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I rate Zillow as a detriment to the recovery of the housing market, and they do not deserve any positive kudos for this fact. The company, in my opinion, is providing false home values, and they do not even have an appraisers State license. Further, why are they allowed to continue to influence the housing markets down with their false algorithms, solely based on statistically unrepresentative sales only.
If you look at the trends of home values over the last three years, as noted on Zillow like for WA State, they are driving the housing market down into the ground. I cannot understand why the the Federal Government and the State governments have not issued injunctions on their practices, and disallowed them from providing their ridiculous zestimates which influence home values and are falsely representing home values as spiraling down, all this while they profit from advertisers. Zillow zestimates are a malfeasance to this country, realtors, and home owners.I urge that we all write to our law makers and the attorney generals to get them to quit this zestimate practice.
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your post seems to blame a website for the problems your federal governmet along w fed reserve started many many many years ago. who cares what the zestimate says. put your house on the market for what you think its worth and when you accept an offer and it goes through I will tell you what your home was worth. give your potential buyers comps and move on. if someone uses a website like zillow to base an opinion/offer and you dont like it then give them hard evidence to the contrary and move on.
Sunnyview writes: "I was asking if you might be able to post a (web URL reference) to the information that you referenced in where you mentioned that Zillow stated that one of their goals was to "influence" pricing in the housing market. I have not read that anywhere myself, so I would appreciate it."Sunnyview, as time passes web pages change, and it is sometimes difficult or impossible to re-find something you previously read. Suffice it to answer your question in lieu of a specific hotling reference the following quote from the CEO of Zillow: (note you can other articles to the quote below using your URL search engine to verify if you want to.)Zillow's press release says it all: "Until now, finding out a current market value of any home -- whether it's yours or one you want to bid on -- has been quite difficult," said Rich Barton, Zillow chairman and CEO. "We believe you shouldn't need a computer science degree or a real estate license to find out what a home is worth. That's why we created Zestimate values, providing free and instant valuations for millions of homes in America. This beta is just the beginning … . Zillow will continue adding tools and services to empower consumers to make smarter real estate decisions. ..." Part of the problem with the Zestimate given by Zillow is also that consumers take their Zestimates, however in accurate as truth.If this is not a direct intent to influence the buyer and seller market, then I do not know what is. In addition, how can Zillow replace licensed appraisers and minimize realtors. Seems to me that Zillow, does not care as long as it is making a buck, on the backs of homeowners.Imagine the scenario where several home owners bought homes in a certain neighborhood and they bought them for $0.5+ million each, as an example. In time, if an owner decided to sell his house for $1 dollar, imagine the damage done to the other home owners in that neighborhood who may later try to sell their homes and potential buyers seek valuations on Zillow and won't buy them because they think those houses are overvalued using the inaccurate Zestimate.
You say Zillow has no stock, yet they have advertisers who pay them milions to advertise on their web site.Zillow has a site that is as good as Trulia, yet Trulia has the morality not to influence what they perceive our houses are worth.
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