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Answers (7)
@NTETS
where zillow gives a zestimate of 2+2 = 3 then I will question how the heck did they arrive at that conclusion. So far they have not even attempted to explain and say that any difference between '4' and '3' is a difference of opinion. Oh yes, 'and go away and don't bother us'
where zillow gives a zestimate of 2+2 = 3 then I will question how the heck did they arrive at that conclusion. So far they have not even attempted to explain and say that any difference between '4' and '3' is a difference of opinion. Oh yes, 'and go away and don't bother us'
- Caveat Emptor
- Contributions:500
@surb
The reality is somewhat disappointing speaking from my personal experience which shows that the zestimate is totally meaningless
using the same logic that you would use to state that the equation 2+2 = 4 is meaningless. obviously it is meaningless to you, unless you know how to use it. the zestiment in its current form is a very useful tool. it could be made more accurate with more data, but it is a very useful tool.
The reality is somewhat disappointing speaking from my personal experience which shows that the zestimate is totally meaningless
using the same logic that you would use to state that the equation 2+2 = 4 is meaningless. obviously it is meaningless to you, unless you know how to use it. the zestiment in its current form is a very useful tool. it could be made more accurate with more data, but it is a very useful tool.
- Rachel Rosen, "RachelRosen"
- Contributions:1489
JuliaNorris,
My first glance would be at recent sales in the neighborhood. If there have been significantly higher value sales in the neighborhood, that could be it.
The zestimate is only a starting point. It is not the be all, end all regarding what a buyer would pay for a home. We encourage users to supplement the Zestimate information with other research such as CMA's, appraisals, and visiting the home.
My first glance would be at recent sales in the neighborhood. If there have been significantly higher value sales in the neighborhood, that could be it.
The zestimate is only a starting point. It is not the be all, end all regarding what a buyer would pay for a home. We encourage users to supplement the Zestimate information with other research such as CMA's, appraisals, and visiting the home.
@Hamp
"As accurate as you're going to get, for free, without human involvement".
That's the Million Dollar answer. The reality is somewhat disappointing speaking from my personal experience which shows that the zestimate is totally meaningless. There are issues with mapping the homes in my neighborhood to the wrong city despite having the correct address which probably contribute to the erroneous zestimates for the homes.
The valuation provided by Core Logic is more in line with current sales prices being achieved and is 13% higher than Zillows second rate zestimate. Perhaps the Zillow statisticians should have a word with Core Logic to find out what other errors they are making. Or is Core Logic still suing Zillow for patent violation?
"As accurate as you're going to get, for free, without human involvement".
That's the Million Dollar answer. The reality is somewhat disappointing speaking from my personal experience which shows that the zestimate is totally meaningless. There are issues with mapping the homes in my neighborhood to the wrong city despite having the correct address which probably contribute to the erroneous zestimates for the homes.
The valuation provided by Core Logic is more in line with current sales prices being achieved and is 13% higher than Zillows second rate zestimate. Perhaps the Zillow statisticians should have a word with Core Logic to find out what other errors they are making. Or is Core Logic still suing Zillow for patent violation?
- hpvanc
- Contributions:2570
It varies significantly from area to area. You can do some initial research, how much detail is included and how accurate is the public property records. If most of the detail is accurate and populated, then the baseline for the calculation is going to be fairly high. Then start checking sales prices and how timely they are reported on Zillow, the area where I live they show up on Zillow in a week to 10 days, and are reported in the newspaper the week before they appear on Zillow (Zestimates are usually within 5% and 95% are within the range), in another area I monitor they are reported in the newspaper within a month, but trickle on to Zillow irregularly over a period of a year (the Zestimate number is worthless and only about 25%-30% fall within the range since the amount of property record data is also extremely limited).
The area I consider the Zestimates to be bordering on worthless has a lot more of the wild fluctuations you are describing.
The area I consider the Zestimates to be bordering on worthless has a lot more of the wild fluctuations you are describing.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
As accurate as you're going to get, for free, without human involvement.
How accurate are the zestimates?
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