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 Post subject: Re: Anyone check out Zillow zestimates recently?
Post Posted: Apr 20, 2017 9:27 am 
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Zillow estimates can be all over the place. I think CooknThyme makes a great point about how well the algorithm works up here; which is to say, hit or miss.

If someone recently sold a home in your neighborhood vastly under value (as might happen when properties are sold between family members) or someone might have recently gone into foreclosure, that would drive all surrounding home prices down. Is it just your home that has gone down in value or have other homes near you also gone down? If you want a better idea of your home's actual value you can find 3 comparable homes near you that have sold in the past year (similar acreage, similar square footage, similar in look) and that should give you a rough estimate.

I'm surprised to hear that anyone's home value went down in this area considering that inventory is so limited. But I also think Zillow is way off on our estimate -it's saying our value went up by almost 20% in less than two years! And that's not even factoring in all the upgrades we've done.

You could also look at Realtor.com to see what they have your home valued at.

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 Post subject: Re: Anyone check out Zillow zestimates recently?
Post Posted: Apr 20, 2017 5:42 pm 
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Outside of cookie cutter tract home neighborhoods Zillow estimates are pretty worthless. They will include sales that are too dissimilar to the subject property in their data. You can't dump a $250,000 property into data for a $500,000 property. The adjustments that most likely would be necessary for that fall outside of standard appraisal guidelines. Appraisals cannot have adjustment for more than 25% or they will not be accepted by the lender.

Also if, as the above poster stated, their value doubled after entering their upgrades that is a red flag Zillow's algorithm stinks. Upgrades are the most overestimated aspect of the property value. In the past your mack daddy custom kitchen might get you a $25,000 adjustment on an appraisal. New bath will get you $3500. Central Air $3,000. These adjustments are no longer itemized by an appraiser. Now they just assign an overall condition of the property, rated by a C condition schedule -

C1 The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling features no physical depreciation.

C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction.


C3 The improvements are well-maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well-maintained.

C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate.

C5 The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability are somewhat diminished due to condition, but the dwelling remains useable and functional as a residence.


and the adjustments made for the difference are not as large as they use to be as it is not often you are comparing a C1 to a C4.

Anyhow, the only way Zillow is useful is as a data source only if you sort the data yourself by such things as - sales in the last 6 months. Sq footage, room counts, Age of property, proximity, site size, etc.


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 Post subject: Re: Anyone check out Zillow zestimates recently?
Post Posted: Apr 20, 2017 9:17 pm 
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Rescap, thanks for sharing your knowledge!

The data for my home is all outa whack, but I take a look at it at times. Several years ago I couldn't resist the low mortgage rates offered so I refinanced. The real appraisal was amazingly close to the Zillow estimate despite Z's Fake Facts.

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 Post subject: Re: Anyone check out Zillow zestimates recently?
Post Posted: Apr 21, 2017 5:53 am 
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Rescap wrote:
Also if, as the above poster stated, their value doubled after entering their upgrades that is a red flag Zillow's algorithm stinks. Upgrades are the most overestimated aspect of the property value.


I agree that Zillow's algorithm stinks. I was surprised by the double in price but the corrections I made were substantial ...

For example it's a 3 bdrm 2 bath not a 1 bdrm, 1 bath as Zillow showed and it sits on a little over an acre instead of 1/4 acre. Those made the biggest difference in the estimate, as it should.


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 Post subject: Re: Anyone check out Zillow zestimates recently?
Post Posted: Apr 21, 2017 9:17 am 
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Not only is Zillow way off on our property, the picture they use is years and years old. They fail to mention that we have another residential small home on this property as well as another "cottage" fully rentable.

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