Zillow Estimates (Hanover: for sale, real estate, house)

[PacoMartin]

How many people worry about the Zillow Estimate for their house? I have noticed that many people don't make corrections until the house is on the market, then presumably the REALTOR does it.

My concern about last minute updates is that there is a history. If the value goes up by a dramatic amount the potential buyer can see that.

For instance, a home in Hanover Township, NC was bought for $949K on 06/04/2004.
On 11/06/2010 it was listed for sale at $1295K with an exclusive high end agency. But the Zillow estimate was $688K. Changes were made to the description that month, and the Zillow estimate went to $931K (35%) in critical two months when the home is first on the market. The home later sold for $938K about 60 weeks after it was listed. It seemed to me that the homeowner should have updated errors in the Zillow description long before the home was put on the market. The updated Zillow estimate should have helped the owner realize that their price was too high.

[blazerj]

I don't know how many paople care about their ZEstimate, when their house is not on the market. The updates (I think) have to do with providing more accuracy as to what is inside of the home, and what upgrades are present.

As for timing, I don't see it as a big deal, as long as it is accurate. Maybe, people just don't want the internet to know too much about their home, when it's not on the market?

[PacoMartin]

Originally Posted by blazerj

Maybe, people just don't want the internet to know too much about their home, when it's not on the market?

I have considered that as well. Zillow was launched on February 8, 2006 . In all that time I never updated any information since I saw no real reason. From launch date the Zestimate went up 10% in 23 months, and now down 42% from the peak 4 years ago. I was curious if I should be concerned, or if it would help to make corrections and establish a new baseline that might last a few years.

[Surbiton]

Originally Posted by blazerj

I don't know how many paople care about their ZEstimate, when their house is not on the market. The updates (I think) have to do with providing more accuracy as to what is inside of the home, and what upgrades are present.

As for timing, I don't see it as a big deal, as long as it is accurate. Maybe, people just don't want the internet to know too much about their home, when it's not on the market?

The inherrent problem with Zestimates is the inaccuracy of the flawed algorithm that zillow developed by a team with NO prior real estate experience. Zillow also REFUSE to correct or delete any inaccurate zestimates, even if they accept their are errors with source data, like geo mapping problems ie a home may be mapped to a neighboring city 6 miles away.

With the growth of internet and mobile in particular, it is time that websites like zillow were properly regulated to ensure that homeowners interests are properly protected in the same way as investors interests are protected by the SEC. Zillow is only interested in attracting advertising revenues and if inaccurate zestimates help do this then you can be sure they have no interest in correcting errors

[PacoMartin]

Originally Posted by Surbiton

The inherrent problem with Zestimates is the inaccuracy of the flawed algorithm that zillow developed by a team with NO prior real estate experience. Zillow also REFUSE to correct or delete any inaccurate zestimates, even if they accept their are errors with source data, like geo mapping problems ie a home may be mapped to a neighboring city 6 miles away.

I changed a lot of information, added 1.5 baths and 1500 square feet, and a number of amenities. There was a negligible change in the Zestimate. I can't tell if it was because of the changes that I made, or if it was just the normal fluctuation.