Profile picture for jamesrpainter

Zillow has lost its credibility

Zillow's estimate for my home's value was incredibly low. It zestimates $985K, but just sold for $1.285M. I had entered all relevant data into the profile. How can Zillow expect to be taken seriously when its estimate is off by 30%?
  • January 22 2011 - Santa Fe
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Answers (5)

Hi.  yes it is frustrating however, the information is all computer generated using comparables to estimate value and also market conditions.  Because it is all numbers, it does not have the ability to take into consideration the positives and negatives of each home  (i.e. condition, view, upgrades, pool)  It is merely a tool to see all values. 
  • January 22 2011
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Anyone who is seriously considering purchasing a home should be informed enough by his/her realtor, to not use the "Zestimate" as a true value. If they are using zillow only, they are most likely not even in the market to by, so the figure does not matter. Zillow is an excellent tool for buyers, sellers and agents- as explained, the zestimate is a computer generated figure used for informational purposes only. If you are in the market to by or sell a home in Springfield, Havertown, Broomall, Newtown Square or Drexel Hill, PA visit my site and contact me today! [content removed by moderator]
  • January 22 2011
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Profile picture for sunnyview
You might want to read the guidelines for posting in Advice here. They might help.
  • January 22 2011
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Profile picture for jamesrpainter
Thank you for your replies. What Michael says about the numbers and the +s & -s makes sense. The flaw, in my opinion, is that Zillow takes all of the trend data and reduces it to a single number without a range or much of a disclaimer. The range would have to have been 30%, but then no one would pay much attention to Zillow. Fortunately we listened to the realtor and the marketplace and didn't fix on the zestimate.
  • January 22 2011
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Zestimate may not good as your expectation, but it is good more than any other websites as I knew.
  • January 22 2011
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