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Well a few months ago Zillow said my house was worth $520K. Today they said it's worth $380K with $85K of the drop happening in the last 30 days.
They said the rental value is $1125 a month. Pretty funny since I rent out my basement for $1,000. I guess the other 4,000 sq feet will only rent for $125 a month.
My neighbor across the street with same size house but 1 less bedroom and bath is worth $560K
Yup. uh uh.
Tonight I looked at a boarded up house that zillow said was worth $27K a little over 30 days ago, Today they said it went up over $28K. They must have upgraded the house with newer plywood on the windows.
Yay Zillow!
Zillow says my house is worth $257k and would rent for $1,700/mo. I would say both estimates are spot on! +/- 5% or less.
Do you think it's more accurate in busy suburban areas with a lot of sales where the houses are mostly similar? When I see what other homes the same size as our home are selling for in my area, it seems as though the Zestimate is fairly accurate. In this area, a 1,400 sf 3/2/2 with no pool tends to sell for between $175,000 and $190,000 and our Zestimate is a little over $180,000.
Yes, we should put more trust into genuine appraisals that are done to recognized standards.
There are regulatory consequences for an appraiser for lying, fraud, or ineptitude.
For unregulated online appraisers, there are no standards and no consequences for abysmal behaviors.
Explain how websites like Zillow financially benefit or otherwise gain from inaccurate online estimates?
Explain how websites like Zillow financially benefit or otherwise gain from inaccurate online estimates?
I don't think anyone is implying that Zillow intentionally makes some of the estimates inaccurate. They're doing the best they can with the data that are available and the software they have. It is literally impossible to ensure total accuracy besides they have agents to extort.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,572,211 times
Reputation: 16698
Quote:
Originally Posted by charlygal
OP, as a consumer, are you being hurt by the Zestimate?
Not presently, but I’ve talked to a couple of lenders about a heloc loan and they said they use online valuations like Zillow to determine how much of a loan they will give you. In this case they would refuse to give me a loan.
Not presently, but I’ve talked to a couple of lenders about a heloc loan and they said they use online valuations like Zillow to determine how much of a loan they will give you. In this case they would refuse to give me a loan.
Is that really what they said? Or did they say that they use online valuations and then you made the connection to Zillow?
I find it difficult to believe that if I went in to audit a bank's loan files, I'd find Zillow Zestimates as the basis for granting loans.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,572,211 times
Reputation: 16698
I went to 2 lenders and they said they use online resources. While I sat at the desk they pulled up my address on Zillow, looked at the valuation, put it in a calculator with their Ltv percentage and told me how much I could borrow.
I think you can challenge the amount by paying for an appraisal. At the time when it was valued at 520k I could get a heloc. With the newest valuation the equity was so small I wouldn’t bother.
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