Profile picture for petarmuncan

How can Zestimate go down on the house by 15 % in one month.

House facts have not changed, but Zestimade did by 15% (down). Zestimates in the same zip have flucuated by 0.1% over same period of time.
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February 07 2013 - Howard Beach
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Answers (4)

Profile picture for Pasadenan
"...or back up their Zestimates by facts" -

I believe the "facts" that you are "looking for" are documented in Zillow's patent, #8,140,421.  You may want to read it.  (Click on the link).
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February 12 2013
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You have to look at a wider time range to see the fluctuation in the estimates....  they all fluctuate about $50k or more over time independently (not related to any neighbors), if you look at a period of a year or more, you will see it.

I've asked multiple times for Zillow Research department to do a study on the fluctuation issue, but each time they state that no one is interested.  I started my own about a year and a half ago, but then the computer crashed and I lost the data I saved for the study and didn't feel like starting over.

Anyway, the home prices sold in the entire county actually do have that wide a range in what they are sold for as compared to "intrinsic value", whatever that is.  And the "cost of money" really does change that much over time, and changes multiple times per day.  And the "value of the dollar" really does fluctuate that much in a year, if you look at such things as gasoline.  It is like having a spot on the wheel of a bicycle and trying to randomly see the position of the spot on the wheel.  There are not enough sales in a limited region in a 2 hour period to be able to identify a "value" any more precisely.  That is why a 70% confidence interval is provided with each estimate.  That is why a tolerance margin is calculated for each county and MSA and State each fiscal quarter.  That is the difference between a website that concentrates on "statistics" verses a "sales rep" that is only interested in "what can I get someone to offer for this", or "what can I get a seller to accept for this".

As for the Zindex trends for Zip codes.... that is the median of all the estimates of the ownership housing units in the selected region, so as some go up and others go down, the median remains about the same.

If you don't like it, you will have to write your own AVM.  There are thousands of AVM's available, and at least a dozen that are "free".
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February 12 2013
Profile picture for petarmuncan
I know that, but I do not see how can they back up their Zestimate fluctuation in price when home facts are unchanged and the housing market in the area does not support  Zillow's Zestimate. They shoul look into it and correct or back up their Zestimates by facts
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February 12 2013
Zestimate isnt very accurate
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February 12 2013
 
Related Questions
How can Zestimate go down on the house by 15 % in one month.
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Latest answer by Pasadenan
February 12 2013 | 4 answers
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Why did the Zestimate drop the value of the house I have posted by 17% in January
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Latest answer by petarmuncan
February 02 2013 | 2 answers
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