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why are you're zestimates so inaccurate?

I had to pay$350.00 for appraisal because your zestimate of my home was so low. You have us at $236000.00 and we just  appraised at $295000.00! I'm really frustrated at this. I never signed up or agreed to have my home on your website and your information is so far off it cost me alot of money. I really think I should have the option of opting out of this site or you need to be more accurate.
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April 06 2012 - Bel Air
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Answers (1)

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Tolerance Range for Harford County, MaryLand  is 82.2% within ±20% of nominal potential present market value.

You are stating that your present estimate is coming in at 20% below a recent appraisal, which also has a tolerance range, but that tolerance is not published.  So, in that county, 17.8% of the homes are outside the ±20% range, and yours just barely fell right on that line.

The reason some are able to get closer numbers than others is there is more data and more up to date data on the home details page.  The reason some are much further off is that changes in condition since purchase are not in the county records, thus the last sold price adjusted for market conditions doesn't account for any renovation of a property.

In any case, this is not an appraisal site, and lenders legally cannot use an "approximate value estimate" from this site for loan qualifications regardless.  Thus you would need to pay for an appraisal in any case.  $350 is a good price for an appraisal.
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April 06 2012
 
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