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zestimate corrections

home101
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Please review your zestimate and explain how this could be corrected by a homeowner that is not an agent. Please look at my home as an example.
The address is 100 West Yale Loop, Irvine, Ca. 92604. It currently is the
home you (Zillow) use on your Advertise with Zillow EZ Ads. The exact homes
are all zestimated higher than mine yet mine is in extremely pristine condition.
215 w.yale loop & 169 w.yale loop are owned by the same real estate agent. 215 W. Yale Loop Zestimate is $ 613,285, 209 W. Yale Loop is $ 672,934, 169 W. Yale Loop $ 630,433, 47 East Yale Loop $ 679,638. Ours is in the exact same condition as 47 E. Yale Loop and more desirable. Again , please correct. Thank you.

July 10 2007 - US

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JRFeldman
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I second the post above. My home is valued lower than correctly for several reasons: First, it has a separately platted side lot not included in your estimate; second, I have made a lot of updgrades including changing a half bath to a full bath; third, I have lived there 11 years and obviously your only basis is a trending of the price I paid for it. You have valued it at least $125,000 below its current worth. Of course, I can make my own estimate but if people believe yours they might not pay me that much if I try to sell on Zillow.

Also, your estimating of value of improvements is incorrect. They cannot be additive as evanetually the gain will be eaten away by the overall price limit in the neighborhood. Instead, you need to use a relativistic formula where the values of additional improvments taper off and are capped at 10% to 15% above the currently highest priced similar property in the area. If one uses the current additive formula and mentions all improvements (if there have been a lot), the result comes out way higher than anyone would be willing to pay.

July 11 2007

yukon4
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Zestimate recently dropped our home's estimated value by a whopping $16,000! I can't see why? Nothing about the house or neighborhood has changed, and other properties in town have increasing values, small, but nevertheless, increasing.

Unless you read the home description carefully, our home's page doesn't immediately convey to viewers that it is a very unique property in that there are TWO homes on one gorgeous 5 acre parcel. I'm seeing other homes with way, way less going for them with Zestimates pretty close to ours? Maybe our value isn't increasing, but why would it drop by so much in the eyes of Zillow?

July 11 2007

goatfry
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This is also a concern of mine. Yet from what I have seen they are taking an overall stance on the estimate of a house value. Such as from the time it was purchased and how much it was pruchased for and also the overall average in the area. For example my home is about estimated $100,000.00 to $200,000.00 below what it is actual worth. The average cost per square foot in my area in $175.00 my house is 2611 sqft this would bring my home to the average estimated value of $454,314.00 not $289,000.00 which it is at this point on zillow. The reason why it is so low on zillow from what I have figured is that I purchased this home pre-foreclosed about 4 years ago at $175,000.00. Not bad for ROI, but because public records show that I purchased the home at this price zillow calculates the home at about $70 per square foot way below the average square foot price. I find Zillow a helpful and a fun way to see houses estimated house values and it's history, but I would never use it as actual fact becuase there are too many scenerios (remodels that zillow can't see) that come into play besides the average of neighborhood and estimated average price per square foot. I would always use a professional appraiser to get the actual value of my home.

July 11 2007

CashRightAway
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Zillow can be a great tool, you just need to know how to use it and how it works for you. Typically Homeowners who have no other gauge for how the market works may find thier price has "dropped" for no reason, or are shocked when zillow estimates their home 20k above what everyone else's home has, and they cant sell it for that price. Here is a perfect time to let the public know Zillow has ZESTIMATES. Remember grade school when you did estimation in math class? 239,225.23 + 154,945.00 would be 394,170.23 exactly, but the estimate could be 390,000.00 to 400,000.00 thats a 10,000.00 difference But what if the numbers leading to that estimation were estimated and there were wrong figures included the difference In my observation has been up to 45,000.00 If you treat zillow as an approximation, a ball park figure if you will it will serve you. If you treat it as what your home should sell for, you will be dissapointed.

July 11 2007

Robert Mabry, "robm67"
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Robert Mabry, "robm67"

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I am also wondering, why my zestimate is so low, when the house next door to mine is valued at $21,000 more and my home is a thousand sq ft larger than his. Also viewing the maps, I see zillow has not gotten updated maps for more than two years, so how can you properly estimate a home in a new area? We did not began paying full taxes untill this year, so your basis for estimates is in error.

