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Answers (6)
Best Answer
- Dunes....
- Contributions:3894
Here's what Zillow says (And I ain't agreeing with them just passing along what they are saying currently)
Zillow Announces Zestimate Improvements
(You should IMO share your Opinion here as others also have to increase the odds Zillow sees/hears your view/feedback)
AND
Upgrading the Zestimate
Zillow Announces Zestimate Improvements
(You should IMO share your Opinion here as others also have to increase the odds Zillow sees/hears your view/feedback)
AND
"Historical Zestimate"
"With the data delivery yesterday, we have re-computed historical Zestimates back to January 2006. There are a few algorithmic developments that we are still working on and, once these are done, we intend to re-compute all Zestimates back to 1996."Upgrading the Zestimate
- Vince Curtis, "SoCal Appraiser"
- Contributions:4701
AS with appraisals, when you receive NEW data, your estaimte of value will change and all extraordinary assumptions associated with the data, will aslso change, including historical charting. DATA is the only thing a value is based upon in the first place, and when more 'correct' data is refined or discovered, it is required that a value (and historical trending associated with it), is updated....
I give Zillow credit for the updating, and I hope they will update their data (and associated historical charts) many times in the future.
What everyone is upset is with that either (1) their Zestimate went down, hence their 'value' went down, hence their self worth went down (How dare Zillow attack me!) , or (2) their Zestimate went up too much and now Zillow is not 'believable' . Well Zillow cant do anything about the recession - dont kill the Zillow messenger (or the appraisal messenger for that matter), OR they believed the 'data' was unchanging - which of course is not the case. The data really didnt change, it was only Zillow interreptation, or their algorithim, of the raw data. Appraisers also have their own algorithim, per se, and usually dictated by a combination of experience, lender requirmenets and common sense.
I give Zillow credit for the updating, and I hope they will update their data (and associated historical charts) many times in the future.
What everyone is upset is with that either (1) their Zestimate went down, hence their 'value' went down, hence their self worth went down (How dare Zillow attack me!) , or (2) their Zestimate went up too much and now Zillow is not 'believable' . Well Zillow cant do anything about the recession - dont kill the Zillow messenger (or the appraisal messenger for that matter), OR they believed the 'data' was unchanging - which of course is not the case. The data really didnt change, it was only Zillow interreptation, or their algorithim, of the raw data. Appraisers also have their own algorithim, per se, and usually dictated by a combination of experience, lender requirmenets and common sense.
- Dunes....
- Contributions:3894
Thank you mere..much appreciated
- Frank Festa, "Frank J Festa"
- Contributions:1188
With all due respect, in real estate, fair market value is the price a buyer will pay and a seller will accept for a property under reasonable and ordinary conditions. This definition assumes that neither the buyer nor seller is under any pressure to complete the transaction. Regards,
- mere1978
- Contributions:2
so does that mean I should not rely on what zillow reports as the current value? But rather I should look at the value as of 3 months ago as accurate and what is listed as the current value as a forecast (subject to revision)?
- Frank Festa, "Frank J Festa"
- Contributions:1188
"Few issues are more important for finance practice than the computation of market betas. Existing approaches compute market betas using historical data. While these approaches differ in terms of statistical sophistication and the modeling of the time-variation in the betas, they are all backward-looking." Regards,
Why do you revise the estimated price for homes retrospectively?
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