Profile picture for tthom999

Ridiculous and Unfair Price Changes

My house at 11026 NE 15th 98004 has been consistently DEVALUED  by Zillow, although it is a superior quality, custom bult home, as compared to all other million dollar homes in the area, which have had their values increased by $40K to almost $100k. We also have no walkability score, although the other immediate homes have a 77 or higher score, which provides enhanced value. Is this because we have tried to sell our house BY OWNER? I feel there is absolutely no reason for the dispargement of hourse, knowing how much more we have put into building this house, and the premium custom finishes we added. I am really disgusted. Terry Thomson
  • September 10 2012 - Hidden Valley
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Answers (17)

Zillow isn't the deciding factor in the value of your home.
First, Have you filed for a tax grievance?
Have other homes within a 6 block radius been on the market for longer then 6 months?
Have for sale homes in the same radius had price reductions?
Even worse, Have then been no arms length sales in 6 months or longer?
CMV is based on Other recent sales, check CMA's.  
  • September 10 2012
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Profile picture for Cindy Quinton
People who CAN afford to purchase $1,000,000 PLUS homes, do not rely solely on a free AVM to decide what to pay for the house. They get a savvy agent,  study recent sales, and get an appraisal,
  • September 10 2012
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Profile picture for blue screen exile
Well, trying "street smart" on walkscore.com, it only got a score of 58 out of 100.

Grocery, 13 out of 20 (only Ashwood Urban Market, at 0.6 mi).
Restaurant/Bars --> 9.1 out of 20
Shopping --> 10.3 out of 15
Coffee --> 6.6 out of 15
Schools --> 3.5 out of 6
Parks --> 6 out of 6
Books --> 4.8 out of 6
Entertainment --> 1.3 out of 6 (Alliance Tickets?  0.9 mi)
Banking --> 5.3 out of 6 (Foreclosure solutions?  0.4 mi)
Pedestrian Friendliness --> -2.4 (blocks too long?)

Anyway, I never have thought walkscore weighted the amenities the way I would for "walkability".   Many necessary categories are left out, some are included that should be left out, and the weighting is not what I would use at all.  Not to mention, "stores" need to be broken down into a number of other categories.  Even schools need to be broken out more, as primary age students shouldn't be walking as far as high school students, and the scoring system doesn't make any distinction between them, nor even make sure the schools in the area are of the appropriate grade level and available to typical students.
  • September 10 2012
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Profile picture for blue screen exile
Looking for the neighboring multimillion dollar homes that have higher estimates:



I just don't see it...

$1.64 Million as compared to $1.6 million?  A negligible difference.  And the 2011 sold price determined that.

The neighbor at $1.37 Million?  The 2010 "sold" price determined that.
  • September 10 2012
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Profile picture for blue screen exile
Interesting, now Walkscore.com is indicating it has a walkscore of 77, just like Wetdawgs posted...

http://www.walkscore.com/score/11026-ne-15th-st-bellevue-wa-98004

I don't know why walkscore changed the zip-code on me when I looked it up before.

I see the same image on Zillow as wetdawg's posted:

  • September 10 2012
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Profile picture for blue screen exile
Correction:

But for the neighbor to the west, the walkscore is indicated as 77

the neighbor to the east, the walkscore is indicated as 83.

And the neighbor across the street the walkscore is indicated as 83.

So, it is somewhere in between those numbers.  And it has absolutely nothing to do with the estimates, so it is completely irrelevant.

(too long to edit).
  • September 10 2012
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Profile picture for blue screen exile
If you want to complain about no walk score, you need to complain to walkscore.com, not Zillow.  Zillow has absolutely NOTHING to do with walkscore, it is just reference material from another website.

this is what walkscore states:
http://www.walkscore.com/score/11026-county-road-15-blair-ne-68008

Likely because it was built newer and it doesn't have that address geo-coded.

But for the neighbor to the west, the walkscore is indicated as 77.

And the neighbor to the south east, the walkscore is indicated as 83.

So, it is somewhere in between those numbers.  And it has absolutely nothing to do with the estimates, so it is completely irrelevant.

And you really think that the 5 people that do 300 MILLION estimates each week have time to do any "discrimination"????  There is no discrimination, the models do the same functions regardless.  The goal is to get the best estimates that the data and math allows them to get!  What possible purpose would it serve them to intentional retaliate against people they don't know at all?   Where would they even get any data on which to chose to discriminate on in the first place?

FSBO has absolutely no impact on the estimates.  Zillow is not a Realtor nor Real Estate agent nor Real Estate Agency.  They are specifically a "media" company.  You are getting them confused with realtor.com.

