Back to Results
Please enter a valid email address.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.
"The value of my home has not fallen 35% since 2004."
How do you know?
Have you sold it?
If Zillow's Zestimates make "no sense", as you say, then don't worry about it - the market will find the correct information and buyers will price your house accordingly.
I suspect you just don't like the reality of today's housing market, and are blaming it on Zillow. Maybe Zillow should change it's tagline to "Don't Shoot the Messenger".
While saying something does not make it true, it does change what people perceive and believe.
Why on earth do you think companies spend huge sums telling people that they need XYZ????
Because people believe and are swayed by what tell are told , see hear.
In fact many people get sued for saying things that are not true for the simple reason it DOES effect beliefs.
Or maybe Zillow could back off, and let people opt out, or just get rid of the dreaded Zestimate.
I notice that Zillow removed the option to give a 'thumbs down' comment to evaluate other posts. Too bad --- Mark75NYC is such a shill for Zillow it is beyond belief.
No one likes the reality of today's real estate market. That does not provide a carte blanche excuse for every ridiculous Zestimate that appears on the Zillow site! Some areas are well represented - others are ridiculous. I own several mid-level rental homes, 1400 sq ft 3 bd/2ba. They are estimated at $245K, or about $177 per sq ft. This is quite consistent with local values and recent comps.
About 15 miles away, in a more expensive area, we have our former house listed for sale. It is in a better neighorhood, has been remodeled (which I recognize will not appear in the Zestimate), and is much larger, 2400 sq ft, 4bd/3ba, 2 fireplaces, large family room. Zillow has it listed at $139 per sq ft, along with local comps at $182 per sq ft. This is an egregious misrepresentation of reality.
NYC - if you use Zillow as a 'starting place', what conclusion would you draw while looking for houses in my area? If you used Zillow, you would not look at my house at all, because it is priced at $30,000 above Z. Why bother, when there are so many others priced at or below Z?
"If you used Zillow, you would not look at my house at all, because it is priced at $30,000 above Z. Why bother, when there are so many others priced at or below Z?"
How can that be so? If your house is worth Z+30K, how could similar houses be listed at or below Z? And if there ARE similar houses listing at or below Z ... then that tells me that your house is the one that's overpriced, and that Z and all the other houses are more accurate.
[comment removed - personal attacks are not allowed]
LOOK IT UP! AND LOOK UP SOME OF THE 'COMPS"
12140 SW Merestone Ct. Tigard, OR 97223
The reason the other houses are priced below their Zestimates is because their Zestimates (for very similar, if not inferior properties) are in the range of $375,000 - $410,000, while my Zestimate has now dropped to $328,000! (It was $331,500 the last time I looked about 10 days ago . . . !) So if a (virtually) identical house were listed for $360,000 (as mine is), would you go for the one that is listed at $360K with a Zestimate of $328K? Or the IDENTICAL HOUSE that is listed at the IDENTICAL $360K with a Zestimate of $395K?
My Zestimate has gone DOWN $20,000 since we listed the house in APRIL, while our zip code is going UP! David Gibbons tells me that is because my house has a lower tax assessment than others in the area. Since they just learned this in March, they are lowering my Zestimate gradually to avoid the appearance of a step change (that might suggest they don't know what they are doing?!). That creates a great impression for a potential buyer, doesn't it?
If clear evidence can be provided to indicate that my tax assessment is erroneously LOW, shouldn't there be a way to adjust the Zestimate to compensate for this? Tax assessments may be reasonably accurate for most houses, in some areas. But what about the individual cases where they are obviously out of whack? If local ('identical') houses are selling for more, doesn't this provide very clear evidence that the tax assessment is WRONG for this individual property?
Don't insult my intelligence by telling me 'there are always differences from one house to the other'; we all know this by now. ASSUME that the two houses are virtually identical in location, condition, multiple real estate agents' opinions, other competitive properties on the current market, and recent comparative (i.e. REAL sales) in the neighborhood. Yes, we KNOW the market is slower than molasses right now. But I am making SPECIFIC COMPARISONS within my own markt area, and Zillow is BROADCASTING faulty information! There are many excuses and Zexplanations for this, but the fact remains - the Zestimate is too low, and is still dropping.
