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why is my zestimate 175k when my new aprraisal for refi is 210k

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February 07 2012 - River Road
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Answers (3)

Well, now there's a GREAT question! Many times, the "zestimate" is not an accurate representation of a home's true market value. The best way to find out the value of your home is to have a realtor do a CMA, which will compare homes in your neighborhood that 1) are on the market, 2) have sold RECENTLY, and 3) that expired without an acceptable offer. The realtor can then process that information and come up with the most favorable list price for your home.
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February 09 2012
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Hi RTen,

As Tawny indicates, the appraiser has a more detailed impression of what your home is worth. I'm sure the appraiser entered your home and got to see it firsthand. The Zestimate is not an appraisal, but an automated valuation model. We generate the Zestimate using a computer algorithm that inputs many different public record and user provided datapoints. To learn more about the Zestimate we encourage you to browse these resources.

http://www.zillow.com/wikipages/What-is-a-Zestimate/
http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm

You also have the ability to claim your home on Zillow and update the home facts and/or comment on your Zestimate. Editing your home facts can impact your Zestimate overtime. Afterall, the more data we have the more accurately we can estimate a home value. Follow this link to learn more about editing your home facts.

http://www.zillow.com/wikipages/Home-Facts-Information/

Thanks for using Zillow!

Matthew
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February 09 2012
Because Zillow's 'Zestimate' is based on averages of all homes sold in your area. Your real estate appraiser is using only the most similar comparable home sales to base his estimate of value on. Basically, apples to apples not apples to oranges.
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February 07 2012
 
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