Zillow's valuation of my home

I don't know how you are arriving at these estimates, or should I say, yes I do know and I'm astonished that you can get away with it.  This does more damage to the maket place than I'm sure you have any conception of.  Just like the credit rating bureaus (that are soon to undergo  investigation in case you didn't know).  I am a Realtor and I know you are just plain wrong and misrepresenting  values by a very wide margin.  This is where technology does more harm than good.  I'm speaking of your "black box" where you dump the numbers and hope for the best.

I'm so angry I would consider contacting the State to investigate your business practices.

It is obious that yur organization has not seen one of the houses you are "estimating" value on.   If you don't take my home out of this loop, I'm going to sue.

This will probably fall on deaf ears but I will find a way to stop you if you do not cease from creating such damage.

My home is just over four years, old. Purchased for $500,00, and the raw materials alone are worth more than these insane estimates.  This is a unique community with no sales since it's inception.  That should tell you something about it's value.

Please stop this insanity.

Joan Kopp
24 Muirfield Way
North Chelmsford, MA
  • March 18 2009 - Chelmsford
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Answers (10)

Profile picture for RAVIsahas
You are absolutely correct. They use blind algorithms to calculate the value of the house. It seems does not account for the foreclosures/condition of the house. It valued my house @ 430K based on a foreclosed home recently in very bad shape  (The buyer is spending more than 80K) to make the house livable. - More and more people are trapped - including banks use this data for valuation.

Very scary - when technology is applied blindly
  • March 15 2011
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Profile picture for Fallmist
I totally agree with this statement made by Joan.  I don't know who owns Zillow but this site does more damage to the housing  market for current owners  then the banks.   I don't know how they come up with the values but it's not even market based.   People actually believe these valuations.   I would like to know who and where this information is coming from, some bogus algorithm.

More then scary--should be illegal...
  • March 19 2011
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Profile picture for ncw001
I would love to know where or how you found a value on Zillow's "new and improved" site!  I used to be able to log on, type in an address and get some kind of value (whether right or wrong).  But now, I can't find anywhere that will allow for pinpointing an address and getting zillow's value.  Anybody care to share some insight??
  • March 19 2011
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I would always call a Realtor or an Appraiser for a true value.  When we have buyers we have to educated them how we came up with our price and usually much higher then Zillow.  My own home is off by 100k.
  • March 20 2011
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There are so many tools out there to help ballpark the value of property. Some are helpful, others not so much. I have definately dealt with situations where buyers tend to take one value and run with it. A skilled agent will show them all the facts and guide them to the correct current value based on all aspects of the property and market.
  • March 20 2011
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Profile picture for RAVIsahas
Going to realtor etc etc. All these sounds fine  -but zillow is setting a trend and becoming more and more a standard. Banks and evaluators use that data - which is dangerous. As zillow is an un-moderated evaluation without the property knowledge.

It is a gross misuse of public data available and skew the real estate market.
  • March 20 2011
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Profile picture for ncw001
I realize I can go to a realtor and that I can do a lot of research to get the values I need.

However, when buying property or someone tells me of a house etc, I used to like to click on Zillow and get a quick idea of what to expect.  I also notice many people on this thread complaining about how low Zillow values their house, but I can't find any way to get a zillow value on a house.  I am not saying that Zillow is correct and the "complainers" are wrong, I am just asking how they got a zillow value.
  • March 20 2011
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Real estate professionals do not use Zillow estimates.  Appraisers cannot use them.  Banks can only base their decision on certified appraisers.

The estimates give buyers unrealistic expectations of the market conditions.
  • March 20 2011
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Profile picture for ncw001
I understand that realtors, professionals, doctors, lawyers, and my mother cannot use Zillow for even a reference.  I also understand that Zillow is way off on their estimates and that they should be blown off the face of the earth and then sued.   But, what my question is and has been is how do I pin point a house (any house) using Zillow like we used to be able to do?  Zillow seems to only put neighborhood trends up as opposed to individual houses which made me wonder how someone on this tread could ask a question like "why is my house less than my neighbor's house" when there appears to be no way to pin point a single home.
  • March 20 2011
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Profile picture for sakidd1
I would be first in line for class action law suit.  However Zillow credibilty is already shot in most circles I operate in so the inacurate value estimate isnt doing a whole lot of harm.
  • March 20 2011
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