Profile picture for 5states

My zestimate not in line with ALL comprable homes in my neighborhood. What criteria is causing this?

In the latest update on 2/20/08, zestimates for this home dropped $72k while comprable units dropped $20k - what is the cause for this and what makes this home different than the rest of the neighborhood?

 

Home in question: 1133 Wayne Way in 94403

 

Comprable homes:

1005 Wayne Way in 94403 (Exact same home, purchased around the same time with minor price difference)

1141 Wayne

1109,1117,1125,1141 - All of these homes are $60k higher, while all the Home Info is exactly the same.

 

Given that all the Home Info data is the same, what additional criteria is being used to determine the estimate of the home in question: 1133 Wayne - to be lower than the entire neighborhood of comprable homes.

  • February 25 2008 - US
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Answers (14)

Profile picture for 5states

bump.  Seems like a lot of the other issues here have been replied to, except this one.

  • February 25 2008
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Profile picture for daveindenver

Zillow has no credibility to me any longer.  My home is $80,000 less than the exact same home across the street and I have a larger yard. 

  • February 26 2008
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Profile picture for labs1212
I'm surprised to find that your Zillow headquarters is located in the Seattle market, yet you are so far off on your zestimates in the Portland, OR market. You have lowered the home values by up to 10% in the past 30 days when, in fact, the Portland area appreciation (NOT DEPRECIATION) is still up, as shown below by the RMLS Feb 2008. My home, for example, is located in the Lake Oswego/West Linn area and has a 7.5% appreciation for the current month, yet, Zillow has depreciated my home nearly 10%. This has to concern not only me, but others regarding the validity and reliability of your Zestimates.


Below are the January 2008 results for average and median sale prices, appreciation, and time on market (or DOM*), sorted by average sale price.

Area YTD Avg. Sale Price YTD Median Sale Price 12-Mo. Apprec. DOM
Lake Oswego / West Linn $588,800 $449,000 7.5% 77
West Portland $503,100 $399,000 4.6% 89
NW Washington County $418,300 $384,600 6.3% 78
Tigard / Tual./ Sher./ Wil. $377,700 $350,000 4.8% 81
Milwaukie / Clackamas $369,000 $320,000 -6.4% 93
Northeast Portland $329,900 $265,000 7.3% 81
Oregon City / Canby $319,300 $295,000 1.1% 103
Hillsboro / Forest Grove $280,600 $259,900 4.2% 93
Southeast Portland $279,600 $245,900 6.7% 69
Beaverton / Aloha $275,100 $245,300 3.2% 67
North Portland $268,100 $250,200 8.3% 76
Yamhill County $263,500 $220,000 5.5% 107
Columbia County $255,800 $218,000 10.9% 115
Gresham / Troutdale $249,600 $238,000 4.4% 80
Source: RMLS, February 2008.

Zillow is definately loosing credibility. The unfortunate thing is that there are sill those out there that think Zillow is right on and thus responsible for thwarting the sale of homes based on their inaccurate data!
  • February 26 2008
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Profile picture for 5states

Thanks all for your replies and I feel your pain, but let's not get distracted from the main topic of this thread: 1133 Wayne

 

Drew (or any other zillow-ite) - any word on the causes behind this huge discrepancy?  The only differences that I see are page views (because I am a frequent Zillow user) and the fact that I have added my own Owner Facts (but have not published them publicly)

 

DaveInDenver: Have you contacted anyone at zillow to see why the prices are so different?

 

labs1212: great point - it deserves it's own thread here in discussions ;-)

 

5

  • February 26 2008
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Profile picture for daveindenver

Yes I posted here with my address and the discrepancy remains the same.  My home is valued on zillow at $301,000.  Somehow it is the lowest in the entire neighborhood.  My neighbor's house just to the south of me is appraised at $318,000 and is substantially less sq ft.  eppraisal.com has it from $408,000+   I had it appraised at $440,000 for a re-fi.  Realistically it is $369,000-408,000.   The identical house across the street is valued at $380,000 on zillow.  If the entire heighborhood's value was depressed I could understand but for one house to be singled out I don't get that. 

 

Unfortunately I am planning on selling my home early 2009.  Now I'll have to explain to potential buyers why my house is on the market for $369,000 but zillow has it listed as $301,000.  Oh btw the address is 2802 S Uinta St. Denver CO 80231.  Check out the discrepancy for yourself.

  • February 26 2008
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Profile picture for 5states

Interesting developments since my last post:

 

The Zestimate has been updated as of yesterday, 2/25 to an even lower price of $1.022M, whereas all the other homes I had initially mentioned are still the same.

 

While it appears that an attempt has been made to make this Zestimate more accurate, it actually made the valuation less accurate.

 

Anyone here who can address how/why this has occurred?

