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This thread is currently closed for responses.Replies (10)
- sunnyview
- Contributions:25139
Outside of the Zestimate issue, how do you know that your assessor's number is accurate? You know that the higher your house is on the assessor rolls, the more taxes they collect. This unfortunately sets up a very concrete reason for assessors not to adjust values in markets where values are declining. The home market is bad in many areas without Zillow Zestimates. Some communities do not even have them available like in Houston for example.
Suing Zillow will not change the bad market. When the market was up, people complained that their Zestimates were too low, but they sold their houses for way too much anyway. Now that the market is down, people complain that the Zestimates are too low. Zillow is not an independent appraisal and should not be used that way. The recently closed sales are valuable for owners as is the Zindex for neighborhoods. That is what buyers, seller and owners should be using because the Zestimate is nothing more than chit chat.
Suing Zillow will not change the bad market. When the market was up, people complained that their Zestimates were too low, but they sold their houses for way too much anyway. Now that the market is down, people complain that the Zestimates are too low. Zillow is not an independent appraisal and should not be used that way. The recently closed sales are valuable for owners as is the Zindex for neighborhoods. That is what buyers, seller and owners should be using because the Zestimate is nothing more than chit chat.
- dozer95662
- Contributions:70
I haven't personally been injured by zillow in a specific way that I can demonstrate so I can't really join your suit. But I can testify that people selling houses for far above zestimate when I was shopping were indeed harmed. There is no doubt about it that the house listed at $450K with a zestimate of $550K is a more attractive proposition than the other way round. Which are you going to insist your agent show you as you search for a bargain?
I wish you luck in your suit. Zillow is so arrogant and has left such a wake of wreckage without any conscience about it... I believe that when somebody does put the lawsuit together a jury will throw the book at them. I bet a capable lawyer will coerce a big settlement out of them and hopefully shut them down.
There are plenty of careless cocky sarcastic smug responses from Zillow in these threads to get any jury off to the right start as far as Zillow's attitude.
- SlickPoetry
- Contributions:294
first off, what exactly is a lawsuite?
Secondly, its posted everywhere that zestimates are not an official arbiter of a house's value. If people don't understand that concept, they're too stupid to be buying real estate.
- dozer95662
- Contributions:70
The market is not limited to sophisticated buyers. The money of the unsophisticated buyer is as green as the money of the sophisticated buyer. Your answer is typical of zillow's pat answer (just ruder) and the attitude will prove a problem for them. I look forward to the day I read about it in the paper.
- Beth, "Bdv7"
- Contributions:86
I live in WA state and watched a story that was recently aired on my local King5 new channel, concerning (yet another) very unhappy home owner who(like most) on this site was totally frustrated with Zillow. I just found the article for those interested! www.king5.com/localnews/getjesse/stories/NW_091708GJB_zillow_SW.86dfbc0d.html
- SoCal_Engr
- Contributions:5666
There is an inherent flaw in the arguments of all who are complaining that Zillow is "hurting my house's value". The argument assumes that there is some discrete number that is uniquely defines the house's value...and there isn't. Before Zillow (and other online sites, many of which have lower estimates than Zillow), house values were estimated by CMA's...because only realtors had ready access to comps and sales history. And reality is, a CMA is simply a "best guess" based on long/short-term trends and familiarity with the local housing market.
A house valued at $250K in one location, may well be valued at $150K in another, and $750K in yet another. Did the house's value really change, or did it's perceived value (read, supply -v- demand) change because it is in a worse/better location? If a person buys a house for $250K, and another buys a similar house, in the same neighborhood, in the same timeframe, for $350K, what is the "real value" for that house? There is no argument that one got "a better deal", but they may have both overpaid, or they may have both underpaid, the "true value".
The only "true value" I can think of is "what would it cost to replace this house, on this site?". Most everything else is based on, or affected by, emotion.
- Beth, "Bdv7"
- Contributions:86
Frustrated homeowner and Zillow issues airs on local tv....also on video. Click on link to watch....
www.king5.com/localnews/getjesse/stories/NW_091708GJB_zillow_SW.86dfbc0d.html
- dozer95662
- Contributions:70
Remember the audio recordings of the Enron guys, chuckling in the background about grandmas going broke on their energy scams?
The attitude of Zillow toward the havoc caused by their zestimates is similar, and it will play similarly one day... I bet. They are so cavalier about the wreckage, somebody will cash in one day (with punitive damages too probably when it is shown how they ignored many many simple straight questions about erratic looking data decisions on zillow's part.)
- low rents of arabia
- Contributions:100
If you look back through the zillow message boards, since day one there have been people threatening lawsuits because they didn't agree with the zestimates. But none of these has ever been filed.
I have the feeling that the charge is not going to be led by someone who cannot even spell "lawsuit" correctly.
Closing thread - Zillow Discussions is not the place to discuss legal matters.
Lawsuite - Anybody would like to join
Hello All,
I was checking my home value using zestimate and it showed 35K less than my tax value.
In order to compare my home value I checked the similat floor plans are listed 70K above my house zestimate.
This proves that the Zestimate is way inaccurate.
This affects the home market in a very bad way.
Those who want to sell their house and the zestimate shows lower value, the following things would happen
1. Buyers may not even consider your home since your asking price is way above the zestimate
2. Buyers will negotiate your home for much lesser value comparing zestimate
3. realestate agent may ask you to reduce your home price
The same applicable if you want to buy a house and is valued way above
1. Seller might be asking may high
2. realestate agents amy push for higher price
3. You have limited or no negotiating edge and end up payig more than what its actually worth.
I tried to contact zillow and no numbers listed.
Thinking of hiring an attorney and file a lawsuite against incorrect zestimate
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