Zestimate Accuracy a Joke

Profile picture for Tony 88
I have been following our Zestimate on Zillow for a few years now and I wonder how Zillow can still be in business! Six months ago our house was going up with every new Zestimate change. All our neighbors houses were trending down with every Zestimate change. Now the reverse is happening. All our houses should have a base value based on size and location etc. and all trend with the market - this is not happening with Zillow which makes me very sceptical about the accuracy of the data. 
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January 12 - Lakewood
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Answers (3)

Profile picture for MichaelRichards3
20% is huge and, at least in my area, it devalues properties at least by that much (which is about $60k, btw).  At least some appraisers use it as one factor in their calculation and buyers use it to grade neighborhoods, so its effects are real. In other words, Zillow can cost us money just being there and being so wrong. I'm waiting for the class action lawsuit because I, and I imagine many others, will definitely be there.  I think realtors might like it precisely because it does low ball properties values and eases sales. That's just a working theory, though.
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2 days ago
Profile picture for Pasadenan
Why post the same thing twice?

I posted an answer on your other thread:
Zestimate Accuracy a Joke!
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January 12
Profile picture for jhurlbut
Even Zillow admits that the Zestimate is off by upwards of 20%.  It's only there to be a guide and is not a substitute for an appraisal or a market analysis done by a local Real Estate Agent or Realtor in your area.  If you need an accurate estimate of your home's value, you should seek out one of those individuals.

John Hurlbut, Realtor, ABR, GRI, CFS
John L. Scott Real Estate
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January 12
 

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QuestionZestimate Accuracy a Joke
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