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The OP did NOT lose any value. Zestimates are NOT actual appraisals. You could make a guess right now on the OP's home and you'd probably be more accurate than the Zestimate.
The lawsuit argues that it is an appraisal, an illegal one, within definition of appraisal in Illinois.
Look at the pull down price history for the home. Is there anything weird there? Also there is a graphic that shows over time the estimate for your home against that for your town/zip code. See what those look like. I cannot imagine a company 'punishing' you for removing your data, although I wonder if they do use a different set of data for listed vs not-for-sale homes. Maybe listed homes has listing price as part of the algorithm, for example. You could write to them and ask.
Pictures aren't "data" though.
There's no way anyone from zillow actually looks at the pictures and then changes the value because of what's in the photos. OP is basically saying just having pictures at all increases the value. I mean, I guess anything is possible with zillow. OP, you didn't change anything about bedrooms, bathrooms, lot size, square footage, etc right?
The lawsuit argues that it is an appraisal, an illegal one, within definition of appraisal in Illinois.
Right now, there's just a lawsuit. Anyone can bring a lawsuit. Winning a lawsuit is something else entirely. Collecting is something else as well. This could take years to get through the court system.
Right now, there's just a lawsuit. Anyone can bring a lawsuit. Winning a lawsuit is something else entirely. Collecting is something else as well. This could take years to get through the court system.
"Collecting" would not an issue until compensation would be demanded. None is yet.
"Winning," OTOH, would be extremely intriguing in the real estate world.
I don't like AVM appraisals at all, even when performed just inside legal requirements. Clearly, there is a broad public issue, as it is one of the most common topics ever when Z is discussed.
Disclaiming in the fine print may be adequate for fans, but AVMs clearly mislead a great many people.
If one in a million were misled, it may be OK to point the finger at that person. But, the numbers are MUCH higher.
Heck, look at this thread. The OP is worried about something that many people worry about, while disclaiming that it is claptrap.
A bit of credibility is apparent in the AVM even with the disclaimers. Z just loves that.
"Collecting" would not an issue until compensation would be demanded. None is yet.
"Winning," OTOH, would be extremely intriguing in the real estate world.
I don't like AVM appraisals at all, even when performed just inside legal requirements. Clearly, there is a broad public issue, as it is one of the most common topics ever when Z is discussed.
Disclaiming in the fine print may be adequate for fans, but AVMs clearly mislead a great many people.
If one in a million were misled, it may be OK to point the finger at that person. But, the numbers are MUCH higher.
Heck, look at this thread. The OP is worried about something that many people worry about, while disclaiming that it is claptrap.
A bit of credibility is apparent in the AVM even with the disclaimers. Z just loves that.
I have refrained from commenting but if Z does lose the lawsuit then the ripple effects will be tremendous starting with the large companies all the way down to individual agent websites.
Ignore the zestimate for now - a few weeks before you're ready to sell, go in and add "features" (bedrooms, hot tubs, fireplaces, etc) until the zestimate is totally high- pump the estimate any way you need to, 10 or 15 bedrooms might be necessary. Then list the house.
I added a load of new features to my zillow listing, the price was $8k higher for a week. Got an email from Zillow telling me to add more info, and when I looked at the listing again it had dropped back down to the original value even though the market had gone up in my area. It looks like they fiddle with the estimates based on how much you use their site or how much they want you to.
The OP did NOT lose any value. Zestimates are NOT actual appraisals. You could make a guess right now on the OP's home and you'd probably be more accurate than the Zestimate.
Wait - you're confusing me. Clearly the value went down, so it's lost. It's right there in black and white. I mean come on, it sounds like you're inferring that Zillow lists only estimated numbers that are meaningless. Everyone knows that Zillow numbers are actually equivalent to cash - they are locked in. Sheesh.
I was just wondering if it happened to others who removed photos and then were hit with a devaluation of property. I know zillow estimates are pretty worthless but I was wondering if this is a standard practice of Zillow. Someone removes info, so they get devalued. That's all.
Zillow valuations are done algorithmically (is that a word?). They are not done by hand. Removing the pictures may have impacted the valuation, but it's possible the some other houses sold recently for less per square foot, and that affected the valuation. As others have suggested, I wouldn't worry about it. But if you really want to know why or how the estimate was changed, email Zillow and ask them.
Zillow valuations are done algorithmically (is that a word?). They are not done by hand. Removing the pictures may have impacted the valuation, but it's possible the some other houses sold recently for less per square foot, and that affected the valuation. As others have suggested, I wouldn't worry about it. But if you really want to know why or how the estimate was changed, email Zillow and ask them.
The avg sale price in my neighborhood (neighborhood, not town) this month is $20K more than the sale price of my home. A local realtor publishes the info.
My neighbor's house, which was used as a comp, has NOT changed in zestimate. The fact that my zestimate is now BELOW my sale price (which is $20K less than the avg sale) 12 hours after I removed photos is suspect. If anything, my zestimate should have increased.
And I did not change any of the other info: Just removed the description and the photos.
I sent zillow an email. Redfin estimate is $25K more than sold price. Trulia has it as an off market property with no estimate.
Last edited by newtovenice; 05-11-2017 at 02:13 PM..
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Zillow valuations
