Profile picture for BarbaraPasnak

how to get zillow to fix the zestimate on my home

wow what an insult! sold for 120k less then 2 years ago and the zestimate says its worth less then 90k!!!!!!!!!!!! I have made minor improvements around this house and have made comparisons to other local homes, one of which is still for sale since we bought ours that house is smaller then ours and is literally like a fun house yet mine with its near perfect move in ready construction is valued lower? every tiny $ makes a difference in these homes with smaller price tags this is ridiculous. What can i do to get it fixed?
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May 27 2012 - Randolph
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Profile picture for user9893238
So disgusted with Zillow's wildly insane and disgustingly low and inaccurate zestimates!  They show my house being approx 200k lower than the true value.  Dispicable!  Should be illegal!
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May 27 2012
@Wetdawg: You have the Zillow representative defending the Zestimate on Barbara's house by using recent sales in Zip Code 23220 within a certain distance and time period. That to me proves Barbara's point - 23220 includes numerous vastly different neighborhoods with vastly different housing stock, different schools, different average sales prices per square foot. I'm all for people using Zillow as a starting point. I think more information for everyone is good. But the reality is many consumers take Zillow as the gospel truth, so it does negatively impact homeowners when the data is not just somewhat wrong, but really wrong. If Zillow allowed homeowners to opt out of the Zestimate, or provided some meaningful way to get changes made, then I wouldn't object so strenuously. And I would be happy to put my Zip Code 23220 valuation skills on the line against Zillow's mathmatical equations any day of the week, and twice on Sunday. That could be kind of fun - randomly pick 5 houses in Area 10 that have not sold in the last 10 years and I'll go head-to-head with the Zestimate. I'm ready! And apologies for typos, which make me crazy. Typing on the Smartphone and having difficulty editing.
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May 29 2012
Profile picture for wetdawgs
@Melissa:  Where has Zillow published that the Zestimate is an infallible tool?     What I interpretation in their Data coverage and Zestimate accuracy as well as the "What is a Zestimate?" (and dozens of other writings by Zillow on their website) is realization that it is a starting point.   Unfortunately many people (including many agents) don't bother to read and understand Zillow's disclaimers but instead look at the one number of the Zestimate and put too much weight on the one number.  

There are dozens of other AVM sites offering other opinions of value, but I've not seen another that spends as much bandwidth sharing ranges and statistics to show the limitations of their calculations.

Meanwhile, I look forward to your providing the links to Zillow promoting the Zestimate as an infallible tool.   

In the future, I also look forward to agents presenting CMAs sharing statistics about their personal accuracy of predictions of CMAs vs actual sales price.
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May 29 2012
Rachel Rosen: Really, your answers are just proving the commenters' points. Zillow is in my opinion completely worthless in an urban neighborhood like the Fan, Maymont, Byrd Park, Oregon Hill, and yes, Randolph. I am not sure how you are comping these properties by looking at data on a screen from across the country. Each of these neighborhoods is unique and typically trades at different average price per square foot. The proximity to VCU IS actually driving values up in values, even in a 2 year window of ownership. But how can your formulas and algorithms be effective in areas with 100 year old Victorian homes vs. small post-War ranches and Capes vs. 1980s construction vs. brand new infill. I am a real estate professional and I am all for more information being available to the public. But I really wish you would stop pushing the Zestimate as some infallible tool and admit IT DOESN'T WORK some places. And older neighborhoods with vastly differing housing stock in close proximity is the best example I can come up with when y'all are just dead on wrong, over and over again.
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May 29 2012
Hi Barbara,
When I do a search for recently sold homes in your zip code, and do a minimum price of $65K, 948 homes come up, and the highest sold price is $223K. I don't see any recently sold high end homes in the area. Out of 173 homes for sale, only about a dozen or so are priced over $500K. The majority of the homes in the area fall under the $200K mark, and most of those are under $150K mark.
We have your 2011 taxes as $103K.

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May 28 2012
Profile picture for BarbaraPasnak
as for the second home listed to compare to mine... this is a cinder block home which also need significant work as visible from the outside where my home is a brick foundation and siding finished home.... check the year built on that last one.   Before you send useless information maybe you should do your homework..... there is also a home listed at almost a million in my neighborhood so how is it that in a neighborhood where it literally goes from house to house a huge range of styles, builds and ages zestimate can even begin to be accurate without using the actual tax assessment records.... if they were using it mine would be at 132k, that's what I'm paying my taxes based on!
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May 27 2012
Profile picture for BarbaraPasnak
ya i see that house from my office in my home and i watched it sell, i also know that it was totally trashed and needed tens of thousands of dollars in repairs where as my home doesn't need ANY repairs. That first home you selected is the one in comparison. It also doesnt have several of the feature my home has. And as told by my realtor that was a short sale or foreclosure which is not supposed to be counted by zestimate.
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May 27 2012

Hi Barbara,

I see these nearby sales:
http://www.zillow.com/homedetails/1701-Winder-St-Richmond-VA-23220/12546149_zpid/
This home recently sold for $61,000 and also has a higher tax assessment. It is about 600 sq ft larger than your home.

http://www.zillow.com/homedetails/1802-Winder-St-Richmond-VA-23220/12546913_zpid/
smaller home sold for $55 and also has a higher tax assessment.
The Zestimate for this home was over twice what it ended up selling for.

Here is new research we published regarding negative equity:
http://www.zillow.com/visuals/negative-equity/

These days, getting a return of any amount within 2 yrs of ownership is not likely.
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May 27 2012
Profile picture for user9893238
I believe this is akin to yelling fire in a movie theatre.  It's one thing to have freedom of speech, but when you speech actually hurts people it should be illegal!  Especially when so many have proof that Zillow's numbers are way, way off as in not even in a close to what should be considered a reasonable margin of error!
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May 27 2012
Profile picture for BarbaraPasnak
Well when it comes time to help get Zestimates banned in VA let me know I will be there and I Will bring my army of friends to help us!!!!!!
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May 27 2012
Profile picture for user9893238
Barbara, I agree with you!  Not only was my professional appraisal that was done by two independent agency's wildly different than what Zillow shows, but Zillow knows my tax  value is about 200k greater than what Zillow shows my Zestimate at.  Makes me so sick and angry!
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May 27 2012
Profile picture for BarbaraPasnak
no the article is not helpful at all. i agree with user9893238. This should be illegal. It could cost me my very livelihood as I am a 30 yr old trying to make $ off of my wise investment and Zillow is ruining my chances.
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May 27 2012
Profile picture for wetdawgs
Zillow's article "What is a Zestimate?" offers some ideas on approaches to take to evaluate your home data and do some edits (with links to instructions).

 
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May 27 2012
 
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how to get zillow to fix the zestimate on my home
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