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Replies (17)
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
Are Zestimates now including all sold prices, or is there still screening to throw out the unusually low numbers?
As with appraisals, many high AND low sales are disregarded if they are simply 'out of the money', and Im sure its the same for Zestimates.
Again, appraisals, Zestimates, etc are educated guesses, nothing more. Appraisals use more due diligence hence they usually are more accurate. Dont assume value estimates are written in stone.
As with appraisals, many high AND low sales are disregarded if they are simply 'out of the money', and Im sure its the same for Zestimates.
Again, appraisals, Zestimates, etc are educated guesses, nothing more. Appraisals use more due diligence hence they usually are more accurate. Dont assume value estimates are written in stone.
- hpvanc
- Contributions:2570
I'm not assuming that estimates are written in stone Vince.
I liked the transparency it added when those transactions were clearly marked as not used in the price history of the property, even if the transaction was decades ago. I'm not talking about the list of nearby sales that are displayed when you click the link, the low transactions are not displayed in that list. The low dollar transactions only show up in the list of recently sold properties if you pull a town, neighborhood, or zip code.
I also think it would make it easier for Zillow customer service to respond to some of the concerns about Zestimates on the forums, since the question of a low transaction being used in calculating Zestimates shows up on the forum several times a week (including today). You are also correct that the high ones also need to be thrown out, I don't remember ever seeing a high one with an *.
I liked the transparency it added when those transactions were clearly marked as not used in the price history of the property, even if the transaction was decades ago. I'm not talking about the list of nearby sales that are displayed when you click the link, the low transactions are not displayed in that list. The low dollar transactions only show up in the list of recently sold properties if you pull a town, neighborhood, or zip code.
I also think it would make it easier for Zillow customer service to respond to some of the concerns about Zestimates on the forums, since the question of a low transaction being used in calculating Zestimates shows up on the forum several times a week (including today). You are also correct that the high ones also need to be thrown out, I don't remember ever seeing a high one with an *.
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
I also think it would make it easier for Zillow customer service to respond to some of the concerns about Zestimates on the forums, since the question of a low transaction being used in calculating Zestimates shows up on the forum several times a week (including today).
Psycho thinking maybe here from me, but IMHO I dont really think Zillow cares much what goes on in Advice. The more topics, even the 'I hate Zillow and Zillow sucks' ones only keeps Zillow.com above Trulia re: real estate advice in Google searches. But thats just me...
You are also correct that the high ones also need to be thrown out, I don't remember ever seeing a high one with an *.
Youll get more lower ones in depreciating markets obviously. I just think its factored into the algorithim and thats it . . . .
Psycho thinking maybe here from me, but IMHO I dont really think Zillow cares much what goes on in Advice. The more topics, even the 'I hate Zillow and Zillow sucks' ones only keeps Zillow.com above Trulia re: real estate advice in Google searches. But thats just me...
You are also correct that the high ones also need to be thrown out, I don't remember ever seeing a high one with an *.
Youll get more lower ones in depreciating markets obviously. I just think its factored into the algorithim and thats it . . . .
- hpvanc
- Contributions:2570
You have a point on your theory about customer service really caring. I still like the transparency it adds. I'll try to remember to bump this thread Monday morning, when if a miracle happens it might get someones attention.
- Pasadenan
- Contributions:21450
Well, I hadn't realized they stopped using the asterisk to indicate the unit wasn't included in the calculation modeling. I do miss that feature too. It didn't seem like it was much extra effort for Zillow.
Searching some of the recently sold lower priced homes in my area, it is clear from the estimating trends that the sold price of those units were excluded from the modeling, but it doesn't explicitly say so.
Certainly, we know Zillow's policy on Foreclosures and other distressed properties has not changed for their modeling approach. But many of the general public seem to still be unaware of such issues since it is mostly posted in the Zillow research blog section of the site and not well referenced.
Searching some of the recently sold lower priced homes in my area, it is clear from the estimating trends that the sold price of those units were excluded from the modeling, but it doesn't explicitly say so.
Certainly, we know Zillow's policy on Foreclosures and other distressed properties has not changed for their modeling approach. But many of the general public seem to still be unaware of such issues since it is mostly posted in the Zillow research blog section of the site and not well referenced.
- hpvanc
- Contributions:2570
Bump.
- hpvanc
- Contributions:2570
Bump
- sunnyview
- Contributions:25127
I would vote for the * to come back. It let people know that it was not being included and made it less confusing for people who were concerned about the effect on properties nearby.
- hpvanc
- Contributions:2570
- hpvanc
- Contributions:2570
Another probably example of the problem.
http://www.zillow.com/advice-thread/Why-did-Zillow-unjustified-change-my-home-value/434084/
http://www.zillow.com/advice-thread/Why-did-Zillow-unjustified-change-my-home-value/434084/
- hpvanc
- Contributions:2570
From the OP on this thread: http://www.zillow.com/advice-thread/Can-we-get-connected-to-someone-to-resolve-some-private-issues/434158/
"I just sent you the note which had been sent to Zillow customer service two times already.
I am expecting your reply asap. As the current sale history of my property is absolutely misleading, and it greatly damages the property value of our community. Thanks."
"I just sent you the note which had been sent to Zillow customer service two times already.
I am expecting your reply asap. As the current sale history of my property is absolutely misleading, and it greatly damages the property value of our community. Thanks."
- hpvanc
- Contributions:2570
- hpvanc
- Contributions:2570
Here is another one, not a complete answer to the problem, but would make the error seem less inflammatory.
http://www.zillow.com/advice-thread/Zillow-is-showing-a-sale-on-our-home-that-NEVER-happened-and-for-1-2-it%27s-sale-price-what-to-do/440123/
http://www.zillow.com/advice-thread/Zillow-is-showing-a-sale-on-our-home-that-NEVER-happened-and-for-1-2-it%27s-sale-price-what-to-do/440123/
Can Zillow go back to putting the * next to sold prices not included in Zestimates
It seems to me that having the * and footnote to point to, that a number that is showing up as a sale is not being used in Zestimate calculations, would not make those that despise the Zestimate happy, it would satisfy some of the complaints of those willing to be more reasonable, and blunt some of the complaints on the validity of the Zestimate.
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