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Profile picture for user2061916

why are you "zestimating" our home so low when actual recent sales in the last year are higher

What do we need to do to get your website to reflect a higher value for our home? Do we need to get an appraisal? Mortgage companies won't even talk to us about refinancing because they look first at your misleading. information.
  • June 23 2013 - Grayslake
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Answers (7)

Profile picture for Andrew Malak

They said they want to refinance.

  • June 25 2013
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Profile picture for Rebecca Marvel
If you're not selling your home then why are you concerned?
  • June 25 2013
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An accurate estimate of value would be by having your Realtor assist you with a market analysis of recent sales in your area. That is likely same source the appraiser will use if you go forward with a refinance.

  • June 25 2013
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Profile picture for Andrew Malak
Zillow know that they have F in Zestimating. It is a marketing gimmick and if you ask me a pretty good one because everyone knows Zestimate. The more controversial something is the more popular it becomes. As bad advertisement is usually better than a good one.

What you can do is add your comments or Report a Problem with the listing and Zillow will usually change it. Or, you listing can get them to change it.

And yes, if you are talking to a lender who checks Zestimate for re-financing, get a new lender. Yes, you can do an appraisal, and it will usually shut-them-up. Just keep in mind that they will have to do another appraisal for which, as always, your are paying!

If you need a good lender get in touch with me.

And for the record, Zillow does not uses third party data, but data it buys from the Broker offices and does calculate data of properties not listed using complicated algorithms calculations. Computers will never be as good on estimating as humans. There is no human evaluation, emotions, and comprising. Just plus and minus; black and white; right or wrong; and nothing in between.
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  • June 25 2013
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Zillow is consistently lower than the market in many areas. With the value of homes on the rise again, the data they are using may be outdated or just inaccurate. I looked up several homes in my area and on average they sold for 35K more than the Z-Estimate. My home for instance only shows half of the square footage that I actually have and is valued on ZIllow for much less than the real value. 

If you have a lender relying on Zillow for values, they have little experience and you need to talk to someone else. Also, if they wont even talk to you they are in violation of fair lending laws. They are required to take your application regardless of their green opinion.

I would be happy to look at your scenario. Feel free to contact me on my profile.

All The Best
  • June 23 2013
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Profile picture for JohnWilt
I agree with Philip. No appraiser or lender looks at the Zestimate.  I find them to be on average 15-20% too low.  Even buyers know the estimates are way off.
  • June 23 2013
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LOLL! No way mortgage companies look at zillow and if they do, go find another one! zillow uses 3rd party data that is frequently out of date/incomplete/inaccurate. In a market that is moving fast, either up or down.........and this market is moving up somewhat fast, zillow is even more behind the curve. The good thing is no one refers to them when writing offers or just about anything else. At best their data is very generic abd ball park.........a BIG ball park.
  • June 23 2013
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