Profile picture for user5391131

Please take my house off your website!

Trulia is a much better site than Zillow! I have asked you several times to change the value of our home. You have it priced just a little over the price of non-waterfront homes and raised ranches in the area - none of the similar waterfront homes sell as low as you estimate ours. We paid almost $100K over your estimate within less than a year ago after it was reduces from $650,000. We bought it for $529,000 which is a fair estimate. I am getting really tired of you not referring to only ocean waterfornt homes when you do our estimate. Please kindly remove us from your site. Sincerely, [contact information removed for privacy purposes], owner
  • November 21 2012 - Noank
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Answers (11)

Don't worry about it. 

Zillow data is not used in bank appraisals.  Actually, it's pretty worthless.
  • December 17 2012
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Profile picture for Blue in d Nile
that is really weird... an earlier post I made got "garbled" after posting...

It previously said:
"then why wouldn't the last sold price be $462.9k since the estimate was  $462.9k at the time of purchase?"
  • December 17 2012
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Profile picture for Blue in d Nile
By the way, as far as "changing the estimated value" that you "requested", it has been changed 9 times since you posted on 11/21/12.

It was changed on:
11/22/12
11/25/12
11/27/12
11/29/12
11/30/12
12/6/12
12/9/12
12/11/12
12/14/12

It is done automatically nominally 3 times per week.  No "request" is going to change the frequency that they run the estimates.  No "request" is going to change the modeling in the area used for the estimates.

Even if you paid a subscription fee of $1 million per month to Zillow, it wouldn't change the frequency of the estimates, nor the methodology of the estimates.  The only way you would change that are:
1) offer better modeling solutions to Zillow's Research/statistics team.
or
2) buy out the controlling stock interests of Zillow (which aren't for sale as they are owned by only two people, and they have a 10 to 1 voting rights on their shares, which reverts to 1 to 1 if they sell any of their shares).
  • December 17 2012
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Profile picture for Blue in d Nile
The local bubble (index trends):



full sized image:
http://photos3.zillow.com/o_a/IS-lyic91iixgt9.jpg

The "real" value of a property cannot rise faster than the inflation rate times the population growth rate, with some minor adjustments for changes to the economy, traffic, and pollution in the area.  And since most of the country is not really "built out", the population growth rate often has only limited impact on the values.

After all, the "devaluation" of the dollar means that you need more paper dollars (or imaginary electronic federal reserve notes) to buy the same good or service.
  • December 17 2012
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Profile picture for Blue in d Nile
Zillow does not indicate what the purchase price was in 1989 when built, nor even an estimated value for 1996.  Scaling from already bubbled values can cause deception in interpretation.

Zillow's estimating method has wide fluctuation around the market trends, thus one needs to take a running average to see the real trends rather than the fluctuations.  If the Zestimate actually made any difference to an average buyer, then why wouldn't the last sold price be http://photos3.zillow.com/o_a/IS-lyfpw1yxsn6l.jpg62.9k instead of width=" 3px" height=" 2px"/29.3k since the estimate was http://photos3.zillow.com/o_a/IS-lyfpw1yxsn6l.jpg62.9k at the time of purchase?  The estimate has gone up since then, not down.

Waterfront is factored into the estimate by using tax assessed value and last purchase price as some of the variables for the modeling.



full sized image to read the text:
http://photos3.zillow.com/o_a/IS-lyfpw1yxsn6l.jpg

By the way, this is a "public forum" not a "private communication" with Zillow staff.  As far as I can tell, no Zillow staff has read the thread yet.  I'm flagging your original post to have Zillow remove your name from your post since that should be "private" information instead of public.
  • December 17 2012
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Profile picture for Blue in d Nile
Housing values were already bubbled in January 2003 in Groton, so it is hard to know what scaling factors to use from local area trends:

Here is the local area trend chart for the "top tier" (median of top 1/3 in value):



It can be found on the local info pages:
http://www.zillow.com/local-info/CT-Town-of-Groton-home-value/r_397380

You can download the index trend data to get the index data back to April 1996.
  • December 17 2012
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Profile picture for Blue in d Nile
As Zillow has less than 10% market share of AVM's, I'm baffled how you could think they lowered anyone's market value.  If you want to sue someone over loss of value, you might consider suing NAR, as they are 100% responsible for the artificial housing "bubble" that has caused millions of foreclosures and tens of millions of bankruptcies.  (Not the lending institutions nor the government, nor media companies, nor naive buyers).

Zillow is one of the few that publish tolerance statistics on how well their AVM's track the housing market for each county in the U.S. each fiscal quarter.  The others you mention do not.  If they are not even willing to publish their tolerance range statistics, how useful could their numbers possibly be?

No AVM nor CMA nor BPO nor Appraisal is going to give you "present market value".  That is only determined when you actually sell your home, and is determined by a willing and able buyer and willing seller together.

All buyers already know that, and if they don't, they won't be successful at getting any of their offers accepted.
  • December 17 2012
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Profile picture for user5391131
Zillow is such a horrible real estate company and website! Trulia is heads and shoulders above in accuracy, quality and communication. 
I am furious with Zillow as they continue to value my home compared to non waterfront properties and less than I paid a year ago.
I am fine with Zillow posting any public sale records but I have told them twice now I DO NOT want Zillow estimating my home's value. They don't do a diligent job and probably have a computer estimating. They surely do not consider or understand waterfront property values vs non waterfront in comparibles like Trulia and every professional realtor does.
I am going to pursue a lawsuit against Zillow and may gather a class action with others who don't care to have their amature estimating system putting values and opinions on their website of their homes. Again, place the sale values and that is fine but if they continue to post inaccurate estimates values and as a result lower the value, we will pursue compensation.
REMOVE YOUR ESTIMATES AND OPINIONS ABOUT MY HOUSE IMMEDIATELY FROM ZILLOW.com
I may also start a social media campaign with my opinions and estimated value of Zillow which will be very, very negative if they persist doing that to me.
  • December 16 2012
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Profile picture for wetdawgs
You are welcome to claim your home and add your own estimate of value.

Here's a link to the help center with instructions as well as more info about Zestimates.
  • November 23 2012
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Profile picture for user5391131
I don't trust Zillow to post an accurate estimate for my property like other Zillow competitors do. Please do not estimate it because I don't want you lowering my value and causing me harm. Zillow seems to not consider similar properties sold that are only ocean waterfront - like mine and that is not professional in this industry. (There could be a $300-$400,000 difference being directly on the sound) I don't have a problem with Zillow listing facts like past sold etc...Taxes...But don't want you lowering my property value by not doing a good job estimating. 
  • November 22 2012
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Profile picture for wetdawgs
Here's a link to Zillow's FAQ on the subject.
  • November 22 2012
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