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Disprportional lack of appreciacion

In the spring of 2012 my house zestimate was $1,635K.  Now it is 1,638K, i.e. virtually the same.  During the same period price of virtually every house on the block grew by some 200--300K. 

For instance, a house 200 feet from mine has similar floor plan and the same square footage.  In the spring it was some 30K cheaper than mine because of not as good exterior and interior.  There definitely was no change to the exterior and most likely to its interior either.  Nonetheless, if one trusted Zillow, that house appreciated over the past 30 days by $163,345 to $1,854,804, while mine by $23,477 only.

Again this is just an example, virtually every house appreciated comparably, while zestimate of mine remains frozen.  What is wrong with you guys!?

I am registered with Zillow under [email removed by Zillow moderator] and you can get all the details from my account

Regards,
Leonid Lokshin
  • October 21 2012 - San Carlos
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Answers (2)

Profile picture for lil11
David,

I agree with your longer version of "Zillow sucks" assessment

I am thankful for your reply, but frankly, their web page deceived me into thinking that I was writting a private letter to Zillow staff.  The page never warns to otherwise.  Apparently, there is no other way to contact them--another "nice" feature

While banks indeed go at the end by an official appraisal, for a start bankers (and may be even appraisers themselves) do look at Zillow.  In particular, after Fidelity stopped operating a similar site.  A so called "desktop appraisal" for e.g. line of credit increase was often solely based on a Web site.  This "methodology" must be now RIP for about four years, yet mentality remains.

Moreover, because of Zillow, appraisal may never happen, as perspective buyers also are misled.  Seeing two similar nearby houses estimated with 12% difference, they can presume that there must be something terribly wrong with the cheaper one and decide to bypass without even bothering to see the house
  • October 21 2012
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Leonid,

The zestimate is a useless, inaccurate measure of home value, that is not used by real estate agents, banks, appraisers, BPO processors, or anyone else when officially determining a homes value. 

Why? Because, as you've just experienced, it's inaccurate, unreliable and determined by some secret algorithm created by Zillow. Zillow does not drive home values, the free market does. Please do youself a favor, and forget about the term Zestimate, and everything associated with it. 

That's the honest, blunt truth. I sincerely hope this helps you.
  • October 21 2012
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