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How to remove the Zestimated value for my house?

  • April 25 2012 - Champaign
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Answers (9)

Best Answer

While it is unfortunate that buyers place so much value on what the Zestimates say, I can tell you that in the end they do not carry any weight as far as sales prices go. Any buyer who is working with a realtor will soon figure out that Zestimates are baseless and a waste of time to even give consideration. There have been numerous posts about this on Zillow and when enough people read about it, I am hoping the public will finally see Zestimates for what they really are....worthless. Common sense has to prevail at some point :)
  • April 25 2012
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My house is on market now with realtor's suggested price which is 24% higher than the zestimated value. There is such a big gap.  Several houses around our house don't show zestimated value.  They used to have a value before.  I wonder if they were removed temporarily due to calculation error. It's kind of weird. Hopefully Zillow would update my house's value to at least the county assessed market value (not the value used to calculate property tax) which is 10% higher than zestimated value. 

  • June 18 2012
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Homes.com gives more accurate home value info to public.
My house value is 13% higher at Homes.com.
Other than their info to public, their combined info allowes owner/realtor to suggest the home value.
  • April 30 2012
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Hi Neil, I thought it takes only a couple weeks to get the zestimated value updated after the house features are entered.  8 weeks (2 months) are way too long as the house is going to market next month. Could you please help to update my house's zestimated value per house features sooner.
The average price for house sold in the subdivision is over 12% than last year.  And I did see a house's zestimated value blank and only the for sale price. Thank you.

  • April 25 2012
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Why can't the OP have the Zestimate removed from his home? Who gave zillow the divine right to impose its inaccurate zestimate on the property and then refuse all requests to correct or delete the zestimate? The fact that Zillow admits its zestimates are meaningless makes it even more difficult to understand why they take such an intransigent approach in this regard. The other day we had the Zillow Economist give a long winded response on this subject which when analysed could be summed up with the word "NO", but zero explanation as to why NO was a valid reason for saying NO.
  • April 25 2012
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Profile picture for Dunes ..
"Zestimate is one of the unique features of the website so we can't remove"
 
Not quit the whole story..they can but do not allow people to opt-out for a variety of reasons according to them...here a couple reasons they've Provided recently

Stan Humphries Chief Economist of Zillow

"About opting out of Zestimates".
"Short version:"

"Half of Zestimates are above the sale price, half are below. Research suggests people over-estimate their home value. Put these two facts together and I would suspect most Zestimates would go away as individual homeowners suppress estimates that are below their percieved home value. They would do so even though they find it useful to look at Zestimates on other homes for myriad legitimate reasons. Classic tragedy of the commons problem: individual rational decisions create a collective outcome that is worse."

"About opting out of Zestimates."
"Long version [Part 1]: "

"Half of Zestimates are below the closed sale price and half are above the price. If people were perfect predictors of their home's true value, I would expect half of all homeowners would suppress their Zestimates because it was not advantageous for them to let others see this estimate. Unfortunately, most studies reveal that people are not perfect predictors of home value and they instead tend to over-estimate it. This fact would presumably lead to more than half of Zestimates being suppressed (because more owners would think the Zestimate was lower than their home value even when it, in fact, was not). "
LINK

CEO of Zillow Spencer Rascoff on allowing people to opt out

"Regarding why we don't let owners opt their home out of Zestimates: we believe that providing home valuations, as imperfect as they might sometimes be, is in the public interest.
Access to this type of information benefits the overall market, and frankly if real estate data including Zestimates had been more readily available in the 2003-2006 bubble era (which was pre-Zillow), perhaps we wouldn't be paying the price today in our overall economy. Information empowers people to make smarter decisions."....(LINK)
  • April 25 2012
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  • Neil RZillow
  • 5823 contributions
Hi user0541608 -

An option is to update the home facts. Just a heads up, we can't guarantee what direction the change will take, if it will increase or decrease, or if it will change at all. By the way, special/unique features, materials used and the like are not included in the Zestimate. That is why it is taken only as a starting point. Changes in the Zestimate, if applicable, will reflect after 8 weeks or so.

You can also place the appraisal value of your home in the home description or the Owner comment.

Thank you.

Neil
Zillow Customer Support
  • April 25 2012
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The zestimated value for my house is too low.  The potential buyers are not confident about my "make me move" price, which is 20% higher, but it is based on the average price/sqft for the neighbourhood/subdivision.
Is it possible to make the zestimated value more close to the county assessed market value (not the value for property tax)?
  • April 25 2012
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  • Neil RZillow
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Hi user0541608 -

Zestimate is one of the unique features of the website so we can't remove it. It is an estimated value which can be used as a starting point in determining a home's price but not an appraisal.

You can go to this link to know more about Zestimates.

Thank you.

Neil
Zillow Customer Support
  • April 25 2012
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