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 Post subject: Anyone check out Zillow zestimates recently?
Post Posted: Apr 18, 2017 7:48 pm 
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:yikes: The "Zestimate" for my house dropped $225,000 (nearly 40%!) sometime in the last week. Either we're having a housing crash or something is amiss. Not only that, the 10 year "history" lowered the price history down for the whole last 10 years. So much for that being a record of the estimates they provided for the last 10 years.
Somehow I have a feeling that my house would sell pretty darn fast if I listed it for a price barely higher than it was 15 years ago!


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 Post subject: Re: Anyone check out Zillow zestimates recently?
Post Posted: Apr 19, 2017 7:11 am 
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Up $3,000 in the last 30 days.


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 Post subject: Re: Anyone check out Zillow zestimates recently?
Post Posted: Apr 19, 2017 7:21 am 
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They are all over the board.


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 Post subject: Re: Anyone check out Zillow zestimates recently?
Post Posted: Apr 19, 2017 7:35 am 
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Zillow is a joke. It's just a marketing ("advertising") tool for the real estate industry to target you...take it with many grains of salt.


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 Post subject: Re: Anyone check out Zillow zestimates recently?
Post Posted: Apr 19, 2017 9:27 am 
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I used Zillow as a FSBO last year (no MLS) and sold it in 3 days. I think it is a great tool.


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 Post subject: Re: Anyone check out Zillow zestimates recently?
Post Posted: Apr 19, 2017 10:07 am 
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Zillow uses a formula taking into account asking prices, realized prices comparing comparable properties listed in your area and uses that to calculate. Another factor may be if you happen to live near the exploding illegal hash oil property - that will affect that areas values for resale as well as illegal grow or lab type operations decrease the desirability of a property area and affects property values.


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 Post subject: Re: Anyone check out Zillow zestimates recently?
Post Posted: Apr 19, 2017 11:20 am 
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Zillow has no idea what is in the house and in many cases the sq. footage. They had one of my houses listed at 1865 sq. ft. w/ 6 bed rooms and 3 baths where in fact it was 3865 sq.ft. They get there info from previous sales now if you are the original owner and don't have a mortgage they have no clue. In some cases Zillow will hurt the chance of a sale with false information.


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 Post subject: Re: Anyone check out Zillow zestimates recently?
Post Posted: Apr 19, 2017 12:23 pm 
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Keep in mind, Zillow CEO Spencer Rascoff sold his home early last year for 40% less than the Zestimate from his own company. Zestimate 1 day after sale: $1.75 million. Actual sale price: $1.05 million. Estimates from Zillow, or the county, or NAR or the mls are just starting points. You have to look inside the house to be more accurate. Plus curb appeal makes a difference too.


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 Post subject: Re: Anyone check out Zillow zestimates recently?
Post Posted: Apr 19, 2017 4:23 pm 
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When I sold my home in Las Vegas many years ago I used Zillow, before the NV market tanked. I always take great care of my home. It was in mint condition, front and back yards were beautifully landscaped (which I designed) and resulted in a bidding war between prospective buyers. I received a lot more than the asking price. I think Zillow is a great tool.

I made corrections to Zillow for my Colorado home plus added all the improvements I’ve done over the past 11 yrs.

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 Post subject: Re: Anyone check out Zillow zestimates recently?
Post Posted: Apr 19, 2017 9:54 pm 
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crowhillrob wrote:
Up $3,000 in the last 30 days.

What is REALLY hokie is that they said my value went UP over $5K in the last 30 days even though the dropped the value over $200K in the last week! They dropped the entire timeline for the last 10 years - what a joke! I maybe would have understood it if they changed some of the input factors and corrected a square footage mistake or something but nothing changed - except the price. Maybe I can convince the Jeffco Tax people to now believe Zillow's new estimate :hugegrin:


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 Post subject: Re: Anyone check out Zillow zestimates recently?
Post Posted: Apr 19, 2017 10:16 pm 
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There you go Sunset, use it to your advantage. The true market will bear what it will, that's why Zillow is an estimate but you should definitely call your assessor's office and see what they say - maybe get your property taxes dropped a bit and if you aren't moving don't worry about it. If you are a realtor will have a much better idea of what you should price at anyhow.


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 Post subject: Re: Anyone check out Zillow zestimates recently?
Post Posted: Apr 20, 2017 5:49 am 
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naturegirl2000 wrote:

I made corrections to Zillow for my Colorado home plus added all the improvements I’ve done over the past 11 yrs.


If you are thinking of selling then that is the right thing to do. Bump up the estimate as best you can. Many would-be buyers look at Zillow and you want the Zestimate to be higher than your asking price. When I added the upgrades to my home the Zillow estimate doubled!

Zillow is a great tool but it has its share of problems. It's only as good as the records it pulls from and the algorithm it uses.

Up here in the mountains you can have a $500k home next door to a $120K home. The Zillow algorithm goes a little wonky in those situations. It is much better for suburban areas.

BTW the county will not adjust your homes value based on Zillow. Nor will an appraiser use the data. It's too unreliable.


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