Profile picture for phultquist
I thought about getting an MA, but I don't want to be obligated in any way right now....not planning on selling right away...maybe within 3 years?
  • April 11 2012
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Hi Phultquist, are you looking to sell your home or refinance? Good news: buyers and mortgage lenders generally do not worry too much about Zillow.  I can do a market analysis on your value and give you a good idea of what your your home can sell for in this market. - Bob Gordon, Re/Max Alliance
  • April 11 2012
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Profile picture for phultquist
The bottom line for me is, a 50% lower than market value is laughable.....I'm not even wanting to sell, but seeing their "zestimate" be so far from reality makes me wanna disown zillow.
  • March 04 2012
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Profile picture for Cindy Quinton
In a still changing market, even an appraisal is only good for a short time. But you can add the information (I would include a date) for any appraisals.

Honestly, even appraisals can be very far from what a house will SELL for. We recently looked at a home that the owners had been moved due to their job. They put their house on the market and it didn't sell in the allotted time the employer required. So the employer did an appraisal and bought it from them for $215,000. Then the company put the house back on the market to sell, it set on the market for another few months before selling for $189,000.

So the reality is there can be no such thing as a right or wrong estimate on a house. The only true measure of value is a sold price and it is only good for a moment in time. That is why I feel that there is no such thing as a "wrong" zestimate...it is simply an opinion like this post.
  • March 04 2012
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Profile picture for sunnyview
You can add the appraisal date and even a photo of the appraisal itself to your home page. The best place to put the appraisal amount and date is probably in the Zestimate comment box since it is the most prominent.

That way people look ing at your home page can read it for themselves.
  • March 04 2012
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This is why people shouldn't put so much stock in Zillow's Zestimates.  They are notoriously inaccurate. If you really need to know your home's value, (i.e. if you're getting ready to list it, or for insurance purposes, or for a divorce) then you should either get a CMA done by a Realtor (if you're selling) or pay for an independent appraisal (for other legal purposes).
  • March 04 2012
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@phultquist
"well......if a formal appraisal can't convince anyone, then zillow can go hang"

You make a strong point and it's outrageous that Zillow can take such an intransigent position and refuse to correct your zestimate despite substantiation of your valuation that clearly demonstrates how inaccurate their zestimate is. That's why the time has come for websites like Zillow to be regulated as they can't be trusted to act in a fair minded way towards homeowners.
  • March 02 2012
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Profile picture for phultquist
well......if a formal appraisal can't convince anyone, then zillow can go hang.
  • March 02 2012
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Profile picture for wetdawgs
What control does one have over the Zestimate?

First, check to see if all facts are accurate.   A super low sales price (due to buying a lot, for example, or a tear down) can affect the Zestimate.   If your home is in an area where there are few sales, that can affect the Zestimate.   If there are errors in the facts, claim your home and edit the facts.  Flag ones such as sales price that aren't user editable.

If those do not contribute to changes over the next few months, then (or now), put a comment in the "owners comments" below the Zestimate on why you think the Zestimate is low (use numbers so other readers understand the logic).

And yes, the Zestimate is a starting point assuming average condition.  
  • March 02 2012
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Get ready for a whole bunch of Zillow supporters to tell you that you are over valuing your home and that nothing wrong with the zestimate, that it is just a starting point blah blah. The bad news is that this forum is about the only way as they don't believe in customer service and refuse all appeals from homeowners who have the audacity to complain about an inaccurate zestimate.

For these reasons alone it is time that Zillow was properly regulated in the same way as Utilities, Communications, Banks, Insurance, Investment companies, and other companies who abuse consumers in the race for profits. Zillow can't be trusted to act in a fair minded way with homeowners and it has millions of incorrect valuations imposed on homes like yours with no right of appeal.
  • March 02 2012
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