Zillow Schmestimates?
It cannot possibly account for the condition of a property. A home with a new roof, new windows and new appliances will sell for more than a "fixer upper".
It cannot account for the exact situation of your home. If your home has open space hehind it, then even if the square feet and amenities are the same, it will be worth more than the house across the street without the open space behind it.
It cannot account for the exact situation of your home. Is there a 6 lane freeway behind the home, which doesn't even affect someone buying the same model home 3 blocks away? This value or decrease in value can not be predicted by Zillow.
Zillow cannot account for improvement, additons, or changes that may occur to your home since last property tax records. Maybe you bought it as a 2 bedroom and did a remodel and now it's a 3 bedroom. The improvements are not taken into account.
If your "zestimate" is based on county property tax records, then it's a total crap shoot. If you live in an area of California (Prop 13) that has very few sales, Zillow will use the assessed value in their model, even if it's light years away from present value.
On the other hand, if the property is in a large subdivision with much turnover, then Zillow can be spot on and when they're right.
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