Profile picture for JoyceDiMauro0

Your "Zestimates" are not accurate!

When you give a "Zestimate" do you really consider location??? You have given many in my area, but, you do not consider where the property is located.  We have a huge lake..property close to the lake are bunched into the ones that are no where near the lake!  This makes a huge difference in price...but not on Zillow..You need to do your research!  and gives the viewer false information and then they think they can use this info as valid pricing!
  • April 19 2013 - Newbury
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Answers (19)

Profile picture for Blue Nile
"Let me know how to get it removed" -
http://www.zillow.com/help/zestimate-disputes/

"the zestimate is 100% inaccurate."  -

An "opinion" that claims it is NOT the "present market value" and that there is a 30% probability of the present market value not being within the posted range is a "100% inaccurate opinion"?

What on earth could that possibly mean?  That the "present market value" is the Zestimate +/-100%?

But if the present market value was the Zestimate, then it falls in that range, so how is that "inaccurate"?

So if the Zestimate is 100% DIFFERENT than the present market value, what would that mean?  That the present market value is the Zestimate minus the Zestimate, = ZERO?

Or that the present market value is the Zestimate plus the Zestimate = twice the Zestimate?  But then the Zestimate is only 50% below the present market value, which is a lot closer to the present market value than the CMA's done by large percentage of the 1.2 MILLION Realtors in the U.S.

Since we know the claim is not that the Zestimate is "$0", then perhaps it is 100% MORE than the "present market value"?   In other words the Zestimate is TWICE the present market value, meaning that her CMA for her listing is 1/2 of the Zestimate?

She actually claims that all her CMA's are within +/-3% of "present market value"?  NONE of her listings ever sell for less than 97% of her CMA, and never sell for more than 103% of her CMA?  Where is her documentation and study?

So if she is claiming that no-one in the entire United States should be allowed to publish any statistical opinion of any kind without a tolerance margin of less than +/-3% for 99.999997% of the estimates, then is she offering to provide BILLION free CMA's to absolutely anyone in the country that wants it?

Is she really asking for the First Amendment of the U.S. Constitution to be "revoked"?

Besides, Zillow has less than 10% market share of AVM's in this country, so is she going to lobby thousands of AVM sources to have all their machine generated opinions removed or suppressed too?  Even a list price is a published opinion of approximate value, so no no one will be allowed to publish a list price in a listing either?

It sounds like typical Realtor "puffery" to me.

How about just removing the listings from the site instead?  That would be a lot easier.

Besides, statistically substantially low Zestimates sell properties much faster for more than list price due to additional page views.  So is one really saying they rather not sell the properties?

Realtor.com offers 3 AVM's now.  Do you hold them to the same +/-3% tolerance margin?  If they meet your "needs" for listings so much better, why not just list there and forget the dozens of other free listing websites?

Or are you stating buyers are too stupid to be capable of understanding statistics, and thus it is necessary for Realtors to hide opinions & other "information" and to outright "lie" about the property as otherwise they have no ability to sell it?

Maybe taking a statistics course would be more worthwhile?
  • September 28 2014
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Profile picture for user430317
Last month Zillow said my house is worth $91,000.  Today it says $77,000.  What's going on?  The neighbors house says $91,000.  Prices are going up in my area, not down, so I don't have any faith in Zillow unless this was accidental.
  • September 28 2014
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Profile picture for Kris Mager
I live in a town that is 40 square miles. There are some areas of town that are more affluent, with properties that can range in the multi millions, and some areas where homes are smaller and range around 200-300k. Because zillow is a website, both areas of my town are combined to create zestimates, which results in numbers that are completely false. Most people in our town realize this and realize this is why you need a local professional when it comes to home pricing. However, issues still do arise at times. My advice would be call in a professional to get the true value of your home, and don't put too much weight in what the internet is saying.
  • September 27 2014
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I have a gorgeous waterfront listing and the zestimate is 100% inaccurate.  The location is highly desirable the home and lot have been 100% renovated.  If the estimate is not even an estimate and I feel that if you are not 97%-100% accurate on estimate do not bother applying a zestimate to the property.  It is false advertising/marketing of a pricing estimate on a property when not enough information is available to be accurate.  Zestimate should not be available if no or little to no information is available for an accurate Zestimate.  I would like to have the zestimate removed from my listing.  Let me know how to get it removed.
  • September 27 2014
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Profile picture for sunnyview
"Somebody needs to ..."
 
You're somebody. If you feel something should be done, it's your idea and you're in the driver's seat.
  • September 22 2014
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Profile picture for FrankBallew
Somebody needs to do a class action suit against Zillow and their Zestimates.
  • September 22 2014
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Profile picture for sunnyview
"Just a note...my property is listed twice on Zillow...with two different "Zestimates"! "

@ JoyceDiMauro I understand your frustration. Many owners of waterfront/adjacent property feel the same way as you do. Zillow considers the basics but have no way beyond the assessed value or a sales price to add any on the Zestimate for views, extensive remodels or waterfront. That can lead to a wonky Zestimate like you are reporting.

If your house has a duplicate page, you can claim the one you want to keep and "flag" the other one using the "More" menu under the house photo to ask Zillow to remove it. They will. Consider "claiming" the page that you feel is most accurate overall so Zillow will not remove the one you prefer to keep. You can at least have one listing on the site.

