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Zillow has my house about $275K less than where it should be. It also has my HELOC amount listed as last purchased price. That would have been nice, for me!
The Zestimate on my house plunged $20,000 over the past few months because one forclosed-upon house four blocks away -- on a much smaller lot, with no garage or shed or front porch -- sold for that amount. It's the only house in the neighborhood that's been up for sale in about three years, 80 percent owner-occupied, so it's not like the neighborhood is unstable.
Depending on how expensive your house is, $20,000 isn't really all that much especially when we're just talking about (z)estimates.
But unlike zestimates, actual home sales are data points used by realtors/buyers/sellers, so if you were to put your house up for sale tomorrow, that sale is probably the first thing a potential buyer and their realtor might bring up. Of course, you'd say that house was a foreclosure, is on a smaller lot, doesn't have a garage, etc., but that figure is probably where they'd start.
Can you elaborate on the financial damage you were subject to as a result of an inaccurate zestimate?
Read my words again; I said "it's time our legislators introduced some form of regulation to stop the online harassment of millions of homeowners who suffer misery and financial damage because of the disgraceful conduct of companies like Zillow who use private homes to generate millions of dollars in advertising revenues"
My home is currently not for sale, so at this time its just the misery of Zillows nonsense that I have to put up with. But if you read the Zillow Advice Forum you will see a constant flow of complaints from homeowners and realtors all complaining about the financial damage that erroneous zestimates cause. The Zestimate becomes a bargaining point for the buyer. It undercuts the seller's position because it sounds as if Zillow is speaking with the voice of authority backed by reams of research whereas the best a buyer might muster is the opinion of one local appraiser or realtor. That is a fact that no one can dispute. With 17% of zestimates more than 25% incorrect it is inevitable that many homeowners encounter this problem when selling their home.
Your argument has no basis and there is no reason for a governmental investigation. No appraiser or taxing authority relies on Zillow for their valuations. There is no damage done to anybody. Zillow is not now nor ever has it been a bargaining tool for anybody no matter what you think. Zillow explains on their website how they determine their Zestimates.
You need to pick and chose your battles more carefully. I think the government has far more important things to worry about than Zestimates "ruining" your life and the economy.
Read my words again; I said "it's time our legislators introduced some form of regulation to stop the online harassment of millions of homeowners who suffer misery and financial damage because of the disgraceful conduct of companies like Zillow who use private homes to generate millions of dollars in advertising revenues"
My home is currently not for sale, so at this time its just the misery of Zillows nonsense that I have to put up with. But if you read the Zillow Advice Forum you will see a constant flow of complaints from homeowners and realtors all complaining about the financial damage that erroneous zestimates cause. The Zestimate becomes a bargaining point for the buyer. It undercuts the seller's position because it sounds as if Zillow is speaking with the voice of authority backed by reams of research whereas the best a buyer might muster is the opinion of one local appraiser or realtor. That is a fact that no one can dispute. With 17% of zestimates more than 25% incorrect it is inevitable that many homeowners encounter this problem when selling their home.
any real estate agent worth their salt with be able to debunk the Zillow estimate, either by showing Zillows own admittance that their formula has room for error, or by simply showing comps for the subject property..
no seller is obligated to accept any offer, whether said offer was derived from a Zestimate or from a more logical approach.
yes, I'll admit that it can get old having to explain why the Zestimate is typically worthless, but it's another five minutes of conversation.. no big deal.
any real estate agent worth their salt with be able to debunk the Zillow estimate, either by showing Zillows own admittance that their formula has room for error, or by simply showing comps for the subject property..
no seller is obligated to accept any offer, whether said offer was derived from a Zestimate or from a more logical approach.
yes, I'll admit that it can get old having to explain why the Zestimate is typically worthless, but it's another five minutes of conversation.. no big deal.
Right.
Zestimates, insult offers, unicorns, and other fantasies should be easily debunked by any good agent.
Read my words again; I said "it's time our legislators introduced some form of regulation to stop the online harassment of millions of homeowners who suffer misery and financial damage because of the disgraceful conduct of companies like Zillow who use private homes to generate millions of dollars in advertising revenues"
My home is currently not for sale, so at this time its just the misery of Zillows nonsense that I have to put up with. But if you read the Zillow Advice Forum you will see a constant flow of complaints from homeowners and realtors all complaining about the financial damage that erroneous zestimates cause. The Zestimate becomes a bargaining point for the buyer. It undercuts the seller's position because it sounds as if Zillow is speaking with the voice of authority backed by reams of research whereas the best a buyer might muster is the opinion of one local appraiser or realtor. That is a fact that no one can dispute. With 17% of zestimates more than 25% incorrect it is inevitable that many homeowners encounter this problem when selling their home.
So you signed up for this website with the sole purpose of trashing zestimates with every post you make and you don't even personally know anyone that has suffered "financial damage" as a result of an inaccurate zestimate and are merely defending the honor of the people that post on the zillow advice forums? Gotcha.
You are confused. Unicorns are real. You haven't seen any because they all work for Apple in a secret location.
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take your meds
