Zillow said my house was worth 30k more than it actually appraised for

I was thinking about refinancing so I checked Zillow and it said my little 3br ranch in Plaza Midwood was worth $340k. Got all excited planning what I'd do with the cash. Got the appraisal done last week and it came back at $308k. That's a 32 grand difference. Has anyone else had Zillow be way off compared to a real appraisal around here?

2 comments

2 Comments

felix38527d ago

@Parkerb75 yeah I used to think Zillow was pretty close too honestly. But last year it said my buddy's house in Noda was worth 275k and his refinance appraisal came in at 240k. That's a 35k swing which is basically the same deal you got. I figured Zillow was good for ballpark numbers but after seeing yours and his story I'm starting to think they just throw darts at a board with seasons or something. The algorithm doesn't know about the cracked foundation or that weird neighbor who leaves his car on blocks lmao.

parkerb7527d ago

I used to think Zillow was pretty accurate but your 32 grand gap changed my mind. That's a huge difference, especially when you're counting on that money for something real like a refinance. Guess they're just guessing with some algorithm and not actually looking at the place.