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Answers (7)
@bigeesin
"They just saw that the Zillow valuation is so much lower than where we bought it. I can't believe Zillow is now a publicly traded company..."
I can't believe that any publicly traded company can act in such a socially irresponsible way as zillow and get away with it. What other company abuses the public in this way without outrage being expressed. The sooner that zillow and other AVM sites are properly regulated to stop this cyber trespass the better for all homeowners.
"They just saw that the Zillow valuation is so much lower than where we bought it. I can't believe Zillow is now a publicly traded company..."
I can't believe that any publicly traded company can act in such a socially irresponsible way as zillow and get away with it. What other company abuses the public in this way without outrage being expressed. The sooner that zillow and other AVM sites are properly regulated to stop this cyber trespass the better for all homeowners.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
Did BofA refer to looking at the value on Zillow, in the letter they sent you?
- bginesin
- Contributions:3
Thanks for all the great replies! The problem is the banks holding the mortgages look at the Zillow valuations and use them for impromptu appraisals. My bank, Bank of America, sent us a letter saying that the value of our home dropped significantly since we purchased it... They didn't even look at the area median home trend. They just saw that the Zillow valuation is so much lower than where we bought it. I can't believe Zillow is now a publicly traded company...
- droopyd
- Contributions:403
I would suggest that Zillow's "proprietary" methodology for calculating property values is still flawed despite attempts to improve it. Perhaps more transparency would be beneficial to all parties.
It's called incompetency. Zillow has a reputation for inaccuracy and poor data management that leads to these wild fluctuations in home values. I suffer the same problem, and everyday on here you will see a bunch of posts about the exact same issue.
The more serious issue is not zillows erroneous valuations, but their refusal to provide any right of appeal to the homeowner even when its obvious that the zestimate is incorrect. One word sums up zillows behavior "ARROGANCE"
The more serious issue is not zillows erroneous valuations, but their refusal to provide any right of appeal to the homeowner even when its obvious that the zestimate is incorrect. One word sums up zillows behavior "ARROGANCE"
- Hamp Yonce, "Zilluminati"
- Contributions:3463
Dang, that's weird, but it is fairly normal in the realm of computerized guessing games. Pay no attention to Zillow's guesstimate. It is as worthless as a cab driver who can't read, or speak, English.
Interestingly, to establish my point, my Zestimate and market are the opposite of yours. My home is up 25%, but my market is down 10%. My house is not a standout by any means. The house next door to mine has been for sale for 6 moths or more at 30% less than mine, It is nicer. Go figure.
Interestingly, to establish my point, my Zestimate and market are the opposite of yours. My home is up 25%, but my market is down 10%. My house is not a standout by any means. The house next door to mine has been for sale for 6 moths or more at 30% less than mine, It is nicer. Go figure.
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
What is your zip code and address ?
My home valuation down 20% from 10 years ago. The Zip code valuation up by same percentage.
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