Profile picture for dianehelen

How could my zestimate have gone down over 50 thousand dollars w/new algorithm? Can NOT be correct!

I have tracked his home since 2008 when I purchased it. I understand that the housing market has been rough, and values are decreasing. But to see a stable home in a beach community drop 50 thousand dollars overnight just seems totally incorrect. I would like some explanation and justification for this troubling number
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June 20 2011 - Saint Pete Beach
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Answers (8)

My house has been all over the place! up 10% then down 15% then up 3%. doesn't make sense. Well, it's a Zestimate... the only good thing about it is using when going for a price reduction. :)
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September 15 2011
Profile picture for jimmy57
Regarding the new-inflated Zestimate for our (rented) house: they almost seem to have factored in the owner's ridiculous wishing price from a year or two ago -- and it was on Zillow.
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June 22 2011
Profile picture for jimmy57
One might think that when houses are on the MLS with asking prices 100K+ below the Zestimates, something might be learned from that.

I can see where a new formula might change a Zestimate abruptly (of course, in reality the market value didn't change overnight).  But shouldn't an "improved" calculation bring the figure closer to reality, rather then sprinting away from it?

In this house, the previous Zestimate guessed its to be worth at about it's 2001 value.  Now it shows a  current value equivalent to that of late 2005!  Seems like that kind of result could have been automatically red-flagged.
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June 22 2011
Profile picture for Pasadenan
It is not just random; over 97 million homes had the estimates completely recalculated.

This is an "interim" release; they know they have issues in areas where there are very few sales.  They are working on addressing those issues.  Any anomalies that you can send their staff will assist in correcting for these issues.  Remember, less than 10 people have no way to manually check 97 million properties.  Nor even the 1.2 million "learning models" that apply to different regions of the 3135 counties they provide machine generated opinions of approximate value for.

They have indicated that once they have resolved these issues, they will be recalculating all the estimates from 1996 forward.
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June 22 2011
Profile picture for jimmy57
The zestimate for the house I am renting went from about $300K to $450K overnight, and similar silliness throughout the neighborhood.  $300K was a best-case-finding-a-chump price in our market.

So it's gone from fairly accurate to absurd. Is there increased weight being given to "owner"/realtor representations of improvements?
I don't know, but right now I'm feeling that Zillow has jumped the shark as far as being a buyers' tool.  Perhaps the new business model is to join forces with the REAs to generate income.
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June 22 2011
Profile picture for Dunes....
Here is what happened..Zillow changed it's algorithm for calculating Zestimates (I'm not saying it's good or bad just saying they did it)


Zillow Announces Zestimate Improvements
(You should IMO share your Opinion here also as others have to increase the odds Zillow sees your Opinion/Feedback)

AND

"Historical Zestimate"

"With the data delivery yesterday, we have re-computed historical Zestimates back to January 2006. There are a few algorithmic developments that we are still working on and, once these are done, we intend to re-compute all Zestimates back to 1996."
Upgrading the Zestimate

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June 20 2011
Profile picture for dianehelen
So it appears as if they have just randomly chosen homes to apply this new junk science to?
Damn!
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June 20 2011
Profile picture for ben.n
My house "zestimate" dropped 25k, while my neighbors are the same. Their algorithmn seems like a joke.
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June 20 2011
 
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