Profile picture for seheggdal

Zestimate wrong?

Zestimate wrong?
My home on 3428 Edinborough Ct Pensacola, FL 32514 fell 6.8% or $16,200 in value last month according to Zestimate, while the 5th house up the street that is for sale, 3404 Edinborough Ct increased in value $16,500 the same month.
That doesn't make sense. Since its on the same street its influenced by the same neighborhood price fluctuations.
  • January 22 2012 - Ensley
  • 1
    1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (13)

Zestimates are not accurate assessments of your property value. They are generated from public data, not current actual sales values.
You should have an agent run you current comps in order to help determine a value- an appraiser would never look to the website to determine a value for a property.
  • September 30 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

In my case some one of course justifying Zillow action said get an appraisal, why I have my facts and numbers straight and they are allowed to publicly slaughter people and our hands are tied or even getting OUR property removed from their site. They say public info is their factual source but me the guy footing the bill and putting the bucks out has NO facts in their mind
  • September 30 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for mitch6108
I'm having a problem too.  I'm a realtor trying to market a home in Wayne, Pa for $725K.  The home next door, similar in interior square footage, number of beds/baths, and lot size (though somewhat different in floor plan) sold in 7 days 2 months ago for $745K.  The Zestimate for my listing is $515K, and Zillow does not even indicate the sale of the property next door.  My client is outraged, and looking for someone to sue.
I sent an e-mail to Zillow explaining the situation, and only got a form e-mail back (from "Fay").  Then they had the audacity to send me a follow-up e-mail announcing that Fay had closed my inquiry, and asked me to answer their survey.
Has anyone ever spoken to anybody at Zillow?  If so, could you post a contact phone number so that I can speak to a human being there? 
  • September 30 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Zillow games even after these years hasn't stopped I'm 45 k in the hole thanks to their estimates. But yet a foreclosure 4 doors down that just sold for 39 Zillow had valued at 103 k Good job Zillow!
  • September 30 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user394097
Ok, I agree, Zillow's reckless behavior should be subject to a regulation.

In SF, we may simply disregard the Zestimate, but I can see how in many cities people might actually think they have some basis in reality and that could be detrimental.  I'm surprised this hasn't spawned lawsuits.

Shame on Zillow.
  • March 11 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

"Don't worry nobody even uses Zestimates because they are SO wrong"

If only that was true. Yes the zestimates are wildly inaccurate and I agree with that part of the comment. The trouble is that every home buyer out there believes the zestimate and uses it as a negotiation tactic to drive the offer price downwards.  If it was the stock market the SEC would have the zillow executives charged with market manipulation and fraud - no different that Enron or Bernie Madoff.

It's time Zillow was subject to some form of regulation that made it accountable for nonsense valuations and required it to respond to homeowners questions about inaccurate zestimates so they get corrected or deleted.
  • March 11 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user394097
Don't worry nobody even uses Zestimates because they are SO wrong, especially in big cities.  In San Francisco for instance, the house up the street sold for 1.54 in December and now its Zestimate is 1.1.  Houses in SF are routinely 100k to 1/2 million off for houses that sold within the past 2 years even, and can be off by more than a million for houses that sold before that.  So as you can see, Realtors laugh at Zestimates around here!  My 3rd-grader could write a better algorithm.
  • March 11 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Make sure the information about your home is accurate and up-to-date.  You can claim your home and edit its facts right in its listing on Zillow.

In addition, here is a link you might find helpful:

http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm
  • January 28 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

So basically it seems that the zestimates in your neighborhood have all been inaccurate for years. The more I read this nonsense the more I feel the time has come for proper Regulation of these AVM sites like Zillow. 
  • January 22 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
If one looks as short time frames, it is often easy to see two houses where the Zestimates go in opposite directions.   However, with both homes one can step back at look at the big picture.

For example, with 3428 - why did its Zestimate soar 30% over the last few years while zip code trend showed a drop of 20% in the same time frame.   In the last few months, the Zestimate for 3428 has been coming back into line with the zip code trends so while it appears to be a huge drop (and is a huge drop) the question is more why it deviated from the community averages so significantly.

With 3404, there has not been such a dramatic deviation from the zip code trends except for a jump probably when they put in the data for bedroom number.   Yes, they just had a jump but they also had a drop of $20 k the previous month.  

It is very easy to get tangled up in specific Zestimate numbers over tight time frames.  Many do.   IMHO, I'd relegate Zestimate to second place and simply keep an eye on the Zestimate range for the home and the community trend.

  • January 22 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Even more interesting than the $16500 zestimate reduction last month is why it should have dropped $51,000 since mid-October when the Zip code and Pensacola average zestimate valuations have remained flat. Seems like your home has the curse of Zillow marked with a "Z" on your front door.

http://www.zillow.com/advice-thread/Who-else-thinks-the-Curse-of-Zillow-needs-some-kind-of-regulation/428604/ 
  • January 22 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The location of a home is only part of the process. Make sure that the facts about your home are up to date. How old is the Home. How many square feet etc. These are all facts that you need to make sure are accurate. Homes fall into different catagories when appraising them and it is very important to make sure yours is in the right one.
  • January 22 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Sharon Lewis
Have you claimed your home and updated the information? I have seen where a home for sale has raised its value because of its for sale price. Go in and claim your home, top right under my Zillow and edit your information. Here's a link to Zillows most popular questions
http://www.zillow.com/wikipages/Most-Popular-Zillow-Questions/ 
I urge you to take some time to read how Zillow arrives at their figures.Zillow does not represent their figures as something you should base your sale price on, thats really important for readers/homesellers to remember. Pay for an appraisal or have a Realtor do a comparative market analysis for you.
  • January 22 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.