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TDFreak
Florida Fan
Baton Rouge
Member since Dec 2009
1671 posts

Zillow Website Property Estimates
Asking the OT if y'all have had any experience with the Zillow calculated home price estimate versus a formal home appraisal. Does Zillow usually overestimate or underestimate what your actual appraisal told you?


LNCHBOX
LSU Fan
70001
Member since Jun 2009
41782 posts
 Online 

re: Zillow Website Property Estimates
For my home, it was fairly close to my last appraisal. I've seen it way off in both directions on various properties though.

I know this isn't a helpful answer


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91
jdeval1
LSU Fan
Member since Dec 2009
4246 posts
 Online 

re: Zillow Website Property Estimates
I think ours is higher than what a real appraisal would be


stout
Arizona Fan
Hermosa Beach
Member since Sep 2006
135250 posts

re: Zillow Website Property Estimates
Zillow uses the most basic form of figuring pricing. Sq footage. They fail to take into account the full scope of the property like an appraiser will.


Pectus
New Orleans Saints Fan
Internet
Member since Apr 2010
61062 posts

re: Zillow Website Property Estimates
It's easy.

They take the average price per sq ft of the houses in the immediate area/subdivision and then scale it for the house.

Then add on the odds and ends like yard size, attached buildings, etc.


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13
stevengtiger
LSU Fan
Member since Jul 2013
2610 posts

re: Zillow Website Property Estimates
quote:

Does Zillow usually overestimate or underestimate what your actual appraisal told you?


From my experience, they tend to over estimate. I have read the opposite too on other forums.

I just pulled up two of my rental properties and both of their estimates are about 20% higher than what my appraisals came in at.


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42
tke857
UTEP Fan
From Where They Make Gumbo At
Member since Jan 2012
10753 posts

re: Zillow Website Property Estimates
best bet is to get comps and if youre lucky you can find 8-10 similar houses with similar upgrades to give you the best idea before you get the formal appraisal that is.


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10
TDFreak
Florida Fan
Baton Rouge
Member since Dec 2009
1671 posts

re: Zillow Website Property Estimates
quote:

I think ours is higher than what a real appraisal would be




Yeah. We had some recent sales in my neighborhood, got me thinking about waiving PMI.

But I don't want a Zillow estimate to trick me into a reappraisal and find out I'm still $15,000 away!


BottomlandBrew
LSU Fan
Member since Aug 2010
18562 posts

re: Zillow Website Property Estimates
My loan appraisal and city appraisal are 10% and 13% higher respectively than my zillow estimate.


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CelticDog
LSU Fan
Member since Apr 2015
16894 posts
 Online 

re: Zillow Website Property Estimates
Zillow gives a huge range.

Appraisal for refi was over zillow average, near top of range.


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stevengtiger
LSU Fan
Member since Jul 2013
2610 posts

re: Zillow Website Property Estimates
quote:

I don't want a Zillow estimate to trick me into a reappraisal and find out I'm still $15,000 away


Bottom line is to not trust Zillow, Trulia, etc. with appraisal value of any property you buy/own. Pay someone a few hundred and get it right.


CoachDon
Kentucky Fan
Louisville
Member since Sep 2014
6065 posts

re: Zillow Website Property Estimates
Generally, very close.

If you are paying a fricking realtor, you should be asking them.


ChunkyLover54
Hawaii Fan
Member since Apr 2015
3140 posts

re: Zillow Website Property Estimates
I've seen it every way: high, low, right on. It's a good guide but so many factors involved to be spot on.


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00
PrivatePublic
Troy Fan
Member since Nov 2012
9843 posts

re: Zillow Website Property Estimates
quote:

They fail to take into account the full scope of the property like an appraiser will.


Where by "full scope" you mean comps only.


TDFreak
Florida Fan
Baton Rouge
Member since Dec 2009
1671 posts

re: Zillow Website Property Estimates
quote:

Bottom line is to not trust Zillow, Trulia, etc. with appraisal value of any property you buy/own. Pay someone a few hundred and get it right.


Agree.

Now, my mortgage company told me my appraisal needs to be done by XYZ firm that charges $550. And then, the appraisal is only valid for 4 months. So, right now it's a bit of a gamble if I pull the trigger too early. I could do it, but if it turns out bad, I'm out $550 with nothing to show.


stout
Arizona Fan
Hermosa Beach
Member since Sep 2006
135250 posts

re: Zillow Website Property Estimates
quote:

Where by "full scope" you mean comps only.




There's more to an appraisal than just comps. They use said comps then add or subtract for differences in the subject property.


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50
moneyg
LSU Fan
Member since Jun 2006
28352 posts

re: Zillow Website Property Estimates
quote:

Asking the OT if y'all have had any experience with the Zillow calculated home price estimate versus a formal home appraisal. Does Zillow usually overestimate or underestimate what your actual appraisal told you?



It's all over the place. Not reliable.


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20
stevengtiger
LSU Fan
Member since Jul 2013
2610 posts

re: Zillow Website Property Estimates
quote:

I could do it, but if it turns out bad, I'm out $550 with nothing to show.


$550 is about right for what I'm guessing is a decent sized and nice home.

If the goal is to refi, I would not wait too much longer. Rates are going up now and I suspect they will continue to slowly rise. Even a .25% increase to your rate will add up over time.


TechDawg2007
New Orleans Saints Fan
Member since Nov 2007
24934 posts

re: Zillow Website Property Estimates
Here is an example of a zillow appraisal

LINK


This post was edited on 8/8 at 10:42 am


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21
Eightballjacket
LSU Fan
Member since Jan 2016
1612 posts

re: Zillow Website Property Estimates
Zillow grossly overestimates the square footage of my house, so I hope possible buyers trust the Zillow value.


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