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Recently an pretty accurate zestimate on a home shot up by 1.5 million. This happened in a day without the description changing or any high priced comps selling in the area. So now the outrageous asking price is almost the same as the zestimate. Looks like someone has figured out how to game the system. Anyone have any insight?
I don't think anyone gamed the system. I've noticed that Zestimates will "catch up" to listing prices. It's part of the Zillow algorithms I suspect. Zillow assumes that list prices are a more up-to-date reflection of the market. Like all things related to Zestimates, it's worth what you pay for it.
They might go down over time also if the house doesn't sell in the amount of time Zillow thinks it will. The Zestimate will also decrease if the price is reduced.
Recently an pretty accurate zestimate on a home shot up by 1.5 million. This happened in a day without the description changing or any high priced comps selling in the area. So now the outrageous asking price is almost the same as the zestimate. Looks like someone has figured out how to game the system. Anyone have any insight?
How so?
Zestimates are estimates. That's all. A predictive tool that, by Zillow's own admission, is often inaccurate.
Zestimates are estimates. That's all. A predictive tool that, by Zillow's own admission, is often inaccurate.
I think you're being generous with that description. I believe Zillow states in the fine print that it's "for entertainment purposes only" or something like that. It's been a while since I've read it. They do have a table buried somewhere on their website that shows how inaccurate the Zestimate is and it's pretty bad.
I had that happen several years ago where I used to live. Going through some recent home sales I discovered a really nice house that sold for a lot of money listed in my ZIP Code. Except it actually wasn’t in my ZIP Code, it was in a much better ZIP Code.
That messed with the Zillow algorithm and made everybody in my neighborhood say woo hoo! When they finally corrected it and put it in the right ZIP Code, the algorithm corrected itself.
Neighbor is selling their place and the same thing happened. Suddenly their place was worth more than mine, and while we all love our children....no chance in hades.
I would imagine someone's figured out how to game the algo a bit. It did correct a month later....which was ample time in this formerly hot market....but the neighbors got greedy. Instead of selling for a realistic price they went to the moon with it. I suppose if it had worked, then that would be a real comp for the neighborhood.
Listing price is now down $200K...and they're holding an open house every weekend.
We had a row of trees just inside our fence that also provided shade to the place. Wife really dislikes the neighbors. I wanted to trim the trees for them to help them sell. She mistook it for them telling us to trim the trees. I came home and all my 10 trees along the property line were completely taken down. (Tree guys only speaks Viet)
Not sure how much that influences the value, but the shady patio area they apparently had prominently showed them in a majority of the pics.
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Solly says — Be nice!