 

Drew?

 

5

 

  • February 26 2008
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Profile picture for 5states

Just to add to my last post, the 2/25 update was for several homes in the area, not just my home.

 

And the discrepancy in value still exists up to around $80k differnece in value.

 

5

  • February 26 2008
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Profile picture for lauriemarchio50

Would You please just remove the information you have on my home from your web site  6567 woodworth ct indianapolis in. 46237 . Your zest is so far off . You should be embarrased.  The home two doors down on the market for over two years now  is listed for  $718,000 and thats what you have it valued for ?  My home is 400 sq. ft  less- but I own two lots. The home behind me is I000. sq ft smaller and you have it valued $12,000 more , and I could go on and on . You have lost any credibility you may  have had and I would like you to remove your ZESTIMATE on my home . You are obviously not in a position to make a competent appraisal or zestimate as you like to call them  and I think you do more harm than good.

  • February 26 2008
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Profile picture for crema56

I find it interesting that Zillow does not respond to all reasonable posts with a moderator. This is the Zestimate "Discussion Area". A lot of people are getting tired of the "pat" responses - or no response at all. I.E., "We're waiting for our data suppliers to update our records" "Zillow does not use comps like a Realtor", in fact there is no way to contact Zillow except through the forums and discussion pages. This used to be a practrical and useful site - it could actually being doing some harm to homeowners. Real estate portals like Zillow - need to respond to their customer base and do their very best to accomodate reasonable request - they should also be open to constructive criticism. Best comments I've seen are asking for "remove my house from Zillow" to "make it easier to unsubscribe" to having "price range of value" and consider removing "Zestimate" which can be damaging to homeowners - whether too high or too low. I've been watching Zillow for years - what used to be a resource is is turning into a dysfunctional mess. If it were my business - I'd get it fixed... since it is not - it seems I may just quit tuning in....

  • February 27 2008
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Profile picture for 5states

Just wanted to bump this thread.

 

Here is a recap of my issue: The home in quesiton is in a new home development where the homes are virtually exactly the same.  4Bd, 2.5Ba, 2050 sq. ft. living, 4410 lot size, etc.

 

The home in question is the ONLY home with a lower Zestimate than its exact counterparts - $60-$80k lower.

 

In one of my comparable properties, the homes were purchased around the same time, for around the same price (the comparable was purchased for a little less), but yet this property's Zestimate is much higher than the home in question.

 

With all visible factors equal (house info, sales data, tax assessed value), what then is the logical, fomulaic reason of this large price discrepancy?

 

5

  • February 27 2008
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Profile picture for 5states

Mispelled "question" in second paragraph.

  • February 28 2008
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Profile picture for marie1042665

Same thing has happened to me.  My Zillow estimate has mysteriously fallen below smaller, older homes in my immediate neighborhood, whereas it used to always be listed appropriately higher than these same homes.  NOTHING has changed in our neighborhood.  No sales, no developments, nothing.  The only thing I can think of is that I edited my home facts to show the home as a 6-room home instead of 5.  (It has an open floor plan and they were counting the living room and dining room as a single room, simply because there is no wall between them.  They are clearly different rooms.)  Maybe Zillow, in its infinite lack of wisdom, decided that 5 rooms are more valuable than 6.

 

Or, perhaps when someone edits their home facts, it decides that your property is worth less.  Who knows.  Hopefully, most people know that Zillow is a joke, and realtors certainly know the real values.

  • February 28 2008
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Profile picture for 5states

marie:

 

Thanks for that input.  I think that may be one of the logical causes to a price difference.  What makes my case even more absolute, is that the homes in comparison are EXACTLY the same, cookie-cutter if you will - with one even having a similar last sales date/price (in case that played a major factor).

 

It also seems interesting that someone's personal edits can affect the "official" Zestimate that is displayed in Zillow.  You would think that would leave the site open to misinformation for the reasons of inflating pricing.  It seems to me that owner's updates would ONLY update the "private estimate", which can be decidedly shared or hidden from the public.

 

Again, the only differentiating factors from my point of view is:

 

1. I edited home facts as owner

2. The number of "views" on the home is more because I tend to check it often.

 

Based on your last comment, I am curious to see how editing home facts will play a role in calculating the Zestimate.  Have you changed your home facts to 5 and see what happened?

 

5

  • February 28 2008
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Profile picture for 5states

Also, does anyone know what home facts are standard in zillow?  For example, if I wanted to "Reset to Default" the home facts that I have put in, what fields should I leave (Bd,Ba,SqFt., etc) and what fields should I remove (room #s, add'l amenities)

 

I will try editing "back" these home facts on this property to see if the Zestimate reverts back to its true comprable value.  This then opens the question to what the history of this Zestimate will look like should this work...

 

5

  • February 28 2008
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