July 11 2007

mattwmiller87
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This site is beta. I wouldn't consider any of the information here definitive by any means. According to this site my home has fluctuated in value 80K in the past year, I do not live in a real estate hot spot, and I only spent a little over 200K for it. The selling prices of homes in the neighborhood and the zillow zestimates do not corellate at all. They'll probably get it right in a few years but right now I use it more for entertainment purposes.

July 11 2007

Aaron Solomon, "Lawman4002"
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Aaron Solomon, "Lawman4002"

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My home was appraised for 450,000 dollars in Feb 06, and now was recently appraised at 570.000. The Zestimate for my house is only 297,000, very inaccurate to the other homes and townhomes per sq ft less than 1/2 mile down th road. None of these even make sense to me. I have done so much with this house, and the zestimate is still way off. I have the house listed here for sale, but the zestimate is too ridiculous for anyone to think my price is serious. Please advise. 8757 Bay Pointe Dr, Tampa, FL.

July 11 2007

David Gibbons, "DavidG"
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David Gibbons, "DavidG"

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home101 -

The reason your Zestimate is slightly low is because the County has the incorrect size for your property. Thanks for publishing the correct sq. ft. You could also calculate and publish a refined estimate using that data -- click on "My Estimator" and follow the steps.

The reason 169 has a higher Zestimate is that it sold in February for $610K and so our algorithm has the benefit of that recent data. Interestingly, that house's size is also incorrect but it should be useful to have such a great comparable home that has recently sold at your asking price to point prospective sellers to when they ask you to motivate your pricing.

Your County's tax assessor has also assessed the value of your home to be significantly lower than that of 169. This data is another input into the Zestimate algorithm that is throwing it off.

As as homeowner you have access to the same tools on Zillow that a Realtor has. One additional tool you could use to set the record straight would be to calculate a refined estimate of your home's value. Click on "My Estimator" to get started -- and pay attention to choosing good comps in step 4 of that process.

July 11 2007

David Gibbons, "DavidG"
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David Gibbons, "DavidG"

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JRFeldman -

Zestimates are calculated based on your County's public records. If those are incorrect, the Zestimate will be incorrect. To account for these errors, we allow homeowners to edit their home's facts and publish updated estimates. You could also make the necessary corrections at your County - but please note that if they do, it can take some time for assessor updates to be reflected on Zillow.

July 11 2007

SteveInSeattle
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Thanks for this last reply DavidG. I noted that the County record for our home is exactly half the sqft, even though it also indicates it's a two story. I've made the "homeowner" changes, but since the county hasn't, the portion of the Zestimate that calcs based on my current tax rate is probably pulling the Zestimate down a bit...but I don't care! Zillow is a fantastic tool and I think if people are taking Zestimates as a fair market appraisal need to read more and understand its purpose. The RANGE of the Zestimate is actually probably more useful.

One other comment: The "My Estimate" feature could be enhanced to permit the owner to reduce (but not increase) their automated "My Estimate" based on things they also know about the area and/or property.

But again, thanks for the wonderful tool!

Steve in Seattle - embarking on his fourth FSBO transaction...

July 11 2007

ONESHORTKUTZ
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NEW PALTZ, NY

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Anyone know how long it takes for county record changes to be reflected on Zillow?

July 12 2007

steve_shirley
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To Someone At Zillow:

When will you update your zestimates based on 2007 county appraisal information. My property at 1607 Creekridge Dr, Keller, TX 76248 is currently "undervalued" by at least $20-25k. Here's the link to the county website for my house: http://www.tad.org/Datasearch/re.cfm?Account=%28%2E%21%2CKJ%2D%246K%40P%20

The county assessed the market value at $222,500 and if you look at true comps in my neighborhood, you'll find properties in my neighborhood are selling at more than $90 sq. ft. Some of the comps you use are even in different cities and without the amenities that my neighborhood provides (HOA with private, resident's only community pool, park and play area).

July 12 2007

_karen_
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ONESHORTKUTZ -

If there are changes with your county records, we have to wait until we have been notified by 3rd party data providers that they have recorded the update. However, we really don't have a specific time frame as to when the updated set of properties will be uploaded since it is done by batches.

We do thank you for claiming your home and updating the public facts. We don't overwrite the public facts with owner inputted facts, but do publish the owner facts right next to the public facts for everyone to see.

You may also want to make your own estimate "public" so that other browsers of the website can see it.

