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Zillow Website Property Estimates
Posted on 8/8/17 at 10:23 am
Posted on 8/8/17 at 10:23 am
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?
28
Posted on 8/8/17 at 10:25 am to TDFreak
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
I know this isn't a helpful answer
Posted on 8/8/17 at 10:25 am to TDFreak
I think ours is higher than what a real appraisal would be
Posted on 8/8/17 at 10:26 am to TDFreak
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.
Posted on 8/8/17 at 10:26 am to TDFreak
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.
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.
Posted on 8/8/17 at 10:27 am to TDFreak
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.
Posted on 8/8/17 at 10:28 am to TDFreak
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.
Posted on 8/8/17 at 10:29 am to jdeval1
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!
Posted on 8/8/17 at 10:30 am to TDFreak
My loan appraisal and city appraisal are 10% and 13% higher respectively than my zillow estimate.
Posted on 8/8/17 at 10:30 am to TDFreak
Zillow gives a huge range.
Appraisal for refi was over zillow average, near top of range.
Appraisal for refi was over zillow average, near top of range.
Posted on 8/8/17 at 10:31 am to TDFreak
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.
Posted on 8/8/17 at 10:31 am to TDFreak
Generally, very close.
If you are paying a fricking realtor, you should be asking them.
If you are paying a fricking realtor, you should be asking them.
Posted on 8/8/17 at 10:32 am to TDFreak
I've seen it every way: high, low, right on. It's a good guide but so many factors involved to be spot on.
Posted on 8/8/17 at 10:33 am to stout
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.
Posted on 8/8/17 at 10:36 am to stevengtiger
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.
Posted on 8/8/17 at 10:37 am to PrivatePublic
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.
Posted on 8/8/17 at 10:38 am to TDFreak
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.
Posted on 8/8/17 at 10:38 am to TDFreak
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.
Posted on 8/8/17 at 10:41 am to stevengtiger
Posted on 8/8/17 at 10:41 am to TDFreak
Zillow grossly overestimates the square footage of my house, so I hope possible buyers trust the Zillow value.
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