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Answers (17)
[removed by Zillow moderator]
- Pasadenan
- Contributions:21466
[removed by Zillow moderator]
The only people manipulating zestimates are zillow with a flawed algorithm and very poor data integrity of 3rd party provided information.
- Pasadenan
- Contributions:21466
There was one poster about 2 years ago (I believe who managed data for a nation wide moving company) that demonstrated how easy it was to "manipulate" the estimates. Of course he didn't tell us the specifics of the methods he used, and again, I believe most of those loop holes were closed. Still, there probably are about 1% of the agents that are willing to try to manipulate the numbers anyway.
It can't be ruled out. But takes quite a bit of effort to "prove". If you can prove an agent is purposely manipulating the numbers, it should be reported to Zillow. They have banned agents from the site in the past, and they have requested agents to abide by the terms of use, or be restricted from the site.
It can't be ruled out. But takes quite a bit of effort to "prove". If you can prove an agent is purposely manipulating the numbers, it should be reported to Zillow. They have banned agents from the site in the past, and they have requested agents to abide by the terms of use, or be restricted from the site.
- Cindy Quinton, "Cindy Quinton"
- Contributions:1323
I meant my email. I just think this one is weird and has somehow been maniputated...*shrug*
- Pasadenan
- Contributions:21466
Your 'favorites" list and similar are only available to you; it is not publicly visible.
Wide changes in short periods of time is very typical of the estimating method. It will swing above and below the nominal values to try to converge on a value.
My preference is to download the estimate data, and the index trend data, and normalize the Zip Code Zindex trend using averages for both from 2006 forward. This removes the wide fluctuations that are inherent in the estimating method.
Wide changes in short periods of time is very typical of the estimating method. It will swing above and below the nominal values to try to converge on a value.
My preference is to download the estimate data, and the index trend data, and normalize the Zip Code Zindex trend using averages for both from 2006 forward. This removes the wide fluctuations that are inherent in the estimating method.
- Cindy Quinton, "Cindy Quinton"
- Contributions:1323
Certainly, mine is available from my profile. The zestimate in question is still climbing (another $18,000 since I last looked a day or two ago!)
- Pasadenan
- Contributions:21466
Although it has been quite a while, there were some agents that had figured out how to "game" the numbers in specific areas. I believe most of those loop holes were "closed", but a few of them still may exist.
The favorite techniques for those agents that liked to game the numbers were:
1) Mark homes "sold" that were not on the market, with unrealistic sales prices. (I don't think they can do that anymore as Zillow now gets that data from their data providers from the county records).
2) Claim the recently sold properties, and edit the numbers for sqft, lot size, beds, and baths "down", to increase the relative values of other properties in the area. Once edited, they unclaim the property, and few can detect they did this.
3) Temporarily change the sqft, #beds, #baths, lot size... to increase the numbers, then change it back before anyone notices. (The delay Zillow added for use of agent/owner provided numbers affecting the estimates seems to have discouraged this).
The favorite techniques for those agents that liked to game the numbers were:
1) Mark homes "sold" that were not on the market, with unrealistic sales prices. (I don't think they can do that anymore as Zillow now gets that data from their data providers from the county records).
2) Claim the recently sold properties, and edit the numbers for sqft, lot size, beds, and baths "down", to increase the relative values of other properties in the area. Once edited, they unclaim the property, and few can detect they did this.
3) Temporarily change the sqft, #beds, #baths, lot size... to increase the numbers, then change it back before anyone notices. (The delay Zillow added for use of agent/owner provided numbers affecting the estimates seems to have discouraged this).
- wetdawgs
- Contributions:26841
@Cindy: I have my E-mail blocked because of objectional E-mails. Could I send you one instead? (It may end up in your spam as I use a freebie E-mail for zillow)
- Cindy Quinton, "Cindy Quinton"
- Contributions:1323
That could be possible, although there didn't seem to be marked differences on the one that spiked the most. It does seem to happen after they have been on the market awhile. And it could just be coincidental. I could send the address on the one that seems the strangest...would love to hear what you think.
- wetdawgs
- Contributions:26841
HI quinton.cindy: I've noticed you've described the trend of homes for sale having an increase in the Zestimate here and elsewhere. When I've seen an increase of the Zestimate above the trend in my neighborhood, it tends to be associated with an editing of home facts about the time the house went on the market. Have you clicked on "more facts" on these homes that have had an increased Zestimate to see if any edits may have occurred?
- Cindy Quinton, "Cindy Quinton"
- Contributions:1323
I am becoming more and more convinced that the best way to raise your zestimate is to advertise your home for sale. I have no idea how or why that would or should factor in, but it seems to happen on a lot of homes I am keeping an eye on. Maybe there are other factors affecting the rise, and I am falsely attributing it to that, who knows.
- Amber Dubruiel, "Amber Dubruiel"
- Contributions:4
I just performed a CMA this afternoon and saw that the Zillow estimate seemed about right (sight unseen). The estimate functionality works best when the homes in a neighborhood are all similar and typical for a wide enough radius. Value estimates can be thrown off when neighborhoods of varying characteristics are situated in close of proximity such as waterfront homes near dry lot homes. The only way to get a true market value opinion is to contact a State Certified Real Estate Appraiser. If you need a referral, please let me know and I will forward you my appraisal contacts.
- Merrill Milner, "Merrill Milner"
- Contributions:6
The computer can only crunch numbers and statistics within the data set it is allowed. Zillow states that they have a wide range of error with their zestimate. As long as you realize that, you can look at things and not just scoff.
- Jay M. Jones, "realtorjay1"
- Contributions:37
You nailed it. While Zillow is useful for tons of great information, the Zestimate leaves out a lot of very important data. Real estate is a local phenomenon and each property has features that contribute and negate from it's value. The Zestimate is ker-chunking numbers of local sales and assessor data to come up with the values. The real-life market just doesn't always work that way. I've seen the value estimations come real close and, like in your instance, I've seen the Zestimates miss by a long shot. A local Realtor or appraiser are going to be able to supply you with a much more accurate report by including many other local and neighborhood factors. Good luck!
- Tug of War
- Contributions:1969
A lot of people seem to have the same concern/concerns as you if you look around the Forum or watch the questions come in each day..
- Cindy Quinton, "Cindy Quinton"
- Contributions:1323
I don't know, seems like they do as well or better than the some of the other AVM's....considering they make a valuation, with a computerized system using only publically available information. If they are within 10 to 15% of what houses actually sell for, I would say that is pretty accurate.
It wouldn't make sense for any automated valuation model to come closer without sending a human being in to look at the house.
I think they would be a lot more accurate if the public would run down enmasse to the tax accessor's office and make sure they know about all the imporvements we make to our houses.
It wouldn't make sense for any automated valuation model to come closer without sending a human being in to look at the house.
I think they would be a lot more accurate if the public would run down enmasse to the tax accessor's office and make sure they know about all the imporvements we make to our houses.
Seems like Zillow is way off in getting the Zestimate right
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