July 12 2007

_karen_
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steve_shirley -

As previously mentioned to ONESHORTKUTZ, we rely on 3rd party data aggregators for our property data - please note that assessor data is often only updated once a year at the county level, therefore, updates to your home may take awhile to filter from the county records to our data providers and on to our site.

You can also publish an "Estimate" by clicking the "Create an estimate" in the upper right of the home details page of this home. This is our way of letting individuals create estimates that take into account additions and upgrades that are not taken into account with the public records. You can make the estimate either private or public - it's your choice.

For step-by-step instruction on My Estimator, you can click on this link: http://www.zillow.com/howto/MyZestimator.htm

July 12 2007

JRFeldman
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David G.:

Thanks for the info -- not sure I want to correct it as my property tax might go up!

Would appreciate a response to the second part of my comment when you get a chance.

July 12 2007

reiter2001
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My house had been valued at a reasonably accurate amount for over a year. Then, about 6 weeks ago, after declining for months, the value increased in one week by 40%. This makes no sense and destroys all confidence in any of Zillow's valuations. Furthermore, my home is in an area for which Zillow supposedly has comprehensive data.

July 16 2007

pushingtin74
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Reiter2001, if you have not confidence in this website don't use it anymore. Pay an appraiser and get an accurate reflection of your home's value.\

Pretty simple really.

July 16 2007

_karen_
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reiter2001 -

A variety of things can affect the accuracy of the Zestimate. For example, the number of transactions in a geographic area affects how much we know about prevailing market values of homes there. Our accuracy in data and Zestimate varies per region. Some counties provide all the data we could hope for, but others are lacking such key things as the number of bedrooms and bathrooms, or, in some cases, the square footage of the home. The more data we have, the more accurate the Zestimate.

However, the only thing that changes the Zestimate is a change in the base data, including nearby sales. So the increase or decrease of the Zestimate value of your home may be attributed to the reason that we are constantly updating our records with information from our 3rd party data providers.

July 16 2007

R and M Matson, "Matsons"
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R and M Matson, "Matsons"

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5035 W. Desert Poppy Lane, Marana, AZ 85653

Your map shows $570 zestimate; your box shows $365---

You have the wrong built date--it's 2002 not 1969. HH wasn't a develpment until 1997.

Please fix.
Melba

July 16 2007

meekfam
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This is in response to Karen.
Your response is a bunch of bologna. No offense.
Here is my example:
Our address is 109 Carolina Town Lane, Holly Springs, NC 27540, the "Zestimate" is $240,390. Exactly 6 houses down is the EXACT same house as mine, which my realtor would pull as a comp. There are absolutely NO differences in the houses. The county tax value is the same on these two houses. Their address is 208 Carolina Town Lane, Holly Springs, NC 27540. Their house just sold for $269,000 and their "Zestimate" is $285,200.
Something isn't right here, and I think that Zillow.com shoudl be liable when sellers have a hard time selling their homes due to inaccurate information that this website tries to pawn off as truth.

July 16 2007

reiter2001
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Pushingtin74

Perhaps you have been ordering pilots around too long (if you really are a controller). I made no demands upon Zillow. I did not complain that I was harmed in any way. All I did by my example was point out that, currently, the Zestimates are not reliable due to some unknown error or inadequacy in Zillows own programming. It makes little difference to me whether or not Zillow identifies their problems and fixes them. It hurts Zillow, not me, if their Zestimates are subject to gross errors that are Zillow's own doing.

July 17 2007

pushingtin74
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reiter, fair enough. There just seems to be some very clueless people posting here and it's rather tiresome.

Bottom line to the dimwitted out there, this is a free website. It's not guaranteed to be accurate. If you want an accurate assessment of your home's value, pay a local professional to do it!

July 17 2007

Jannym
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My house is listed as a 3 bedroom and it is 4 bedrooms. How can I change the way it is represented? Jan

October 25 2008

Drew Meyers, "Drew"
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Drew Meyers, "Drew"

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Jan-

As the owner, you can claim your home and update the facts.

October 25 2008

rdream
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maybe you can, but I have and find out my house is NOT the house shown on the map. The houses on this block are numbered consecutively. The picture is the house across the street while my house, on a corner is listed as belonging to Brighton Lane rather than its actual address of Brighton Terrace.

There is no place to go to for correction.

January 10

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