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Answers (5)
- Pasadenan
- Contributions:21466
The "damage" to the community was the misrepresentation by NAR and the creation of a housing bubble as a result of NAR marketing and NAR lobbying.
Computer generated opinions have no impact of any kind on the market, and are only one means of tracking the market, not influencing the market. Besides, there are hundreds of different sources for such "opinions", and Zillow doesn't even have the major market share among them. So even if you really believed AVM's that claim a tolerance range of a Standard Deviation over 15% had any influence on the market, you should be looking at companies like First American Core Logic that has a substantially larger market share of those looking at and using those numbers instead.
Besides, it is illegal to use Zillow's computer generated opinions of approximate value for any financial purpose of any kind, and those that do are likely to get sued.
Here is just a short list of where you can get alternate free machine generated opinions of approximate value:
homes.com
Homesand.net
Eppraisal
realquest.com express
cyberhomes.com
trulia
chase
homegain
Computer generated opinions have no impact of any kind on the market, and are only one means of tracking the market, not influencing the market. Besides, there are hundreds of different sources for such "opinions", and Zillow doesn't even have the major market share among them. So even if you really believed AVM's that claim a tolerance range of a Standard Deviation over 15% had any influence on the market, you should be looking at companies like First American Core Logic that has a substantially larger market share of those looking at and using those numbers instead.
Besides, it is illegal to use Zillow's computer generated opinions of approximate value for any financial purpose of any kind, and those that do are likely to get sued.
Here is just a short list of where you can get alternate free machine generated opinions of approximate value:
homes.com
Homesand.net
Eppraisal
realquest.com express
cyberhomes.com
trulia
chase
homegain
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2239
Texas is a non-disclosure state meaning the sales price does not become public information. That makes websites such as Zillow use some sort of valuation process to come up with their zestimate. While often times the zestimate is inaccurate, it is only an estimate. Realtors and appraisers don't consult Zillow when determing value so neither should someone using this site.
Here's some helpful info from www.realtor.com:
What are non-disclosure states??
Some states do not disclose the actual value of property sales to the public. Instead, it is standard industry practice to estimate sale prices based on one of two methods: 1) transfer tax paid in a home sales transaction (most reliable estimate) and 2) first mortgage amount (yields a wider margin of error) in states without a transfer tax or where than information is unavailable. That means the consumer will still see "free comps" of estimated sale prices instead of public record actual sales data.
Which states are non-disclosure states??
Non-disclosure states include: Idaho, Indiana, Kansas, Mississippi, Missouri, Montana, New Mexico, North Dakota, South Dakota, Texas, Utah, and Wyoming
My community has a similar problem where the 132 homes are actually 'mapped' to the city 6 miles away. Zillow blames 3rd party data providers but still won't correct the incorrect valuations which they call a 'difference of opinion'. How arrogant is that for a response?
- Tug of War
- Contributions:1969
That was Vince's Opinion but there are some (Many imo) who feel pretty much the same as you do..
Take a look around the Forum & you'll see many Questions/Complaints about the Zestimate.
Maybe this Discussion will interest you
Should Zillow allow incorrect zestimates to be deleted?
Please share your opinion/views
Take a look around the Forum & you'll see many Questions/Complaints about the Zestimate.
Maybe this Discussion will interest you
Should Zillow allow incorrect zestimates to be deleted?
Please share your opinion/views
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
Low home values are damaging your community, not Zillow reporting them. Low home values are damaging most communities...
You dont hear people saying appraisal values are damaging our communities, since appraisal values are private. But unfortunately appraisal value do damage personal fortunes, back again we are just reporting the bad news.. :(
You dont hear people saying appraisal values are damaging our communities, since appraisal values are private. But unfortunately appraisal value do damage personal fortunes, back again we are just reporting the bad news.. :(
The Zillow estimates are not accurate and damaging to our community.
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