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I was shocked to read the announcement that President Obama will answer questions on housing tomorrow in an online forum moderated by Zillow CEO Spencer Rascoff. Is the White House not aware that Zillow imposes unwanted and inaccurate Zestimate valuations on over 100 million homes, based on some nonsense algorithm, and despite more than 17 million Zestimates being more than 25% WRONG, they refuse all requests from Homeowners to correct or delete the erroneous valuation. Let's get some perspective around this - with the average home price being $200k that means that 17% of Zillows Zestimates are more than $50k wrong. Just think of the chaos that causes homeowners trying to sell their home when potential buyers have all looked at Zillow and say its only worth $50,000 less than the listed price in millions of cases. There is nothing that the homeowner can do as Zillow REFUSE all reasonable requests without having any understanding of the homes 'individual characteristics' and they claim a First Amendment right to peddle their nonsense.
It is outrageous that the President should involve himself with a company that behaves in such a dictatorial way towards homeowners who have to live with the misery and financial damage caused by Zillows incorrect Zestimates. Don't believe me just Google "Zillow erroneous zestimates" and see for yourself. It is especially galling that Zillow decide what questions will be put to President Obama as they will obviously ignore all questions that question their competence and the unfair way they treat homeowners. The President should tell Zillow in no uncertain terms that unless they implement a process to manage erroneous Zestimates brought to their attention by homeowners them it is inevitable that they will be subjected to some form of regulation to protect the interests of homeowners in the same way as the SEC protects the interests of investors, or the FAA protects the safety interest of airline passengers.
No Automated Valuation Model ( AVM) can see inside a property.
It will not know if the basement ceiling is 4' with a devil worship alter in the middle of it.
It does not know if your refrigerator is 47 years old or a new sub zero.
It does not know if the yard slopes to the extent it is unusable.
It does not know if the roof leaks.
It does not know good vs. bad comp.
What it does know, within reason, is the condition of the current market, flat, depreciating or appreciating.
The Zillow value range is so broad it serves no purpose.
The current Zestimate on my own homes is about $100K more than the market would bear for it. Just because Zillow says, does not mean anyone is going to pay it. A competent real estate agent/broker knows how to defend value based on facts, not AVMs.
No Automated Valuation Model ( AVM) can see inside a property.
It will not know if the basement ceiling is 4' with a devil worship alter in the middle of it.
It does not know if your refrigerator is 47 years old or a new sub zero.
It does not know if the yard slopes to the extent it is unusable.
It does not know if the roof leaks.
It does not know good vs. bad comp.
What it does know, within reason, is the condition of the current market, flat, depreciating or appreciating.
The Zillow value range is so broad it serves no purpose.
The current Zestimate on my own homes is about $100K more than the market would bear for it. Just because Zillow says, does not mean anyone is going to pay it. A competent real estate agent/broker knows how to defend value based on facts, not AVMs.
I have to agree with you wrong is still wrong even if the Zestimate is $100k too high. Just seems to be more that are $100k too low.
Then again..this is the administration that passed by First Solar and ignored the bad fundamentals to fund Solyndra.
But Zillow will sure make Obama look good when he says RE has rebounded. Zillow will be right there to back him up with inflated home values.
The WH isn't stupid. They are smart, very smart, smart like a Fox.
Their target audience (which is the majority) will lap it up because they don't know about Zillow.
My house's zestimate is pretty much right on. and I live in a volatile market.
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wrong is still wrong even if the Zestimate is $100k too high. Just seems to be more that are $100k too low.
