Profile picture for jrtpapa

Is list price one of the covariates used to obtain a zestimate?

I don't think it's wrong, i just would like to see confirmation of this from zillow. my impression is that when a house is listed, invariably at something higher than the Zestimate, the Zestimate then goes up somewhat...not to the list price, but maybe halfway there.

  • July 29 2011 - Glenside
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (4)

Profile picture for jrtpapa
Jayne: What a buyer is trying to do is assess value. The Zestimate is one more tool in the bag. I do suspect that the average Zestimate is somewhat low. What is far more reliable is that the average LIST price are too high. I suspect that the when a property lists, the Zestimate at that time is actually CLOSER to the eventual sale price than the initial list price. Which would mean that the Zestimate is better than the list price at predicting the sale price....which is the same thing as saying that it is a better tool than the list price, from the buyer's perspective.
  • August 03 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I don't even try to guess how Zillow arrives at Zestimates.  All I know is they are not a reliable source of information for determining current market value in any given place.

If you scroll through the threads and count the number complaining about Zestimates, consumer and agent alike, it will give you a sense of how out of touch they are.
  • July 30 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
I'll flag your response to see if Zillow will answer.  I've seen them write many times that list prices are not part of the alogorithm. 



  • July 29 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Brian D. Frye
I think the Zestimates are kind of like the assessed value in public records. I believe they simply take the average price per square foot in any given area and apply it to every home or unit in that development. They dont take into consideration over improvement, defective drywall, fixer upppers, short sales, foreclosures, ect..
  • July 29 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.