It would have been better ...

Fri, 01 Jan 2010 18:51:00 GMT

It would have been better for you to have posted to the other thread(s) you started for continuity...

Zillow does not collect their own data. They rely on 3rd party "providers" that collect data for other people for other reasons. Thus, they have no control over when the data comes. We just have to be patient and wait.

The records for your home indicated it was built in 2006; thus being sold in 2006 was actually probably quite quick; but then it may not have sold; it may have just been registered in the builder's name. If it sold in both July 2009 and December 2009; it is more likely that the July 2009 was an auction due to foreclosure, maybe bought by the bank. And then obviously you know about the December purchase because you made it.

Usually it seems to be about 6 weeks from the recording date to the date Zillow receives it, on average. Really nothing definite; we just have to be patient.

You are correct, that a present Z-estimate will not tell you anything at all as the most recent sale (yours) will establish the estimate value. Only when the sale is older does the recent sale of the others in the vicinity determine the estimate for yours.

But the Zip-code trend will be of use to you, thus look at the neighbor's property and the zip code trend there.

Of course you could check Cyberhomes.com and Eppraisal.com to see if they have estimates prior to your purchase, to check what you are really asking about; did you get a good deal or not? But they are still machine generated estimates that don't look at the specifics, so whether it appears to be a deal or not is irrelevant. You really won't know how the purchase compares until you see how the market moves; and that is where the local info tab at the top of this page is helpful, as well as the trend curves of the zip and city... on the neighbor's house page.

I can't really speak to Zillow's ...

Thu, 31 Dec 2009 22:05:00 GMT

I can't really speak to Zillow's algorithms for calculating their zestimates, but I can tell you that it takes a lot if time and reseach to do an accurate Broker's Price Opinion (BPO). There are a few challenges:

1) Info on the electronic tax records is not always completely up to date. Sometimes we have to call or visit the county office to get accurate info on recent sales
2) Just knowing what homes in the area sold for is not enough - what was their condition and how did that affect price? This takes searching through pictures, calling previous listing agents and sometimes driving by several homes.
3) Then you need to know the little things - this is where a good appraiser comes in. Is there a view of the city? That's got an appraisal value. Is there a comparable number of garage spots, baths, half baths, bedrooms? All of those have appraisal values.

There's more - that's just the tip of the iceberg. In all my history with Zillow, I have rarely seen the zestimate be completely accurate. So much of the value is subjective.

Are you trying to sell your home? If so, I'd recommend getting a Realtor (or several) who knows your neighborhood and is familiar with the condition and details of others that have recently sold to give you a conduct a BPO.

If you're trying to refinance, the bank will order an appraisal and their appraisal pro will take care of that.

If your question is related to the tax assessment, that's a whole 'nother can of worms...but some realtors are willing to help appeal those or provide a BPO so you can appeal, as well.

I hope this info helps.
Best regards,
kimbleBOSWORTH
bozTEAM of village real estate
www.AreYouReadyNashville.com

Zillow Advice: Bugs & Suggestions - Fuerher question

It would have been better ...

I can't really speak to Zillow's ...