Profile picture for user2516316

Why hasn't my zestimate been updated on your site?

You sent me a notice that my zestimate had increased and with the increased value. However, on your site it remains the incorrect zestimate value.
Here are two homes that have sold within .11mi of my home.
6 Legacy Lane $248K, 24 Legacy Lane $247K. My home 27 Legacy lane is more sq footage, than these two. Who is maping your information?
Michele Johnson #01197308
  • September 03 2013 - Elma
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Answers (11)

Profile picture for blue screen exile
Well, I see that Zillow did run an estimate Sunday night, as usual, thus it actually was true, that the home details pages had NOT been updated!  The 9/1/13 estimate has now been posted for the home details pages, and the page referenced now states that there is a 70% probability that the present market value of the property in question listed for sale by owner is now somewhere between $192k and $376k.  So, the list price is still well within the given range, but the range has dropped a bit and has been narrowed a bit.

That is what happens when more recent "solds" are considered.

24 legacy lane is still indicating "for sale", and the 70% confidence interval is now indicated as $170k to $252k.
  • September 03 2013
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Profile picture for blue screen exile
By the way, on the two neighboring recently sold?
#6 Legacy lane: 70% probability that the present market value is somewhere between $212k and $287k.

#24 Legacy lane: 70% probability the the present market value is somewhere between $176k and $251k.

A narrower range can be provided if it sold more recently.  And both of those are larger lots, both closer to 2 acres as compared to only 1.6 acres (69,827 sqft).

Besides, no one knows if the buyers are happy with the amount they paid, or if they believe they were "swindled" by the sellers.

Perhaps it would be beneficial to walk over and ask them, and ask if they would have bought yours at the present list price, and if not, why...
  • September 03 2013
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Profile picture for blue screen exile
I bothered to look up the home details page... it states the estimate posted was run on 8/29/13; so it is the most current estimate available on this website.  It states there is a 70% probability that the present market value of the property lies somewhere between $203k and $444k.  Since the list price is presently $257k, the posted range covers the list price quite well, meaning "no inaccuracy".

Listed before for $274.9k, and taken off the market.
Listed for $269k, then reduced to $259k, then taken off the market.
Listed for $247.9k, then taken off the market.
Listed now for $257k since April... it is now September.

The map of the area indicates the recent sales were $81k, $195k, $197k, $217k, $230k, $200k.  There are properties for sale in the area for $50k, $40k, $95k, $175k, $240k.

What people will offer depends on what else is available in their price range, not on a 3rd party machine estimate.  Cost per square foot is a very poor means of determining potential value.
  • September 03 2013
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Profile picture for blue screen exile
"...accuracy [as close as possible] would be most beneficial..." -

Zillow is one of the few AVM providers that check their estimates against the "NEXT" sold price, each fiscal quarter and publishes that for each county where they have sufficient data to do so (ie: not a "non-disclosure state"...)  See the "Zestimates" link at the bottom of the page.

With the "present state of the art", it is "as close as possible".... those that have tried to do the same analysis of the Realtor CMA's have found that their estimates don't have any better tolerance range.

Yes, of course every AVM provider would improve their tolerance range if they had the ability to do so (Especially the "pay for use" ones like First American Core Logic, and the private "in-house" ones like used by Bank of America.)  That is why Zillow's research department is working every day on trying to find such improvement methods.
  • September 03 2013
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Profile picture for wetdawgs
It appears you have two versions of your listing of your home.   The two have different Zestimates as one is missing sales history and tax history.  The reason for seeing very different Zestimate in your E-mail vs what you saw on Zillow may be because of the duplicate issue (one shows a Zestimate of $234k with a value range of $203K – $444K, the duplicate shows a Zestimate of $182k).  

The first step you need to do is cancel the duplicate and ask Zillow to remove the database entry (using the "report problem with home" option in the edit drop down list). 

Your asking price is well within the value range (asking price within 10% of the Zestimate).   The FAQ "What is a Zestimate?" provides more details on the meaning of the value range.   The value ranges are very wide in your community.  This is very common in small communities as there is so little data.    You've done the right thing to share your estimate of value and the reason.

You may be wondering why there is a duplicate.   Unfortunately this happens with slightly different representations of the address, Zillow's database is not smart enough to recognize spelled out vs abbreviated.    One shows "Lane" and the original entry  the post office standard for abbreviation of Lane which is Ln. 

24 Legacy Lane isn't yet showing "sold" on Zillow.   This status appears after the sale is closed and recorded with the county and then it is picked up by the data gatherers.  Sometimes it is as fast as a week after date of record, sometimes several weeks.   Having it appear as "sold" on Zillow may affect your Zestimate.
  • September 03 2013
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Profile picture for hpvanc
I'm not Zillow either, but here is my explanation. They are an editorial opinion and protected under the 1st amendment. Zestimates are a primary component media/press content that Zillow provides and aren't meant to be a marketing tool. Zillow sells general advertising just like a print media company. They also allow free for sale and for rent listings, so the general advertisers are supporting a free classified service as well. So far they have been very successful at attraction readership, and as a result advertisers.

Here is how to contact customer service.
  • September 03 2013
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Profile picture for blue screen exile
The person in charge of the estimates is Stan Humpries.  You can use his "contact me" button on his profile page.  It is unlikely that he will bother to respond, but you never know.

His department "team" is given on the Zillow blog page:
http://www.zillowblog.com/research/about-us/

Or, you could just contact one of the Customer service people, such as Russ Hatfield to get a generic response, such as "See the FAQ "what is a Zestimate"".
  • September 03 2013
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Profile picture for user2516316
Who can I contact that has the power to address my concerns?
MKJ
  • September 03 2013
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Profile picture for blue screen exile
It doesn't rest in "my hands", I have less responsibility for this site than you do.  Don't work for them, don't own them, have no connection to them of any kind.

This is a "users forum", where users of the site discuss whatever.

No, the estimates cannot be deleted from the site because over 20 million users of the site "want them" no matter how lousy they are, including me.

Of course the estimates aren't "monitored"... only 7 people are doing over 26 BILLION estimates a year.  If you want it "monitored", you need to personally pay licensed appraisers in each area $500 per each of those over 26 BILLION estimates.  That would be $13 TRILLION  personally coming out of your pocket each year.
  • September 03 2013
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Profile picture for user2516316
I do appreciate your answer, however, a huge responsibility remains in your hands concerning the properties of many who trust you. I would think in building a reputation, one built on trust, accuracy [as close as possible] would be most beneficial to your reputation. Perhaps the zestimate is not monitored closely enough and could be deleted from your services, because of decrepencies and inaccuracy?
Sincerely,
Michele Johnson
  • September 03 2013
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Profile picture for blue screen exile
Zillow's automated notification of "increase" is deceptive... it is not a "calculated value" it is an "estimated change".

Zillow does new estimates nominally 3 times per week... the last one was run 8/29/13.  For rent-estimates, Zillow runs those nominally once a week.  The last one was run 9/2/13.

If you open the home details page, and scroll down to the Zestimates section, it will indicate the date of the estimates posted.

If the date is over one week ago for either... it is possible that there just wasn't sufficient info to obtain a new estimate for that property.... OR... Zillow has had trouble with the automated posting of the estimates to the web-pages a few times within the past few months for selected areas.  If you check the dates for the estimates for some of the neighboring properties, you can determine if it was a technical posting problem for the area or not.

As for a few "recently sold"?  Zillow doesn't use a "comp" system for their modeling, and uses hundreds of sales in the county, not just a few.  It is not a CMA nor an Appraisal nor a BPO.  See Zillow's FAQ: "what is a Zestimate".
  • September 03 2013
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