Zillow algorithm way off

Profile picture for narih1narih1
I'm not sure what data Zillow is using to state that their home values have become more accurate but without significant improvement this will render the zillow values worthless.  It has always been known that the zillow price could not be substituted for an appraisal but gross errors in valuation make the site not even worth looking at for curiosity.

I read the WSJ article on the new algorithm so I came online to check it out.  My home was purchased two years ago in a short sale. The original list price was >$2 million. The home was purchased for ~$1 million in a short sale where the bank wrote off $250K of the construction loan to build the home (builder's build price was $1.25 million). 

Zillow has the value of the home at $570K.  Only about a million shy of the official recent appraisal.  Wow that is off.  Zillow should exclude giving prices if it lacks the data to make a reasonable guess.
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0Yes

July 16 2011 - Seattle
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Profile picture for headrocker

Zillow also has the value of my home incorrect.  A house down the block that is 350 sq ft smaller than mine sold last month for $15K MORE than the current Zillow estimate for my house(??)  Now how could any credible algorithm do this?  It's obvious errors like this remove credibility from Zillow being taken seriously.

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0Yes

July 19 2011
 
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