But as already mentioned, there are plenty of other free AVM sources, so if you don't like it, use several of the others instead.
  • September 10 2012
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Profile picture for wetdawgs
'no information on walkability"  Yet, this is what I see when I pull up your address:

  • September 10 2012
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Profile picture for tthom999

Dear Pasadenan:

Contrary to your uotpian viewpoint, it is materially incorrect to say property values treated the same in same area. The facts speak for themelves. The discrimination (for whatever reason) is self-evident from my situation, and just from reading all of the unhappy owners whose homes are identical and next door, and estimated dramatically differently. Here, there is NO information on walkability for my home (whereas all other homes in the area have such a score), there is WRONG information on construction quality, and there is objectively DIFFERENT treatment of a for sale by owner home compared to other million dollar homes in the same area.

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Profile picture for blue screen exile
Nobody from Zillow posted on this thread.  Zillow only has about 450 employees, and the majority of those are telemarketers selling subscription services to Realtors or advertisement space to advertisers.

There are only about 20 "customer service" people at Zillow to answer all the questions from about 37 MILLION unique IP address site users.

Zillow doesn't offer appraisals nor does it rate any properties.  The ratings come from the county records.  The walkscore comes from the walkscore.com website.  Walkscore is not one of the variables use in the estimating method.

For more specifics on what a Zestimate cannot do, and what it doesn't represent, see the FAQ "what is a Zestimate".

If you chose to overbuild for an area, that is not anyone else's problem nor issue.

All properties are treated the same by the website.  None are singled out nor given any individual attention.  Nor does the actions of any user affect the estimates, except when they modify the size or bedroom or bathroom count, and that info is phased in over a 2 month period, so you still won't see any immediate changes.

Listing prices are not used at all in the estimating method, except areas like Texas where "sold" prices are not public information.
  • September 10 2012
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Zillow's values have always been considered by professionals in the realty business to be nothing more than a cursory valuation.  To expect anything else for a free service is asking for too much.  Besides, what difference does it make to anyone what Zillow values your property value at?

If you're interested in your homes value, contact an appraiser and pay 400 bones for a professional appraisal, or contact a realty broker for a market analysis...typically done for free.

Good luck!
  • September 10 2012
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Profile picture for blue screen exile
If you don't like Zillow's free AVM, you can always try some of the others.  Here is a short list of some of them:

Realestate.com/homepricecheck

finestexpert.com

homes.com

Homesand.net

Eppraisal

realquest.com express

cyberhomes.com

trulia

chase

homegain

Zillow.com
  • September 10 2012
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Dear Zillow editor, 

Excuse me, but:

1. Your reply does not explain why my house has been consistently devalued by Zillow since 12/2011, when every other million dollar plus house has been consistently upgraded.

2. The Zillow site says walkability is "not available" for my house, although every other house in the neighborhood has a score of 77.
 
3.  In addition, the Zillow building features list a construction value of 9, when this house is a superior quality custom built home with at least a grade 11 house (even per King County records), and closer to a grade 12 than an 11.

Something is cleary wrong with Zillow's treatment of this house. Terry

  • September 10 2012
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Profile picture for Ray Akers
Don't let any of the software-generated values cause you distress.  When real estate values were soaring, pre-recession, the 'Zestimates' appeared  mostly accurate.  People were awed and Realtors feared they'd be put out of business by a software program.  Now, however, we see that the 'Zestimate' is more of a gimmick.  When it comes time to sell your home, your Realtor will help you determine the real market value.  You will no doubt receive a handsome price, appropriate to a high-quality home.  (BTW, my 'Zestimate' is also off by a mile,)
  • September 10 2012
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Profile picture for wetdawgs
It appears that you need an in person appraisal that can take into account the premium custom finishes that are not reflected in public data.  It does appear your Zestimate is considerably higher than the 2011 tax assessment, which is unusual in King County.  Once you have your appraisal value or even a CMA, don't hesitate to enter it in the "owner estimate" section on the home details page.

A walk score of 77 shows for your home.

You have a very high valued home in a very mixed price neighborhood.   This tends to have a dramatic impact on perceived value by buyers.

Zestimates do not take into account asking prices be it by agents or owners.

  • September 10 2012
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I am always confused by the estimates and why anyone has them on their sites and what value they are because they are always incorrect and cause people heartburn. No one really believes them so I am not sure why they have them here or on other real estate sites.
  • September 10 2012
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The actual value of your home will be estimated by a Realtor when they pull up the actual comps in your area that have listed and sold within the past few months that are similar to yours in age, living square foot, etc. Zillow's estimates aren't always accurate.
  • September 10 2012
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