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julie,I know what you going thru my house is zestimate at 316.000 on a corner lot and a same house like mine is at 382,000 and with out a bonus room and no corner lot. how can I send this freaks an e-mail?
People - don't freak out about Zestimates. They have proven to be extremely inaccurate (I just built my house and they have it estimated at 50% of what I built it for) and the market knows that they "Zestimates" are extremely bogus and useless.
If you are talking with or working with someone that uses Zillow Zestimates - run for the hills; they are idiots.
Get a certified appraisal!!
My zestimates are way off as well, and they have deleted my overview of the property twice. We've done extensive upgrading, paid tens of thousands more when we bought it than the current zestimate, and they keep removing the info. I hate that I'm a part of this sham at all.
You should realize that the comps listed are for the convenience of people using the site, but that zillow does not use these comps in its prices. So, if the list of comps is inappropriate, this may mislead those looking at your listing, but it does not affect the zestimate.
Huh??? Why if the comps are legitimate......would someone (Zillow?) not use them? This is what REAL professionals do! The 'zestimates' are worthless and mean nothing, but to someone who doesn't know better, it amounts to false and misleading info/advertising.....and a lot of disgruntled people. In some instances the Zestimate ' price' is $40K to $70K up or down from the ACTUAL sold price!!!! Ridiculous!
How do you get someone at Zillow to change the Zestimate on my house? Mine is one of the larger ones in the area and they have it at a way lower price than the smallest ones in my sub.
"You should realize that the comps listed are for the convenience of people using the site, but that zillow does not use these comps in its prices. So, if the list of comps is inappropriate, this may mislead those looking at your listing, but it does not affect the zestimate."
Around and around and around we go . . . . . . .
ejgallaher: A Zillow plant.
Well then what does affect the zestimate? Three rolls of a dice? The hair of a nute? I mean really...how can you say that may mislead those looking...PLEASE...it doesn't take much these days to sway a buyer off a owner occupied home...most think we should take the price dives like the bank..yet my home isn't trashed like most bank owned and by the time the new buyers put their money into refurbishing their new finds they have spent as much if not more than my home was listed at. With zestimates being as varied and ridiculous as they are I think zillow should state how they arrive at these outrageous differences!
Zillow does not say much about how they do the estimates, but they do indicate that they are based on models that consider sales prices across a range of homes, mathematically adjusting for aspects fo these houses as they are more, or less, similar to the one whose price is being estimated. Thus, zillow says, they prices of a large number of sales are included in the estimate, rather than a small number of comparables. The important point is that the list of comparables that show up in the zillow listing is not the list of sales that was used for the estimate. If anyone has more details of what zillow does, please contribute.
The point about misleading was that the comps zilllow lists for people viewing the listing are houses that an individual, not using an AVM, might look at. But, it is not the set of sales that zillow used. So the conclusions from the two data sets might be different.
Look, the real estate market is down, and still falling. With the banks now needing a trillion dollar bailout, the days of easy mortgage credit are over. Buyers see prices falling month after month, and wait for the houses they are considering to drop a long way. This is environment in which people are trying to sell houses. A sale from a few months ago needs to be discounted first before being used as a comp now. After last week, who knows by how much. If you are in an area with lots of foreclosed and distressed sales, discount even more if that problem has gotten worse since the comp sale.
This is just a lousy time to be selling a house.
I would like to hear(read) what Zillow has to say about this. I know you guys monitor these discussions so how about an explanation. My house is also misrepresented due to the fact that the neighborhood houses are for the vast majority unimproved to any degree unless added sq. ft. and these are unpermitted jobs done by low income do it yourselfers. You can not value a like new remodel at the same price per sq. ft. can you?
This is all I could find that zillow says about its use of comps
"Zillow however does not directly use the list of comps to calculate the home's Zestimate - rather, the Zestimate algorithm uses information learned from all sales and then tailors your home's Zestimates according to its specific attributes. The comps in the list that you see on your home's detail page on Zillow are selected separately to calculating the Zestimate.
So, it's important to note that if the comps list is missing a few good comparable homes - or including a few than aren't exactly comparable - that your Zestimate won't be caused to be incorrect as a result."
Zuser: You better read a little closer some of my recent messages. I don't think anyone could possibly conclude that I am a Zillow plant . . . ??!! Or were you referring to dbhdbh . . . ?
LOL
I have been away from the Zestimates thread for some time now, but just popped in to see the topics of discussion in light of the recent financial market meltdown.
ejgallaher, it's too ironic that now you're being accused of being a Zillow plant. Why, it seems like only yesterday I was in your shoes ...
To anyone reading this, I can attest that ejgallaher is definitely not a Zillow plant.
No but this site is messed up. I moved into a new development with 5 models. There are 5 of my model in here already built with less SF and less options and they are listed at $250,000 more than my home? This site is the reason the market will continue to struggle
ejgallaher:
Oh no! Not you, I was referring to two other people - obsessive posters both. They both parrot the Zillow line and neither come up with anything original.
ZUser
Zillow estimated home values are a total joke. Zillow sent me an email this evening telling me my Lancaster, CA house has a reduced Zestimate, now down to $204,000. The house sold three months ago for $105,000, and now numerous foreclosed houses on that street are selling for around $75,000. Apparently Zillow hasn't yet figured out that the housing bubble has burst. I have deleted my account with Zillow and recommend you do the same. Zillow pumps out bogus information, the kind of information that got the US economy in the dire straights we now find ourselves.
Dear Zestimate estimators: How can I correct the Zestimate on my home at 1337 Kingsfied, 80104? The upgrades I added are accurate, but due to to housing market and neighborhood comps, the resulting Zestimate was $200K higher ( -/+ ) than I could hope to value my home, which is right around $305 - 310 K. ddj41
Short answer: You can't . . . , and neither can/will Zillow.
Zillow is completely off. I have repeatedly wrote to have my home removed they dont even answer. I guess legal action would have to take place. Zillow does give false information to the trusting, and population who hopes that there home is worth more than they think. I have had conversations with people who believe information on Zillow is completely accurate. VERY MISLEADING!!!
I recently built a 3BD 3BA custom log home in Southern California. I built it as owner/builder. It is a 2200 square foot fully scribed, swedish coped, "big log" on .75 acres. The lot is a premium lot in a cul-de-sac and backs to Los Padres National Forest. 15825 Edgewood Way, Pine Mountain Club, CA 93222. If I went by Zestimates, you would find me hanging dead from one of my trusses, dead! They have it valued at $40,000 less than it cost to build in 2004. Log homes in the area are selling for around $240 per square foot, not taking into account the value of the premium lot. I am not in the market to sell but I can sure see where zillow sure gives a false sense of valuations to those who maybe in the market to buy!!
"I think that people must realize on some level that Zillow can't be right about every house especially historic, top quality custom or rare properties. "
Who are you trying to kid here? Zillow can't be right about cookie-cutter houses on the same block!
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DANGEROUSLY INACCURATE COMPS & MISLEADING "Zestimate" !!!
bayoubronco
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Thanks to Zillow's Zestimate, my waterfront property is now $170 UNDER-valued - based on a very recent formal appraisal. The comparables being used have no rational comonality (aside from being homes for sale in the same state)! Clearly I'm not alone. Zillow.com poses a genuine risk to homeowners and is a significant liability !!!
~ Julie
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