Zillow Appraisal. 12. Is a Zestimate from Zillow the same as an appraisal? NO! NO! NO! This cannot be emphasized enough a Zillow estimate is nothing like an appraisal and cannot be used as a substitute. In fact, using a Zillow home value is one of the worst ways to put a value on a property. Whether you are buying or selling a home, a Zillow Zestimate should be. Zillow has gone back in time to compare their historic Zestimate with what the property actually sold for. They claim that their “estimated market value” is not an appraisal, but in reality an estimate of market value is an appraisal, but it’s one that cannot be used by a bank and one that you may want to think twice about before using to determine a sales price for your home. Zillow’s own chief executive, Spencer Rascoff, famously sold his Seattle home for 40 percent below its Zestimate. Support our journalism. Subscribe today. Accuracy matters a lot in this arena.
Introducing Zillow Home Loans. Buy the home you want with a lender you trust. Let us help you find the right mortgage for you. The Arizona Board of Appraisal has issued two cease-and-desist letters to the popular real estate Web site, claiming Zillow needs an appraiser license to offer its "zestimates" in Arizona. "It is the board's feeling that (Zillow) is providing an appraisal," said Deborah Pearson, Board of Appraisal executive director. advertisement
Yes. The Zestimate’s accuracy depends on the amount of data we have for the home. Public records can be outdated or lag behind what homeowners and real estate agents know about a property, so it’s best to update your home facts and fix any incorrect or incomplete information — this will help make your Zestimate as accurate as possible. You can also add info about the architectural style.
Zillow uses a variety of data to calculate its "Zestimates." But things like the wrong property details to missing upgrades can make them inaccurate.. be considered an appraisal. 12. Is a Zestimate from Zillow the same as an appraisal? NO! NO! NO! This cannot be emphasized enough a Zillow estimate is nothing like an appraisal and cannot be used as a substitute. In fact, using a Zillow home value is one of the worst ways to put a value on a property. Whether you are buying or selling a home, a Zillow Zestimate should be. This is a very interesting story and is just another eye opener to the industry Zillow is out of control and needs to be stopped. VaCAP sent out an article on Monday, Zillow, The First “Agent Management Company” (AMC) for the Real Estate Agent. Others that are talking about Zillow: Phil Crawford: Voice of Appraisal (Podcast E162) Zillow has gone back in time to compare their historic Zestimate with what the property actually sold for. They claim that their “estimated market value” is not an appraisal, but in reality an estimate of market value is an appraisal, but it’s one that cannot be used by a bank and one that you may want to think twice about before using to determine a sales price for your home.