There is also a possibility that removing the duplicate will make the data for your  house more accurate overall. It does not happen in every case I've read, but some owners have reported a positive change in the accuracy of their Zestimate. The Zestimate is what it is, but I hope you can at least get the duplicate removed if you want to. Hope it helps.
  • March 04 2014
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Just to add as a lender, I see this type of thead all too often. We as lenders and realtors when doing a real estate transaction do not use the Zestimate as the final price or value of your property. That is what an appraisal is for. That will give you the actual value since it is researched by a qualified appraisor that will review the comparable sales in your area. We use Zillow, Homes.com, Homesnap.com etc. as a guide to what IT MAY appraise at but don't use that as the value when beginning the process. We will use what you determine the property value to be untill the appraisal comes back and gives us the actual value after it is reseached.

To add, I use to do tax searches back in the day for title companies and the assessed value is not what your appraised value will be . The tax assessed value is based on fair market value in your area where as the appraised value is what your property is worth based on recent sales or "comparables" in your area.

Hope that helps and best wishes!

-Scott
  • March 04 2014
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Profile picture for Blue Nile
2 people complaining per day compared to over 50 MILLION site users is "nothing".  Good luck with your "complaining". Have fun on Realtor.com, where there are now THREE AVM's posted for each property, with no tighter tolerance range.

Yes, I've personally read over 80% of the so called "complaints" about estimates.  And no, I don't work for Zillow nor have any connection to them any more than you do.

And no, the FCC nor MicroSoft provide any regulation regarding OPINIONS protected by the 1st Amendment to the U.S. Constitution.  AVM Estimates are nothing but machine generated "opinions".

Besides, Microsoft provides all the map bases used on the website, so if Microsoft had an issue with the website or the company, why would they provide the map bases and aerial images?

Yes, of course I'm a "TWIT"  aren't all hackers?
  • March 04 2014
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Profile picture for JoyceDiMauro0
In your last post..you said....

"Anyone that doesn't see and understand that is likely "blind", or purposely chooses to not read, or chooses to be ignorant."  AND..." If people don't understand that, they have absolutely no business buying or selling anything."

So...anyone that posts a comment against Zillow is "blind or ignorant!!!!  You my friend must either work for Zillow or just an arrogant twit!

Please google complaints against Zillow...see below...and you will find many people questioning their accuracy....

Check complaints filed with FCC....check MSM Money...


Bye.....

  • March 04 2014
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Profile picture for Blue Nile
"Just a note...my property is listed twice on Zillow...with two different Zestimates" -

That is entirely your agents' fault, or a prior agent's fault!  Zillow will delete the "duplicate" (the one without the county records) if you use the "report a problem" on that page; but they won't delete the one with the county records.  All that agent's do to create duplicates is have a slight discrepancy in the address, such as spelling out the street type.

As already mentioned, prior sales amount is very critical to the numbers produced, and without the county records, that data is "missing" so of course you get a lower number.  (Unless you got the property at a "steal", in which case the one without the county records will be slightly more useful).

As for "accuracy"of the estimates?  The tolerance range is CLEARLY STATED throughout the entire website.  On each estimate, there is a 70% confidence interval posted, typically in the magnitude of +/- 9%.  And 70% confidence means 30% chance that the present market value is outside that range.  If people don't understand that, they have absolutely no business buying or selling anything.

And at the end of each fiscal quarter, Zillow calculated and publishes how close the "sold" prices came to their prior estimate for each county:
http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm

Anyone that doesn't see and understand that is likely "blind", or purposely chooses to not read, or chooses to be ignorant.

Enough said!
  • March 04 2014
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Profile picture for JoyceDiMauro0
Just a note...my property is listed twice on Zillow...with two different "Zestimates"!  Enough said!
  • March 04 2014
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Profile picture for JoyceDiMauro0
Oh, so it's the computers fault?  Well, guess what, someone had to input the information!  

If, as you say, they use tax assessments records and values of sales, then they need to review their process...in no way does their "Zestimate" even come close to my tax assessment!

I don't need the "free estimate" on my property and no, I did not pay for it, nor did I ask for it...however, this is a nationally advertised website and attracts many possible home buyers...so said, then they need to have accurate information!
  • March 04 2014
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Profile picture for user6064703
The Zestimate is computer-generated.  Why are you communicating as though there is actually a human somewhere calculating the value of your house?

It is a free estimate.  You get what you pay for.
  • March 03 2014
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Although zillow is a great starting point to find out what your home is valued at. It is always recommened to seek the more accurate value from an appraiser. 


-Tom
  • March 03 2014
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Profile picture for ftrevino1
You are mostly right, not only they change the formula as they fit, but also some times they change history of the zestimate, even when they know that affects how people think about your property. If they cannot give accurate numbers based on location, market, previous sales, and county appraisals, they should not "zestimate". I believe Crye Leike has already removed their listings from zillow because they realized how badly is affecting their sales.
  • March 03 2014
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Profile picture for Bill Eckler
It's my impression that "Zestimates" are not intended to be spot on appraisal type values but a general indication of a home's value within a geographical location.

Anyone using this information to gain an understanding of a home's value should also do an analysis of the various sub-communities within the defined area keeping in mind that there my be properties that should be excluded from the mix.

Zestimates can be a wonderful resource, when taken in the light they are intended but to assume these numbers are fool proof is pure folly.

Bill
  • April 19 2013
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Profile picture for wetdawgs
Zillow uses tax assessments and sale history as indicators as benefit of location.   Are you suggesting for your property those values don't show the benefit?

A Zestimate is a computer generated estimate, not an in person appraisal.  If you need an appraisal, please hire an appraiser.
  • April 19 2013
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Zestimates are not accurate but they are getting much better.  They consider price history and tax information as well as information about your home.  Zillow can't do the research on each individual home.  They need to use a formulaic algorithm to calculate their estimate.  No user should use this as valid pricing.  No Appraiser will.  It does drive plenty of web traffic though.
  • April 19 2013
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