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Answers (9)
- user394097
- Contributions:2
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.
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.
"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.
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.
- user394097
- Contributions:2
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.
- Allison Fishwick, "Allison Fishwick"
- Contributions:92
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
In addition, here is a link you might find helpful:
http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm
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.
- wetdawgs
- Contributions:26854
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.
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.
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/
http://www.zillow.com/advice-thread/Who-else-thinks-the-Curse-of-Zillow-needs-some-kind-of-regulation/428604/
- James Bonifacino, "Jimmy Bonifacino"
- Contributions:32
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.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
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.
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.
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.
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