Profile picture for Jeff Conrad

Can you explain to me how our Zestimate could have just gone down by 9.9%? This is NOT accurate.

A home right across the street from ours that was smaller and did not have equivalent amenities to ours just sold for $394,900.  How can you possibly price ours at $375,000???  This will kill our chances to sell our house!  I need you to revise this immediately. 
  • December 05 2011 - Indianapolis
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Answers (7)

Profile picture for BartMedlock
As several have already eluded to, relax. Talk to a couple full time professional REALTOR's who work in your area to provide you with comparative market analysis of your home's value given current market conditions in your area.

I sell 45 - 55 homes a year in my area and can't think of the last time the subject of a home's Zestimate has even come up let alone killed selling it. You're chances of selling your home - for its current market value to be determined by a buyer - are unchanged since your Zestimate dropped 9.9%. Good luck.
  • December 06 2011
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I don't believe Jeff Conrad has ever seen a complaint about the accuracy of the Zestimates, until he just made one.

Many times, when an owner sees his Zestimate, I would guess, it is the first opinion about his property value, other than his own, that he has ever contemplated.
  • December 05 2011
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Profile picture for Rita Walker
It amazes me how much credence that is put into the Zestimate. No matter how many complaints that come in about the inaccuracy of the Zestimate, home owners still see them as a reflection of the worth of their home.
No self respecting, Real Estate professional should be using that as their criteria to value your home. When a Realtor brings a buyer to your home they should educate that buyer about the area and the home, if the buyer has an interest. Do yourself a favor, hire a good Realtor to sell your home.
  • December 05 2011
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Profile picture for Blue Nile
15% fluctuation month to month independent of neighboring properties is quite normal for the estimating method.  It has nothing to do with any change in value, nor does it state anything about "accuracy".  It is just the tolerance range of the method used and the available data.  If you don't like the machine opinion's numbers, try some of the other machine opinion numbers that are also available for free, such as:

homes.com

Homesand.net

Eppraisal

realquest.com express

cyberhomes.com

trulia

chase

homegain

(There are many more, but this should get you started, and should allow you to see that there is no method of predicting a sales price for a specific date and specific property from limited data and no site visits, and no method of knowing if a property deteriorated or was improved since last purchase).

By the way, "immediately" on this website means "two years" as there are only 5 statisticians, and only 5 programmers... (for 100 MILLION homes), and no one else that can "revise" anything... but the estimates are recalculated 3 times a week automatically with any new sales data that comes in from the 3rd party data providers that collect it from the county records, so be patient, and the numbers will be lowered for you eventually as requested.
  • December 05 2011
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Profile picture for sunnyview
I agree with Hamp. Different areas have different amounts of information available. If the information or analysis from your specific area in Indiana is not good, your numbers are bound to be flawed beyond the usual %. It is definitely that way when I look at property in Texas because Zillow does not have good numbers there to even start with.
  • December 05 2011
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Zillow just guessed! They rate their own guesses' accuracy at one star, out of four, in Indiana.

Read this!  Then read this!

Here's some interesting samples from the links.

What's in this formula?

One eye of newt ... Actually, it's less wizardry than mathematics
.

Who calculates the Zestimate and how do they do it?

We don't have homing pigeons flying from land parcel to land parcel to come up with the Zestimate for a house, but we DO have statisticians who work all day


Reading how they guesstimate the value of houses will not make you feel any better about yours being low, but it will allow you to combat any Buyer's who try to use it against you.

Appraisers and REA's do have homing pigeons, and newt's eyes. Call one, or the other, for an actual thought-out analysis of your home's value, with a local Wizard's POV.
  • December 05 2011
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Profile picture for sunnyview
If a house just sold on your street, it should cause your Zestimate to recalculate using the new information and that may help make your Zestimate more accurate depending on how close the house was to your houses numbers (bed/bath, square footage, etc) and whether the sale was higher or lower than your current Zesitmate.

In my area, it takes about 2-3 weeks for those sales to show up on Zillow, but it might be different for your area.
  • December 05 2011
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