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Why does this website put a price to my home? I couldn't sell my property for the price I wanted!

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February 10 2009 - Florida Center
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It has been a while but I hope you had success with your issue! An update on your issue would be great.......
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July 26 2010
Profile picture for kbemu
It's totally inaccurate, the pictures they show are old and their estimates are way off.  They are just hurting everyone with this and it's crazy how people really depend on this false information.  If we had appraisers coming in and out of the house every week, then things would be different.  This is too aggravating!
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March 17 2009
Hmm, do people really take zillow's zestimates seriously? It's a +/- 50% half the time of what the house is really worth. Why would anyone use a zestimate to determine how much a house would be worth?

It's annoying, but the zestimate is one of the things that made zillow popular in the beginning, so it's doubtful they will remove it regardless if the price it shows has nothing to do with reality.

PS: People who come to zillow, look at the price and then buy (or don't) based on that price are 100% guaranteed to be seen on some real estate forums crying about deceiving realtors, sellers, mortgage brokers and everyone else about how they bought a house for 30% more than a house next door sold a month ago.
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March 04 2009
Profile picture for sunnyview
For me, one of the main problems that I see is that banks are using sites like Zillow to "appraise" homes for HELOC's or to reduce the amount of credit available based on the basis of a Automated Valuation Model (AVM) alone. The homeowner has little recourse under the law and must pay $200-400 to have an independent appraisal done to try to reinstate their equity line. I would like to see that change. I think it is very unfair to homeowners and gives the banks too much power to squeeze people who are already running tight. The short sale/REO argument is very true. Local appraisers are having trouble with this too. They compare houses with no kitchen, no wiring and busted sheetrock to houses for sale by private owners. Often the REO or short sale house is repaired quickly so it looks like it may have actually been a comp when in fact 60 days before it was a complete mess. I would like to see the notation made on REO's and short sales so that appraisers can recognize them more easily. For now, all the numbers get lumped together both the true and the untrue. I know the market will repair itself, but it is in a bad way right now and lots of people are suffering because of it. I would like to see Congress take charge of some of these issues, but I know that there is a lot of money that do not want these things to change in favor of the borrower/owner.
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March 04 2009
Profile picture for kbemu
well that is my whole point.  It has inaccurate numbers which affect me as the seller along with everyone who is having trouble selling their home.  They might be estimates for some houses around here, but that definitely doesn't apply to many others including mine. At the end of the day, houses should not be labeled with any type of price based on the past or other homes.  Especially with this horrible economy, it just makes things even worse.  When labeling a home with this economy, one should look at the value of the house itself.  Some houses are under short-sale or are simply given away at ridiculous prices because nobody can pay their mortgages.  The value of my home should go down because of this?  Why should I be affected by the sales of these other houses?  It just doesn't make sense.  Zillow is a great website for many things, but they really messed it up with giving these "zestimates."  I appreciate your response.  However, this has to be taken to another level...maybe even telling the government about this website.  It's simply out of my control at this point, but something has to be done.
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March 04 2009
Profile picture for sunnyview
I do not think that you should change your opinion based on anything that I said. You are entitled to feel the way you do. I do have one small thing to say. The mortgage amount that you are talking about I think is a mistake. Zillow does have the past sales price like for this house here. You can scroll down to the middle of the page under charts and data and see what it sold for in 2003 $40,150. The green number next to "monthly payment" $751 at the top of the page under the Zestimate or in this case the "For Sale" price of $139,900 is the estimated mortgage at todays mortgage rates on that sales price/Zestimate amount. It is not your payment specifically. My monthly "payment" on my house shows up at being $1761 which is way more than my actual payment. Of course, I have no power to change Zillow as a poster and I am just sorry that it has caused you any problem. I hope all goes well for you.
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March 04 2009
Profile picture for kbemu

The problem here is that you (sunnyview) know the fact that these are prices from "past sales, recent sales, etc."  However, not everyone knows this.  Once you look at my property on this website, there is already a set value labeled on my home.  If Zillow has not looked at my property with its upgrades and everything else, then a number should NOT be exposed.  OR they should clearly state with details that these prices reflect off the price that was sold about 6 months ago, etc., but that they aren't the true prices of my home.  Not only that, but how is it that the exact mortgage price that I pay per month is displayed immediately when you click on my property.  The people who lived here before me did not pay the same as I do now (actually they paid it all off, they didn't even pay a mortgage because they paid it off completely), so I don't know how you are defending Zillow with this. 

Either way, this website should not put an official price without any details right next to it.  When you click on my property, a single 6-digit number is shown and no details as far as where they acquired the price is shown.  Not everyone looks into the details as far as where the prices were acquired.  People come to Zillow, look at the price and that's it.  That is totally wrong and FALSE for the viewer no matter how you look at it.  People depend on these prices shown on this popular website and that affects evey single seller, especially me who lost out on a bunch of offfers because of this website.  So your response doesn't defend zillow enough for me to change my opinion.  Zillow needs to be more specific when displaying prices on that same page.

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March 04 2009
Profile picture for sunnyview
Zillow can't see your upgrades. All they can see is the numbers from the assessor, past sales, recent sales, trends in the area etc. Your personal mortgage information is not shown on the site (unless you had 100% financing), but your past sales price is. Sales prices and other home details are part of the public record and have been for years. They are available to anyone who wants them generally for free in most states. I am sorry that you are having trouble selling. I can say that people did not have trouble selling when the market was hot and no matter what the Zillow Zestimate was. In fact, it was rather common to have poster complain that Zillow was a joke website because they have just bought a place for 200K more than Zillow had it listed for when the market was advancing too quickly to chart well. Times are different now. Do what you can to sell and stop blaming a website for the almost nationwide crash of real estate. I would suggest to you that if you want to discuss your house with Zillow that you claim it so that you do not have to post your address in the open forum, but they will know which one it is. I certainly would not think that posting your address and complaining about your Zillow value would help make a sale.
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February 11 2009
Profile picture for kbemu
There are two houses in my neighborhood for sale and they have the same size as far as the square footage and the design is identical.  However, my home has $100,000 USD in upgrades compared to the other house.  So how are you going to tell me that the value is the same as my neighbor's simply because it is compared to other houses sold in my area.  I have seen houses in my same area being sold for a lot more or a lot less than my selling price.  If this all could be done, then why do sellers need to do appraisals??  Why not just look at zillow.com?  The reason behind this is because of the conditions and upgrades certain homes have.  Some are valued differently and there are several aspects to look for.  It is not fair to label MY home that particular price.

Another thing, why is my mortgage shown on this website?!!  This is personal information that I do no wish to expose publicly.  Due to this, the buyer expected to pay around the same price.  As you know, there are many factors involved including the interest rate and the amount the person gives in as a down payment.
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February 11 2009
kbemu -

Kindly provide the address of the property so that we can further check on it.

Thank you.
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February 11 2009
Profile picture for jryan67
Its called a fair market quote. It estimates the value of your home based upon recent sales of homes comparable to yours that have recently sold in your living area. Maybe the public record of your home had incorrect information that lead to the estimate being lower than you had hoped for. 
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February 11 2009
 
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Why does this website put a price to my home? I couldn't sell my property for the price I wanted!
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