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how does zillow come up w/ the prices they show on website?

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April 29 2011 - San Carlos
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Profile picture for wetdawgs
@karbabe:

When one edits home facts, it takes several weeks to several months until the revised Zestimate appears.   The last one I monitored was 8 weeks.   As you edited your home facts two days ago, a new Zestimate that appeared was simply the 3x a week Zestimate update, and not taking into account your revisions.

Zestimates at this time do not take into account remodeled kitchens, upgrades, views, water front etc that may add value.  These can be called out in the "my estimate" tool.
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April 30 2011
Profile picture for karbabe
we updated our home  on zillow. The previosa description was 15thousand square foot 3 bed 1 bath and our home is a 5 bed 3.5 bath and newly remodeled kitchen and bath. when i did this the value went down. The estimates  is way off in value. how do we get that corrected?
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April 30 2011
The Zestimate is just an averaging of public record sales numbers with the immediate area around your home. Zillow uses several variables to calculate this, but even Zillow readily admits that this is strictly based on Data and should not be relied on to establish a value.

The 2 best ways to get the best estimate of potential market value of your home are to:

1) Have a Realtor do a quick CMA for you. It's free and fast... I can produce one in less than 10 minutes,  or

2) Pay for an appraiser to formally evaluate your home. This generally costs $400 to $600 in the San Carlos area and will take 7 to 10 days from the time you order it to get the report back.

David Gowans
Coldwell Banker
San Carlos
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April 30 2011
In theory, the Zestimate is a great idea. In practice, it's very flawed. Realize that real estate agents are fully aware of it's flaws and none use the numbers listed on here to base list or offering price.
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April 30 2011
Read this on what a Zestimate is and isnt. More information here.
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April 29 2011
 
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