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Zillow Zestimates are not bad in some markets that have alot of perfectly conforming track homes that have very little variation between zip codes and all comparable sales are published by the county clerk in an easily accessible format. Now I think it is fair to say that there are very few areas that meet these criteria and therefore very few places where Zillow Zestimates will provide any value other than entertainment.
Zillow Zestimates are not bad in some markets that have alot of perfectly conforming track homes that have very little variation between zip codes and all comparable sales are published by the county clerk in an easily accessible format.
Actually, my house meets all these prerequisites, but instead of having a reasonable value since day one, it's been showing a ridiculous trend ever since it was put up on the site. The constant adjustments are being made not because the market is tanking but because of zillow’s own incompetence.
All records are public in AZ and anybody can check the sale history of any property on the assessor's website for free. Evidently, only zillow can't! They claim they have no sale history. Not that I'm complaining about that... one thing less to be messed up.
These zestimates are sometimes way off, and it can go either way. They have better luck in areas where the neighborhoods have rows and rows of nearly identical same sized houses, flat streets, large builder subdivisions, much uniformity. They do not work well in areas with lots of variety in the neighborhoods, hills and valleys, winding roads, etc.
I would never base the value of any clients home on a Zestimate. Zuck is right!
I believe we have some manipulation going on in my neighborhood. Zillow has properties "zestimated" in the low to mid $200,000's in my neighborhood in Prescott, AZ except..............this one house that is for sale and it's "zestimate" is $425.000 and the sale price is $450,000. There is nothing special about the home. The square footage is comparable to other homes in the neighborhood. Is it possible the real estate agent "fudged" some numbers? For what purpose? Just asking.
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