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Started By
Message
How can Zillow be so wrong?
Posted on 6/14/21 at 7:15 am
Posted on 6/14/21 at 7:15 am
They WILDLY undervalue homes on their site. Sold my house for literally over $100,000 what it said on their site. I’ve looked at tons of other houses and they are an absolute joke. How can a site this popular and well known be so wrong?
27
Posted on 6/14/21 at 7:17 am to Geekboy
Welcome to the internet.
Posted on 6/14/21 at 7:18 am to Geekboy
They are not doing any real analysis. They take whatever comparable are available and scale off of them. Maybe use property assessments, too. Very imperfect, and not intended to be like a Broker’s Price Opinion.
Posted on 6/14/21 at 7:18 am to Geekboy
quote:Literally the name of a candy bar.
Sold my house for literally over $100,000 what it said on their site.
Posted on 6/14/21 at 7:19 am to Geekboy
Well at least their app icon has rainbows you homophobe
This post was edited on 6/14/21 at 7:19 am
Posted on 6/14/21 at 7:19 am to Geekboy
Zillow does that so people can click. No one would be interested in most houses listed on that site if it showed their true value
Posted on 6/14/21 at 7:19 am to Geekboy
quote:
They WILDLY undervalue homes on their site.
Until homes recently started selling for WILDLY more than they are really worth, Zillow was known for overvaluing everything
Posted on 6/14/21 at 7:21 am to Geekboy
I'd wager their pricing algorithm hasn't quite caught up to the current housing market. It'll shake out in time and they'll be back to overvaluing stuff like they used to.
Posted on 6/14/21 at 7:22 am to BottomlandBrew
quote:
I'd wager their pricing algorithm hasn't quite caught up to the current housing market. It'll shake out in time and they'll be back to overvaluing stuff like they used to.
This.
Posted on 6/14/21 at 7:22 am to Geekboy
quote:
Sold my house for literally over $100,000 what it said on their site.
That’s a lot better than selling it 100k under its estimate. And just because something is popular doesn’t mean it’s right.
Posted on 6/14/21 at 7:23 am to Geekboy
It is just an algorithm based on sales nearby and by using lots of historical data, it will be behind during large, fast shifts or bubbles.
Also they don't actually look at your house, it isn't an accepted home appraisal just an estimate
Also they don't actually look at your house, it isn't an accepted home appraisal just an estimate
Posted on 6/14/21 at 7:24 am to Geekboy
Zillow doesn't look at the actual house or the neighborhood. Their algorithm simply looks at houses sold within a certain mileage range. They also haven't really kept up with the increasing market -- they're still using "comparables" from two years ago.
Right now, I could get at least $70K more than what they are estimating my house to be. Partly because they are woefully behind and partly because my house is completely updated and there is no way for Zillow to know that or to take it into consideration.
ETA: It's not just Zillow. Zillow actually has a better estimate than Realtor.com and Redfin.com. Redfin is the absolute worst. I could get at least $110K more than Redfin is estimating. Realtor is about $10k behind Zillow.
Just a guess with Redfin -- They would like you to list with one of their agents and they want to lower your expectations so that the house will sell quicker. If I listed my house using the Redfin estimate, I would have at least 10 offers within an hour and for no less than $50K of their estimate. I live in a cookie-cutter type subdivision and NON-updated version of my house are going for more than $50K over the Redfin estimate. And, more importantly, they rarely last more than 2 days before going to "Pending" or "Contingent".
Right now, I could get at least $70K more than what they are estimating my house to be. Partly because they are woefully behind and partly because my house is completely updated and there is no way for Zillow to know that or to take it into consideration.
ETA: It's not just Zillow. Zillow actually has a better estimate than Realtor.com and Redfin.com. Redfin is the absolute worst. I could get at least $110K more than Redfin is estimating. Realtor is about $10k behind Zillow.
Just a guess with Redfin -- They would like you to list with one of their agents and they want to lower your expectations so that the house will sell quicker. If I listed my house using the Redfin estimate, I would have at least 10 offers within an hour and for no less than $50K of their estimate. I live in a cookie-cutter type subdivision and NON-updated version of my house are going for more than $50K over the Redfin estimate. And, more importantly, they rarely last more than 2 days before going to "Pending" or "Contingent".
This post was edited on 6/14/21 at 7:36 am
Posted on 6/14/21 at 7:25 am to Geekboy
The Zestimate for my house is ~15k more than my house appraised for back in October. I'm assuming new sales have driven the Zestimate up, because the market is pretty crazy here. This is the highest I've seen the Zestimate since I moved into this house 4 years ago.
Posted on 6/14/21 at 7:26 am to Geekboy
I thought it was based off your property tax
Posted on 6/14/21 at 7:31 am to LoneStar23
quote:
Well at least their app icon has rainbows you homophobe
I deleted that this this week when I saw that.
Posted on 6/14/21 at 7:33 am to PeteRose
quote:
And just because something is popular doesn’t mean it’s right.
Yeah, screw Harry Potter.
Posted on 6/14/21 at 7:41 am to Geekboy
quote:
Sold my house for literally over $100,000 what it said on their site
And you just bought the new house for 100k over that Zillow estimate.
Congrats
Posted on 6/14/21 at 7:48 am to LSUBoo
quote:
I'd wager their pricing algorithm hasn't quite caught up to the current housing market. It'll shake out in time and they'll be back to overvaluing stuff like they used to.
No. They’ve had my house at the exact same price for ten years now.
Posted on 6/14/21 at 7:53 am to Geekboy
You made this thread just to say you made some money on your house...
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