Using Zillow Zestimate's for the Value of Your Home? Please Don't.
Using Zillow to get an estimate (Zestimate) for the value of your home? Please don't. Zillow voluntarily publishes data on their own website disclosing how inaccurate their Zestimate's are in our area and nationwide. Their Zestimate's are inaccurate 70% of the time in Oakland County, 72% of the time in the Detroit Metro area, 72% of the time in Michigan, and 68% of the time nationally. Ouch! Click the photo in this article to see the data, or click this link to check out the data on Zillow's website: www.zillow.com/howto/DataCoverageZestimateAccuracy.htm
About William Brundage - Max Broock Realtors:
As an industry leading Realtor I bring years of experience to successfully marketing and selling fine homes and estates. My dedication places us me the top 1% nationwide. Personalized service and client satisfaction are paramount. I am committed to getting you the best price and terms in the shortest amount of time.
Cell: 248-980-2455
Email: william@williambrundage.com
Website: www.WilliamBrundage.com
Surbiton
2:57 pm on Wednesday, February 20, 2013
Good advice !! Last week in a Bllomberg interview Zillow CEO Spencer Rascoff admitted that 17% of zestimates were more than 25% incorrect. Can you imagine any other company that would be allowed to peddle such rubbish and get away with it?
It's time our legislators caught up with technology and introduced some form of regulation to protect homeowners from Zillows nonsense zestimates and the misery and financial damage they cause.
Bloomfield1876
5:52 am on Wednesday, February 27, 2013
Surbiton, you are honestly suggesting legislation to protect stupid people from themselves? Your next suggestion will be to legislate non reading of newspapers
like the Enquirer to prevent people from believing a woman can deliver a three headed baby.
William Brundage - Max Broock Realtors
4:54 pm on Wednesday, February 20, 2013
More often than not Zestimates are below what a home is really worth. When that's the case it's discouraging for homeowners and gives buyers a false sense of what a home is worth. It's a frustrating problem for everyone, including us Realtors.
Neal Charness
10:13 am on Wednesday, February 27, 2013
Have to agree with B1876 on this one. This is clearly not a case for legislation. Zillow clearly calls it an estimate.
J Arch
10:58 am on Wednesday, February 27, 2013
Zillow is obviously strictly a database scrubber and is no substitute for a realtor/broker opinion of value or a full blown appraisal. Buyers and sellers need to be responsible for their own due diligence.
William Brundage - Max Broock Realtors
11:52 am on Wednesday, February 27, 2013
That's true, J Arch. Zillow has limited access to basic public information and often times that information is incomplete and inaccurate. The data also doesn't take into consideration Seller's Concessions, which are when a Seller takes a portion of the sale price (proceeds) of the home and gives it back to the Buyer to apply towards the Buyer's downpayment, discount points, and closing costs.
R Jeppostol
12:00 pm on Monday, April 8, 2013
I think zestimates, despite all their inherent flaws, should be embraced for what they are: reference points for making a purchase.
William Brundage - Max Broock Realtors
12:15 pm on Monday, April 8, 2013
Absolutely, R. I believe it's perfectly fine to check out the Zestimate's to give yourself a ballpark reference point or to satisfy a general curiousity. As long as you bear in mind that the price you're looking at may be off significantly. What's especially challenging is when a homeowner or buyer believes that the price on Zillow is dead on correct. This is why it is recemmended that clients speak with real estate agent or hire an appraiser so that they can do a thorough evaluation of the subject home and provide the client with comparables and an accurate value for the subject home.
Bloomfield1876
7:46 am on Thursday, April 11, 2013
Agree, Jeppostol......Zillow is another point of information readily available and accessible......I also wouldn't accept an opinion from just one real estate agent either
William Brundage - Max Broock Realtors
9:42 am on Thursday, April 11, 2013
Great point, Bloomfield1876. Getting more than one opinion is always best. Competition is not only good for business, it is good for our home values. I'm not just a Realtor, I'm also a homeowner and have a vested interest as well.