Profile picture for user560457

why are the "zillow" home values for my home and my whole area so incorrectly low?

  • May 11 2012 - Stratford
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (6)

Profile picture for wetdawgs
"Citimortgage uses that value for estimates"   That is indeed a problem and they are violating the Zillow terms of use for Zestimates. 

Please scroll down in "what is a Zestimate?" to the section about whether or not one can use a Zestimate for lending purposes.

"Can I use the Zestimate to get a loan?

No, you can't. To get a federally guaranteed loan, a law called FIRREA (the Federal Institutions Reform, Recovery and Enforcement Act) requires an appraisal from a professional appraiser. Without limitation, lending professionals and institutions are prohibited from using the services in making any loan-related decisions. The Zestimate is our estimate of fair market value, a starting point for home buyers and sellers and anyone just plain interested in the value of houses. You can use it in judging market trends, and in calculating all sorts of things for your personal purposes. Click here to view our terms of use."
  • May 14 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for atomicleda
So...then what is the purpose of Zillow?
  • May 14 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Zillow zestimates are generalized comps of all homes within that area, and don't take into account the style or upgrades of the home and therefore, they usually comp out lower. The only way to get a better idea of the value of your home is to contact your local real estate agent and ask them to give you an analysis of your home.
  • May 14 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for atomicleda
I've had three appraisals since I've owned my home.  Zillow has always been at least 30k below the appraisal.  They're also always at least 30k below what the houses in our area end up selling for.  My mom is an AVP for a mortgage company and she said they tell everyone to ignore Zillow because the values are never even close to accurate.  And unfortunately, Citimortgage uses that value for estimates, so Zillow is hurting us and yet they refuse to look at how they're coming up with these numbers.

And just to make them look even more stupid, they point my house to a picture of a house across the street.  I've repeatedly notified them that it's the wrong house, but they won't change it.

What exactly IS Zillow good for?
  • May 14 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I am a real estate agent in Lexington, SC and even around here Zillow post the home prices low. I've complained but they state they know they are not accurate but for a a general purpose. I asked if they can put a disclaimer that these are not the true value of the homes because so many people look at the site and want to bid low on a house because Zillow says its worth that. An agent in your area can give you comps for recent sales and an appraiser can appraise your home. But in the end it's what a buyer is willing to pay for it. Good luck.
  • May 11 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Everyone thinks they are low, of course!

TO be hones, youll only know how much your home is worth IF and WHEN you sell it, not before. Even with an appraisal....

Until then, enjoy your home !  Good luck....
  • May 11 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.