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what is a zestimate

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January 29 2012 - Ferndale
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Profile picture for droopyd
"If a lender uses a Zestimate it is violation of the terms of use."

And who, pray tell, will be enforcing this TOS?
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January 30 2012
Profile picture for Pasadenan
According to one thread I read recently on this website, the Zestimates are Zillow's intentional "curse" on people that bought homes at the peak of the housing bubble, to intentionally cause them to "lose" over 1/4 million dollars for nothing.  Only problem is, the "modeling" is a "trailing" indicator, only taking into account what already happened in the local market a couple months prior.  They make no attempt at predicting anything at all.

It is simply a "machine opinion" with a stated tolerance range based on statistical methods and public record data.  Unlike the other 1000's of AVM's and unlike hundreds of thousands of appraisers, and unlike 1.2 million "Realtors" doing "CMA's" for their "opinions", Zillow does provide a tolerance range for their opinions as compared to the "recently sold" amount.
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January 29 2012
A zestimate is a media companies word for pain. Unfortunately paracetamol does not work for this type of pain and many people recommend banging your head against the wall. It is less painful than the 'zestimate' itself.

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January 29 2012
a Zestimate is Zillow's estimated market value of a home.
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January 29 2012
Profile picture for Dunes ..
Thank-you David..appreciated
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January 29 2012
Great post, Tug of War.  What benefit to greater mankind is there by posting highly inaccurate information in the form of a zestimate? 

Zillow wasn't highly accessible in 2003-2006 during the bubble?  LMAO.
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January 29 2012
Profile picture for Dunes ..
It seems that according to Zillow having it on their Site is a Public Service


CEO stated in this Forum Recently

"Regarding why we don't let owners opt their home out of Zestimates: we believe that providing home valuations, as imperfect as they might sometimes be, is in the public interest. Access to this type of information benefits the overall market, and frankly if real estate data including Zestimates had been more readily available in the 2003-2006 bubble era (which was pre-Zillow), perhaps we wouldn't be paying the price today in our overall economy. Information empowers people to make smarter decisions. This is true in every part of our economy, especially the ones where decisions are particularly important (e.g., health care, financial services, real estate). I truly believe that the real estate market is better off due to the information that Zillow provides."
(LINK)


Lucky Us!
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January 29 2012
Profile picture for wetdawgs
Here is a link to Zillow's response "What is a Zestimate?".

In addition, interested reading is their section of Data Coverage and Zestimate Accuracy.

If a lender uses a Zestimate it is violation of the terms of use.     Zillow is a media company providing data on homes, but not  a real estate company.
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January 29 2012
A "zestimate" is a estimated real estate value created by a Zillow algorithm.  No one knows how they formulate their "algorithm".

Since Zillow is not a licensed real estate broker, and does not employ any local real estate professionals in any market, these zestimates arrived at by an algorithm are notoriously misleading and incorrect. 

There is not a single mortgage lender, property appraiser, or local municipality that uses a zestimate for a loan or tax value.  In short, zestimates are pretty worthless.
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January 29 2012
 
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