Is this why Zillow zestimates are so inaccurate?

[Momma_bear]

Originally Posted by manderly6

It isn't helpful. Which is probably why most people ignore it. But I like some of the other information.

Isn't that stuff available elsewhere?

[manderly6]

Originally Posted by Momma_bear

Isn't that stuff available elsewhere?

Maybe. It wasn't on the sites I was using for my main searches.

[RickTucsonHomes]

Originally Posted by luv4horses

Zillow originally said that their zestimates were set up so that 2/3 of the houses would be within 2/3 of their actual value. That gives a pretty broad range. It is not their fault if users of the website ascribe more accuracy to their numbers that that.

Her's a good example of that. Just for fun I used Zillow this morning. I have a buyer client and decided to use Zillow for some price research just as the public might do research. Two homes sitting next door to each other. Both are 3500 sf with pools on 1 acre. Zestimate on one home is 937,000, Zestimate on home next door is 643,000. It's no wonder consumers get confused on home values using Zillow.

[Surbiton]

Originally Posted by RickTucsonHomes

Her's a good example of that. Just for fun I used Zillow this morning. I have a buyer client and decided to use Zillow for some price research just as the public might do research. Two homes sitting next door to each other. Both are 3500 sf with pools on 1 acre. Zestimate on one home is 937,000, Zestimate on home next door is 643,000. It's no wonder consumers get confused on home values using Zillow.

What better example is there of how flawed the zillow zestimate algoritm is and how meaningless it has become. So why does Zillow refuse all reasonable requests from homeowners to correct or delete substantially incorrect zestimeates? Sure a zestimate is a starting point, but after a year of bringing errors to Zillows attention and they refuse to correct, then it becomes harassment. This type of online harassment is no different from any other form of cyber bullying and it is time that our elected officials introduced some form of regulation to stop this nonsense and to protect homeowners from the financial damage and misery that Zillow causes in its greed to attract advertising revenues.

Attached is the lawsuit that Zillow have filed against Trulia for breach of the Zillow zestimate patent. Having read it one can see what a joke this case will be when it comes to court, if it ever does. Zillow will be exposed for what they are by the Trulia attorneys - incompetent bullies, imposing unwanted and inaccurate valuations on private property based on a flawed algorithm with very poor data integrity leading to erroneous valuations.

http://cache.inman.com/files/stories...oc1_091212.pdf

[Captain Bill]

I doubt if home owner correction of the Zillow Zestimates will make them any more accurate. It would probably just push them all on the high side because almost every owner over values their home.

I can't imagine in my wildest dreams a homeowner complaining how Zillow has their home over valued, and getting on the site to correct the error

It doesn't seem to me that there needs to be any regulation. Most people today are internet savvy and many use C-D to learn more about real estate. Anyone spending time on this site should know that Zillow zestimates are generated by a computer and are not accurate. They are used to bring people to their site so they can sell advertising.

The way to solve the problem is to stop using Zillow, and use the sites of real estate agents who have IDX direct feeds from the mls with up to date information.

[Tekzilla]

Zillow was pretty accurate for my house when buying. We paid $322 for our house in June of this year, and Zillow had it at $320 before the purchase.

Obviously its not the end all be all, but I'm pretty happy to see the Zillow at $375 right now.