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Is this the only site for a house value....and how accurate is it??...we went to re-fianance and he said what the house is appraised for will be on zillow??

Answer Question

Asked by Anonymous at 1:31 PM on Jan. 11, 2009 in Money & Work

Answers (2)
  • It is only roughly accurate.
    The site uses the official data available to the public. It can't take into account the condition of the house, the condition of the neighborhood, any improvements done that aren't in the public records yet.
    If a house near you was a sty and sold way below market value for similar homes then an actual appraiser will know that, zillow doesn't. Both will lower YOUR homes value because of it but zillow will lower it more.
    If you have had work done on the house (new kitchen, new bath, additional bedrooms, etc) that don't show up in the official data yet, an appraiser will raise your value, zillow won't know about it. Of course, this assumes the work was permited and done well. Unpermitted and/or badly done work will lower your value below what zillow shows.

    Answer by kaycee14 at 1:53 PM on Jan. 11, 2009

  • They can use a computer system to do a valuation but it you think it is worth more then they will ask for a full appraisal. I have found that zillow can be 6 months to a year behind with the correct value in our area. Mostly because it was built in the last 4 years and didn't account for the higher increases in property values when the market went up.
    I called a local realtor friend and asked them for the comps. That is part of what an appraiser would use anyway.

    Answer by AussieMum2 at 3:50 PM on Jan. 11, 2009

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