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Replies (4)
- The Allen Group, "tagrealestate"
- Contributions:624
- wordsmth
- Contributions:361
Interesting point. Yours may be the first comment I've seen that--after complaining about an inaccurate Zestimate--actually provides some information that is relevant. That's a good thing!
I'm a Zillow outsider, too. But I wouldn't think it'd be too difficult to build something into the algorithm to ignore transfer figures that clearly don't reflect a property's value. For instance, ignore (don't include in the calculations) any transfer amount of less than $100.
One thing you might look into: some taxing jurisdictions (where I live, for instance) will flag transactions that aren't arm's length and aren't reflective of a property's value.
See the "Market Value" column on the screen capture above.
It's possible that your jurisdication has such an indicator, but yours isn't so flagged. If that's the case, you might consider contacting your jurisdiction and correcting the record. Or Zillow might be able to take that field (where it exists) and use it to either exclude records or to reduce the effect of those non-market transactions.
Good question.
Hope that helps.
I'm a Zillow outsider, too. But I wouldn't think it'd be too difficult to build something into the algorithm to ignore transfer figures that clearly don't reflect a property's value. For instance, ignore (don't include in the calculations) any transfer amount of less than $100.
One thing you might look into: some taxing jurisdictions (where I live, for instance) will flag transactions that aren't arm's length and aren't reflective of a property's value.
See the "Market Value" column on the screen capture above.
It's possible that your jurisdication has such an indicator, but yours isn't so flagged. If that's the case, you might consider contacting your jurisdiction and correcting the record. Or Zillow might be able to take that field (where it exists) and use it to either exclude records or to reduce the effect of those non-market transactions.
Good question.
Hope that helps.
- wetdawgs
- Contributions:26804
When a transaction such as that you describe has been recorded and misunderstood as a sale, open your home details page, scroll down to the Price History table and then click on the little white flag on the right end of the row of numbers showing the transaction. Zillow will investigate with the county records (it can take a couple of weeks). With an alert, Zillow does not include such values in Zestimate calculations.
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
including mine which is now shown as being worth roughly one third of its true value
My experience is that Zillow OVER values homes, if anything, at least in my area. I quantify my valations with Zestimates to show Zillow - if anything - is far more generous on values than I would be. I think its because....
1- Zestimates only look at sales, not pendings and listings, and most areas are still depreciating, hence the data they use is always historical, never forward looking.
2- A secretive xx% upside fudge factor is written into a algorithim for purely politicla reasons, ie they want their values to be higher than some of their competitors...
In your case. your 'redeeding' had no effect on your Zestimate as Zillow factors only GRANT deeds, and not non-full-value transfers. ALSO even though your specific home Zestimate may be out of whack, your AREAS ZHI - Zillow Home Index - is unaffected by your transfer. I never look at specific home Zestimates for values, but the area's values - since they are basically algorithim-less - are a better indicator of where your homes value is...
Read more about the Zestimate here...
http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm
My experience is that Zillow OVER values homes, if anything, at least in my area. I quantify my valations with Zestimates to show Zillow - if anything - is far more generous on values than I would be. I think its because....
1- Zestimates only look at sales, not pendings and listings, and most areas are still depreciating, hence the data they use is always historical, never forward looking.
2- A secretive xx% upside fudge factor is written into a algorithim for purely politicla reasons, ie they want their values to be higher than some of their competitors...
In your case. your 'redeeding' had no effect on your Zestimate as Zillow factors only GRANT deeds, and not non-full-value transfers. ALSO even though your specific home Zestimate may be out of whack, your AREAS ZHI - Zillow Home Index - is unaffected by your transfer. I never look at specific home Zestimates for values, but the area's values - since they are basically algorithim-less - are a better indicator of where your homes value is...
Read more about the Zestimate here...
http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm
ERRONEOUS ZESTIMATES/COMPS
Anyone reading this on the Zillow staff, please explain how I may be able to get my zestimate figure corrected without selling my home back to myself for its true value.
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