Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The fact is that property assessment is a LOCAL function and there is NO uniformity in that process. Either the morons that run Zillow choose to ignore that fact or are too incompetent to seek out better data stores in the areas where assessed value is out of whack with selling price.
Further I strongly believe that the formulas they use to "integrate" info from multiple sources (in many places sales records are available, as is data about loan values...) are hopelessly flawed. ...
You raise some very valid points and 7 months later they are equally valid. The fundamental flaws in Zillows zestimate algorithm, and its lousy configuration control of the 3rd party data it imports to compute zestimates, cause chaos and confusion for buyers and sellers alike. I just don't understand Zillows absolute refusal to correct substantially incorrect zestimates the way they do - why don't they want more accurate information on their website? Is it purely all about zestimates being a gimmick to attract people to its website to generate advertising revenues?
You raise some very valid points and 7 months later they are equally valid. The fundamental flaws in Zillows zestimate algorithm, and its lousy configuration control of the 3rd party data it imports to compute zestimates, cause chaos and confusion for buyers and sellers alike. I just don't understand Zillows absolute refusal to correct substantially incorrect zestimates the way they do - why don't they want more accurate information on their website?
Is it purely all about zestimates being a gimmick to attract people to its website to generate advertising revenues?
The Zestimate is junk.
The Zestimate for my house is $437,039 with a range of $210K – $874K
My neighbor's house is $394,936 and $273K – $671K
They are 2 identical sides of newer duplex.
The square footages are wildly inconsistent on that website. Which completely throws off the algorithm. Some include basement sq. footage, some don't. I live in a townhouse complex and you'll have 2 identical townhouses listed with different square footage, and thus vastly different zestimates.
The rental estimates can be very close. Maybe it's just a coincidence, but the biggest critics of Zillow seem to be primarily upset with the low value of their own properties, or should I say properties that they have a mortgage much larger than Zillow says it is worth. If folks would actually get a permit, before doing an addition or finishing a basement, the sales estimate would be closer.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I like Zillow, but
