Profile picture for dkraus52

Why is the zillow zestimate so grossly wrong my property?

You send me emails every month dropping the value of my property while prices in the area have actually gone up this year. All the comparables and recent sales in the area have gone for 60-100% more than what your really really bad and disgusting zestimate is at now. I am actually thinking about suing since you make my property look so worthless. My home is only about a year old and a lot of the lowest priced comparables are 30 or more years old. To say that you are misrepresenting the value of my property is a gross understatement and you are obviously doing this intentionally for some insane reason and I am getting really really disgusted with you people and this fact. I have complained before and after that you usually drop your estimate by 10% or more so I wouldn't be surprised if you disgusting idiots do the same thing after getting this note. You are obviously not following how you say you come up with home values because if you were you would have a price around $185,000 and $105,000 you idiots.
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November 09 2012 - US
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Answers (7)

Profile picture for NickMeinzer
It's so ridiculous...My zestimate when I bought my home last spring was10k ($169k) less than the seller was asking ($179k). Then, being at that time in the most highest bought spot by investors in the US, where I was bidding 25-50k over asking price and being outbid by another 50k cash on a 200k home, I bid $225k and when I got the home appraised and bought it for $205k. They base it on what people are asking for, and people ask for a much lower price and get in bidding wars, and no home is sold even today when it's cooled a tad for less than $25k over the asking price. When I say cooled I mean it hasn't had a huge jump, but it's still going up,even according to Zillow saying our area is going up 8% in the next year, which they have been saying as I got the house, yet their numbers actually reflect a drop! And then the "comps" are not 2bdr/2ba or have the same square footage at all! They're all smaller, and it doesn't seem to be an average between smaller and larger, as there aren't a lot of 2bdr/2ba homes here (usually 1 ba). I've sent them stuff saying it was appraised at 205k in may, and sold for that, yet then they reduced the value even more, while saying the market has been going up.  They now are saying its around $168k, how is that rising?!  Makes absolutely no sense. I hope by the time I do sell my home (not flipping, not staying 10 years or more) this site fixes it or doesn't exist, because as a buyer I thought it was more accurate, and I'm sure I'd run into people thinking that as a seller.
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February 24
Profile picture for user4147695
Tell me how a Zestimate can drop $55K overnight. A Zestimate can turn some people's property into a "short sale" - bam - just like that when they drop the value of a house $over $100K in a couple of months. Can't stop Zillow from posting them. You would have to prove the you have been harmed by it. How can you do that? As long as Zillow gets advertisers they will continue to do what they are doing. They get info about your listing from Realtor.com and other MLS sites. Then they work their magic and come up with, in most cases a ridiculous Zestimate. Try to stop them. I have told them I want their Zestimate removed from my page. Hahaha.If any of you figure out how to stop this, I'd love to know. It's a year later than the last post...and they are still doing Zestimates - guessing you didn't stop them. Oh and the President of the U.S. had the CEO of Zillow at the White House. No one asked about the idiotic Zestimates? Riiiight. http://www.whitehouse.gov/photos-and-video/video/2013/08/09/highlights-zillows-interview-president-obama
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September 29 2013
Profile picture for ghillson
Entirely agree.  Zillow is going down the tubes and is just begging for a class action lawsuit.  Live in Alexandria, VA (Caemron Station), and Zillow has zestimates going down by 5.5% in ONE MONTH while everyone knows that values in the DC area are going gangbusters. What could have happened in ONE  MONTH to cause a 5.5% decline in value in a negighborhood with $1mm+ homes 10 miles outside of DC!
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September 29 2013
I feel your pain. I think this is illegal and I have filed a complaint with the BBB and I would like to start a class action suit. This could ruin people's lives and it should not be allowed. Any thoughts on how to gather up everyone's contact info who has made a complaint?
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November 11 2012
Profile picture for nastor
Several months ago, a small custom home was built near us.  The owners paid $525K and zillow zestimate listed its value at $288K. I was surprised that Zillow zestimate today is at $501K. Can this value change when you are in touch with the right people? I am in community of 30+ luxury homes that were sold in excess of $1M. Zillow zestimate my home is worth less than $517K.
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November 10 2012
Profile picture for eagleslanding
I agree My home has an appraisal before complete remodel and updates that pictures show the listed comparables are not even close look at the pictures homes in Catlett VA and I use to be a realtor in Fl. 
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November 10 2012
I agree, I  have the same thing going on. We are getting ready to list our home for sale and this could really hurt us. I  say this is unfair and unacceptable and I personally am going to do something about it. They should not be allowed to do this.
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November 10 2012
 
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