Profile picture for FaithD

Zestimate

To Whom it May Concern, 


I am a working with buyers and we viewed a property this week on your site listed in Cary, NC. The Address is 200 Edinburgh Dr. Unit A Cary NC 27511. The zestimate on your site is totally inaccurate for this address and needs to be corrected. The zestimate is at 600K and the properties value is no lower than 800k to 1 million even in our current market conditions because I do know that you take that into account when creating the estimate. This inaccurate estimate made the visit to the property a waste of time for my clients and I because we cannot offer that little for something we know is worth that much more. Being 200K off on an estimate is a pretty substantial amount. Please let me know if this will be corrected and when. Thank you.

Best Personal Regards,

Dustin
faithfuld@hpw.com

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October 23 2011 - Cary
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Answers (11)

Best Answer
Profile picture for sunnyview
If the past recorded sale price is incorrect, your owner or the listing agent can use the small white flag next to it to alert Zillow of the error. It would make it faster to correct if they could send the flag with the link to the assessor or recorder's local office with the correct information so Zillow can verify it.

Agents have access to the local MLS and using Zillow as a primary source of value info for home showing would not be something I would do. I think that more current and detailed information that might save you time in showings.
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October 23 2011
FaithDD:
It seems many people here believe you use Zillow for your CMA. LOL.

How could a website can estimate the value of a house even they have CORRECT sale data? Do they have manpower to do this?

I guess they use the last sale data for a house as the starting point, then calculate the estimate value using a special formula. If the house was purchased as a super good deal, the the estimated value will be much lower than it is FMV.

The problem is when the Zestimate value is higher than the asking price, the buyer won't believe it. When the Zestimate is lower than the FMV their realtors provide, they will love it.

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March 11 2012
Profile picture for FaithDD
Happydays4u. 

It is very wrong assumption of yours to think I use Zillow for its statistics. As you know with the ever-growing technology my buyers have the Zillow app and as we were driving and viewing properties an alert popped up with this zestimate and my buyers wanted to go see the property immediately. So we did. After speaking to the owner of the property and the Realtor, we have come to find the Zillow had the recent sell price of a lot next to the "Subject Home" mixed up with that sell price. Zillow calculated that the million dollar home with a recent sell price of 360K, which was the  wrong figure, and came up with the figure of around 600K. So my point in this post was to complain about the mixed up figures. Im sorry you assumed Im practically doing CMA's using zestimates. I guess you think buyers never look at Zillow and take the estimates as at least near accurate. AGAIN, I was only complaining about the inaccuracy of the figure and we have got to the bottom of the mis-calculation of zillow. Theres no reason to go and think the worst thing possible "Professional Agents Using Zillow for their Statistics" and post it on a forum. How would you feel if you were selling your home and a popular website automatically calculated a number and was displaying it to buyers 300K less than what it is worth? 
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October 25 2011
Profile picture for Happydays4you
Why would a professional agent be using Zillow for any of their statistics. Are you new in the business? 
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October 25 2011
Profile picture for sunnyview
Thanks for the best answer! I appreciate it.
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October 25 2011
Just flag it then.
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October 25 2011
Profile picture for FaithD
Sharon.
I know that the estimate is a "guesstimate," I can figure that much out. And I do know that I would be using my own figures from the MLS to capture data. My only purpose of posting the comment in the first place was the exstreme inaccuracy of the particular "Zestimate" when compared to other sites "Guessimates" and my data from the MLS. It must be the untrue data that the property sold for 360K in 2009, the property only was sold once and that was in 1987 for 360K. This is what has led to the big difference in zilliows Zestimate compared to other sites and My Data. 
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October 24 2011
Dustin,I work in The Greater Triangle area also.
 Zillow is merely a basic 'guesstimate' tool for the general public. As an agent or Realtor, you would be using the MLS to capture your data/ figures.
 Thats why Zillow calls it a 'zestimate'. 
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October 24 2011
Profile picture for wetdawgs
If there is an error in sales information, the owner or agent can flag the incorrect information to alert Zillow to the error.  Providing a link to the county assessor's records will help Zillow customer service sort it out.    Sometimes a transfer to a trust is recorded in a way it appears to be a sale.

By the way, the website is Zillow, not Zillions.  Perhaps your iPhone is miscorrecting your spelling.  They are bothersome this way sometimes.  Wetdawgs comes out very strangely in iPhone's opinion.


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October 23 2011
Profile picture for FaithD
Thank you. I did not say I substituted this figure for an appraisal or offering price. I just said the price is totally off on zillions website and is not off on other sites. And I spoke with the owner and he paid 360k in 1987, NOT 2009. So thank you for you help and I will inform the owner that zillow does not change prices.
Sent from my iPhone
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October 23 2011
Profile picture for wetdawgs
Dear Faith:

I'm very puzzled (I don't represent Zillow).  As you've learned in your continuing education as an agent, AVMs are starting points for comparing properties.  They don't substitute for appraisals or CMAs, nor do they set the standard for offering prices.   These are things you are supposed to be educating your clients about.   There are strengths and weaknesses to each AVM available (of which there are dozens).  

Zillow doesn't adjust Zestimates on request,  Zestimates are data driven values.   If there are numerical errors coming through from county records, then the owner and/or their agent can make those corrections.   It is puzzling the property was sold for $360k in 2009 - that may be the number pulling the Zestimate down as a recent sales price does weigh heavily in the calculations.    (It is also strange all the photos on Zillow are from 2009).

Here's some basic reading on Zestimates and Zestimates values and accuracy.






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October 23 2011
 
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