ZILLOW (not me) should place a disclaimer on this property identifying the 'reasons' it is dropping so much faster than the surrounding area. They know the reasons, because they explained them to me directly. If I provide this information, it comes across as self-serving propaganda (as clearly validated by your attitude and comments above!). Right?
Please look up my property yourself, and then look at some of the comps in the area. Then explain to me how my Zestimate cannot (charitably) be hurting the value of this propery. (I'll help you with the comps; see below.)
Mark - where are you when we need you?
OK - when you posted this:
I assumed you were using Z as a variable. Now that you've explained how you were using it (it would have made more sense to say Z1 and Z2) I understand what you're saying.
"If clear evidence can be provided to indicate that my tax assessment is erroneously LOW, shouldn't there be a way to adjust the Zestimate to compensate for this? Tax assessments may be reasonably accurate for most houses, in some areas. But what about the individual cases where they are obviously out of whack? If local ('identical') houses are selling for more, doesn't this provide very clear evidence that the tax assessment is WRONG for this individual property?"
Oh, so it's not only Zillow that has assessed your property at a lower value than your neighbors, but your local tax assessor has also valued your house lower than your "identical" neighbor's property. Gee, why don't you take it up with the town - you've obviously been paying far less taxes than you should have been all this time, right? I'm sure the town would be more than happy to reassess your house if you explained to them your concern that you're not paying your fair share of the taxes.
It's ridiculous for you to criticize Zillow for factoring in local tax assessments. Zillow can't be "on the ground" in every town, evaluating what each property is worth. Local govts already do this for tax purposes, so if your town screwed up, take it up with them instead of bashing Zillow.
Albiet on the low side, my local tax assessor is far more even handed and consistent in its appraisals than Zillow. Zillow takes the consistent order in which it is given to them, on a sliver platter no less, and turns it into utter chaos.
"LOOK IT UP! AND LOOK UP SOME OF THE COMPS12140 SW Merestone Ct. Tigard, OR 97223"
OK - I took you up on your offer. And what I found proves that Zillow's estimate is completely reasonable.
Your house (12140 SW Merestone Ct.) has a tax-assessed value of $179,890.
Your next door neighbor's house (12130 SW Merestone Ct ) has a tax-assessed value of $196,860.
NET RESULT = According to your town, your house is valued at 9.4% less than your neighbor's.
Now let's look at the Zestimates ...
Your house (12140 SW Merestone Ct.) has a Zestimate of $329,000. Your next door neighbor's house (12130 SW Merestone Ct ) has a Zestimate of $362,500. NET RESULT = According to Zillow, your Zestimate is a whopping 10.2% lower than your neighbor's.
So your town values your house 9.4% less than your neighbor's house, while Zillow values it 10.2% less. Big deal - is that what you mean by how your town is consistent but Zillow is not?
Not to mention, on your little cul-de-sac of 13 houses, your Zestimate is HIGHER than all but one of them (6 of which come in under 290K). Are you bitter because your house isn't the highest on your block?
Your complaints are hot air.
Since you had the time to look at all the houses in my cul-de-sac, why don't you go back and calculate the value per sq ft? Also, check the comps that Zillow provides on the same page (to the right) as my For Sale listing. Be sure to check out the price per sq ft. ALSO, look at some of the houses for sale within 1/4-mile to 1/2-mile. Again, per sq ft.
Report back and tell us the lowest ones you find. Inquiring minds want to know.
You really do think that Zillow is right, and I'm wrong, don't you?
THAT'S WHAT WORRIES ME! ZILLOW IS NOT 'JUST A STARTING PLACE' FOR PEOPLE LIKE YOU. IT'S THE GOSPEL!
BTW - the two properties at the entrance to the cul-de-sac (including 12130 SW Merestone, the one you referred to) are duplexes, not single-family residences, so of course, they really should not be used as comps at all. (Sorry you didin't pick up on this -- ooops - did Zillow forget to tell you . . . ?)
I'm not going to spend an hour trying to replicate whatever complicated steps you decided to throw together to prove your point. If you have the data from the steps above, then post it and we can debate from there. Otherwise, you're just blowing smoke.
Please enter text in the "Enter the text to display" field.
Please enter text in the "Enter URL" field.
Please enter a valid URL.
Please insert a video embed only
Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.