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I understand there is no way to adjust the estimate that Zillow provides (certainly not through the "edit your home facts" section which is a joke as it does not allow to edit many of the facts that really count). How do I get Zillow to cede from providing an estimate and just providing the listing price instead? I listed my house for sale a month ago. Since then Zillow has been "dropping" its price, much more so than the prices of the neighborhood homes which it has in part even been going up. This makes no sense. Yet those random moves do, I feel, really impact the sales price that can eventually be achieved, as people do use zestimates as guiding points in their negotiations. I feel that Zillow does a lot of damage, and others must be in the same situation too. Note that I am not asking for Zillow to change their estimate. But their must be an "opt-out" policy. Or will this require class action lawsuits first?
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Generally speaking this is not going to have much effect on a buyers decision to see a home, with today's market, 98% of the homes on Zillow have a lower "zesitmate" than the sales price. Any agent will explain to a buyer this is a generalized system and has no leg to stand on with a negotiating point. The only number that matters in the process is going to be the appraised value of the home.
Unfortunately the algorithms they have in place for value do skew the numbers in some situations, but there is no other calculation that computer software can use to determine a "value" as an appraiser can.
Your value is your value regardless of what Zillow says...dont worry about it. There are a dozen other sites out there which do the same - and more are on the way...are you going to worry about those too?No, you can not OPT OUT of Zillow, read here. Buyers use ANYTHING in their negotiations, including ZIllow, but you would do the same if you wanted a low price on a new home you are buying. Zillow is just the more popular site.These issues only come into play since the economy is poor. If the economy wasnt, people would be giving you multiple offers on your home with or without Zillow.....did you know Zillow was around in the good times, and no one much cared when they were buying houses ? They disregarded what Zillow said (which showed pretty accurate values) and placed that crazy high offer on houses back in 2005. Its only NOW people care since marketing times and values are more realistic.And good luck suing Zillow.....as with appraisers, its only their 'opinion' of value, based on facts (and Zillow's algorithim).
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