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As I have stated in other threads, when Zillow starts charging for Zestimates is the day they will be accountable to the homeowners. Not likely to change any time soon.
So the saying "that when the product is free then you are the product" is true
Well I guess there is a ring of truth to the saying that 'if you pay peanuts, you get monkeys' and that the Zillow Zestimate algorithm was developed on the cheap.
Jojo7,
I would like to ask if you have ever tried to SELL a home which has a Zillow "Zestimate" hundreds of thousands too low? Their absurd formulas just don't hold up in certain areas, such as the Rocky Mountains, and it hurts millions of us whose property values get trashed by this big know-it-all corporation Zillow. Either they stop this insanity or we are going to organize a class action suit.
Your local Property Appraiser is probably a greater offender than Zillow.
I recently researched my county's property appraiser's accuracy by looking at the last 27 closed sales (first page on website). Of the 27 total, 12 sold for less than market value. They averaged a 19.5% discount to the published market value with one selling for a 45% discount. The 14 that sold for more than market value averaged selling for 29% more than the PA's market value with one selling for 50% more. One out of 27 sold for exactly the property appraiser's market value.
Your local Property Appraiser is probably a greater offender than Zillow.
I recently researched my county's property appraiser's accuracy by looking at the last 27 closed sales (first page on website). Of the 27 total, 12 sold for less than market value. They averaged a 19.5% discount to the published market value with one selling for a 45% discount. The 14 that sold for more than market value averaged selling for 29% more than the PA's market value with one selling for 50% more. One out of 27 sold for exactly the property appraiser's market value.
Should we sue the property appraiser?
A property appraiser assessed value of a home/property is not the same thing as an appraisal by any stretch. I know this varies state to state, but an assessed value will be lower if a homeowner has a homestead exemption filed with their local municipality, or if local legislation limits the percentage of assessments that can be increased annually.
Not a close comparison with garbage Zillow Zestimates.
A property appraiser assessed value of a home/property is not the same thing as an appraisal by any stretch. I know this varies state to state, but an assessed value will be lower if a homeowner has a homestead exemption filed with their local municipality, or if local legislation limits the percentage of assessments that can be increased annually.
Not a close comparison with garbage Zillow Zestimates.
It's stinky garbage on a par with Zillow. The property appraiser's "market value" in Florida does not take into account homesteaded variations. That number is the "taxable value". Neither is an appraisal. My point was that buyers and sellers use that as often as they use the Zestimate when justifying offers and asking prices. So, if someone wants to sue Zillow for inaccurate market values, the county's property appraiser is just as at fault and should be a target as well.
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