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Old 02-21-2015, 10:05 PM
 
Location: Georgia
4,562 posts, read 4,089,318 times
Reputation: 15767

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Inaccurate Zillow 'Zestimates' a source of conflict over home prices - LA Times

So the next time someone starts to point to Zillow as the gospel, let's show them this article. :-) The margins of error around the country were pretty gruesome.
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Old 02-22-2015, 05:59 AM
 
Location: Madison, AL
3,298 posts, read 4,995,447 times
Reputation: 2637
The inaccuracies here are crazy....I was researching a vacant LOT in a neighborhood about two weeks ago and the Zestimate on it was for a house "unknown square feet" and was estimated at nearly $500k which is comparable to the low end of that neighborhood. Lot is probably worth around $100k.
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Old 02-22-2015, 06:55 AM
 
Location: Ozark Mountains Arkansas
1,970 posts, read 1,305,886 times
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Zillow has my house estimated to be the same as my neighbors house. My house is 4250 sq ft on 2.5 acres. Neighbors house is 1800 sq. ft. on a tiny lot, probably 1/6th acre.
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Old 02-22-2015, 07:01 AM
 
Location: Wisconsin
7,215 posts, read 7,904,321 times
Reputation: 7740
Quote:
Originally Posted by dblackga View Post
So the next time someone starts to point to Zillow as the gospel, let's show them this article. :-) The margins of error around the country were pretty gruesome.
Does anyone actually claim Zillow is "gospel" though? I think most people know it's just a general ballpark estimate done by an algorithm.
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Old 02-22-2015, 07:07 AM
 
Location: NC
6,543 posts, read 7,956,796 times
Reputation: 13438
The new Zillow website design is also off-putting. You pick a house on a map and from the side of the page data zips in about the house, covering the spot on the map and preventing you from making a visual association with the map location. After having been a huge fan of Zillow for 10 yrs, I am switching my preferred site to something else. (Yes I can see hear them crying to miss my free use of their info.)

On the subject of Zestimates, I take them with a grain of salt other than to compare broadly homes in a certain area, that is house A is probably more expensive than house B. But having written amature algorithms myself, it is easy to see where a data aggregator without all the facts (and with some factual errors as input) can never be perfect.
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Old 02-22-2015, 07:19 AM
 
476 posts, read 254,046 times
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We own an old shack on cinder blocks that we recently had professionally appraised for estate purposes and it came in at $150k which is what I would say it is worth, and zillow puts it at over $1M which is insane.
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Old 02-22-2015, 11:47 AM
 
166 posts, read 749,117 times
Reputation: 158
Default Time that Zillow was Regulated

Quote:
Originally Posted by dblackga View Post
Inaccurate Zillow 'Zestimates' a source of conflict over home prices - LA Times

So the next time someone starts to point to Zillow as the gospel, let's show them this article. :-) The margins of error around the country were pretty gruesome.
The problem with Zillows "8% declared' Median Margin of Error" is that it conceals the reality that 17% of all Zestimates are over 25% inaccurate. That means that almost 20 million homes have imposed Zestimates that are more than 25% wrong. Despite this inaccuracy Zillow refuse ALL reasonable homeowner requests to correct these erroneous Zestimates. When Zillow treats homeowners with contempt in this way the time has come for it to be subjected to some form of Regulation. As a minimum there needs to be a DoNotZestimate Opt Out in the same way as Phone Users can opt out of unwanted spam calls.
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Old 02-22-2015, 03:57 PM
 
Location: FL
291 posts, read 451,168 times
Reputation: 733
Quote:
Originally Posted by MaseMan View Post
Does anyone actually claim Zillow is "gospel" though? I think most people know it's just a general ballpark estimate done by an algorithm.
You'd be surprised. In the past year, a friend of mine was buying and selling. A family member was selling her mother's house. One is a Harvard graduate and the other has a master's degree. Both thought the Zestimates were accurate.

Nobody reads the fine print on web pages.
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Old 02-22-2015, 04:15 PM
 
Location: Georgia
4,562 posts, read 4,089,318 times
Reputation: 15767
Quote:
Originally Posted by MaseMan View Post
Does anyone actually claim Zillow is "gospel" though? I think most people know it's just a general ballpark estimate done by an algorithm.
Many, many sellers use Zillow to get a "feel" for what their house is worth, and it's always a long and tedious battle to educate them as to Zillow's inaccuracies, especially when you have rock-solid comps that aren't going the way they want them to. Plus, buyers may see a house on Zillow and say, "Well, the Zestimate says it's only worth X-$40,000, so that's all we're offering." THEIR agent hasn't educated them on the issues with Zillow, and it leads to upset sellers, belligerant buyers, and bad feelings all around. It just seems to make every transaction that much harder.
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Old 02-22-2015, 08:46 PM
 
Location: Needham, MA
6,477 posts, read 9,645,560 times
Reputation: 5490
I don't know if it's still there, but there used to be a table on the Zillow site which showed how inaccurate the Zestimate was in various major metropolitan areas. It was pretty scary how inaccurate it was in my market
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