More Zillow Zestimates Advice
As you know Zillow bases their “Zestimates” on public records. With that said, I’m sure you are also aware that not all “Zestimates” are correct. While adding your listings “For Sale” on the Zillow site helps to move the published Zestimate to a less prominent spot on the page, it does not eliminate the Zestimate all together. With that said, you or your seller are able to create a new Zestimate based on additional facts such as updates that may not be in public records, you can also associate different comps that directly relate to the home’s value. Since this is very specific it needs to be done by either you or the seller, we are listing out the instructions below on how to create your own Zestimate that the Zillow Public will also be able to see in addition the Zestimate that Zillow publishes. Please note, you can choose to do nothing, this is just our way of staying on top of issues that may arise from this system. Many people do realize that Zillow is not completely accurate, but unfortunately there are a lot of buyers that may rely on this tool.
Creating an new Zestimate
In order to create an estimate for a home using My Estimator, you must be on a home details page. To find a home details page:
- Enter your address in the search field, which is located on the home page or at the top of any page and click “Go.”
- Click on the address in the bubble on the map.
- Once you are on the home details page, you can create an estimate by clicking the “Owner Tools” button in the upper right-hand corner and then “Create an estimate.”
- Note: It is important to continue through all steps of My Estimator, even if you do not update information for each step. However, the best experience is to provide as much information as possible to get an accurate estimate.
Step 1 of 5: Edit Home Facts
If you already edited your home facts on your home details page, that information will be pre-filled here. If you did not do that yet, use this step to update facts about a home, but only if you think they are incorrect. (We get this information from public records and it could be outdated.) All done or no changes? Move on to Step 2.
Example: You just added a second bathroom, but only one is listed. Change the number of bathrooms from 1 to 2 and adjust the square footage (if necessary), then click “Update Value.” If there are no other changes, click “Next.”
Note: If you add rooms and floors, but do not adjust the square footage, you might not see your value increase; in fact, it could decrease because it means you have very small rooms. Also, if your changes are notable, make sure that in Step 4 you select comps consistent with these changes in order to get an accurate estimate.
Step 2 of 5: Add Home Improvements
Use this step to add information on remodeling/renovation projects to the home. If you did the home improvement yourself, be sure to enter the value of what it would cost if a professional did it, since that is what the calculations are based on. (For example, it cost you $1,500 to add a deck where a professional would have charged $6,000. Enter $6,000 in the cost box.) If you haven’t made any improvements, click “Next” and go to Step 3.
Example: You just remodeled your kitchen. This should nicely boost the value of your home. Use the drop-down window under “Improvement Type,” enter the date it was completed, and the total cost. When you click “Update Value,” you will see the Improvement Value to your house and “My Estimate” will be updated.
Note: We licensed Remodeling Magazine’s annual “Cost vs. Value Report” that breaks down resale value by geographic area and used that to calculate the net value of these improvements in a particular city. Also, we included industry-accepted depreciation costs. Therefore, the “Improvement Value” field will not return an exact dollar-per-dollar figure for your improvement value. However, you can edit the field if you disagree.
See home improvements with highest return value.
Step 3 of 5: Add Other Features
We call these the ooh-and-aah features. Here, you can list more subjective features, such as lush gardens, a workshop, built-in bookshelves, and other unique characteristics that add to a home’s value, but are difficult to quantify. Conversely, if certain areas of the house are in need of repair, you can capture it here by entering a negative value (e.g., an old, leaky roof; exterior needs to be painted). Choose “subtract” in the dropdown, and then enter a value of what you feel it would cost to repair these items. Click “Update Value,” to see the update to “My Estimate.”
Example: You just had your home professionally landscaped, installed accent lighting, and added a pond in the back. Enter text in the description field (e.g. “professional landscaping, outdoor lighting, pond”), enter the total cost and click “Update Value.” Or, if a new roof is needed, enter a negative value for how much you think it will cost to repair. (This is getting fun, eh?).
Step 4 of 5: Choose Comps
Comparables, or comps, are recently sold, similar homes located near the address you’re researching. Comps are generally considered the key to getting the fair market value of a home. As a matter of fact, comps are a big part of what makes up the Zestimate™ home valuation. Real estate agents dazzle clients by pulling comps for their homes. Well, guess what? Now you can, too!
In this step, we have already selected and stack-ranked the best comps based on what we know about the home and those around it. However, using your first-hand knowledge of the home and neighborhood, you can further refine the value by selecting up to 10 homes from the list below the map and adding them to “My Comps,” a section located to the right of the map. Remember: If you made significant changes in Step 1, try to select your own list of comps that most closely matches up with the changes you made.
Example: You have a 1920s Craftsman. Oh, and look: There are several other Craftsman homes similar to yours in the neighborhood that recently sold. These homes would be ideal for your hand-picked list of comps since they are most like yours. Add any comp by clicking the “add to my comps” link from a home on the map or from the list below the map. You can add up to 10 comps. Once you are satisfied with your selections, click the “Update Value” button to get a new valuation.
Read more about what goes into selecting a good comp.
Step 5 of 5: Save Estimate
You probably have a different valuation than when you started. Take some time to review, or click the “Previous” or “Return to Step 1″ button to go back and adjust any information you entered, if needed.
If you’re all done, click Save My Estimate.
Important note: You must be registered with the Zillow™ service in order to save the estimate. If you don’t have an account, you will be taken through the registration process. Once you’re done, you will be taken back to the “Save My Estimate” page.
On the “Save My Estimate” page, you have the option to:
Enter comments (recommended) - Additional comments can help you justify your changes and help visitors to your home details page see information that may not have been covered elsewhere (e.g. “Our home is located across from a park and is four blocks to James Madison Elementary”)
Keep it private - Your estimate will only be visible to you
Make it public - Great exposure for people selling a home (and nice for buyers to see!) or just to “set the record straight.”
Share it with family and friends - If you just want the information for your circle of friends, you can e-mail it, but just be aware it could be forwarded without your knowledge.
That’s it.
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