Because of their alleged refusal to treat everyone equally and «empower homebuyers with information,» they have potentially restrained trade in connection with the exchange of information regarding home valuation, and offered anti-competitive benefits to only those brokers chosen to purchase that «special» service package from Zillow that removes
Zestimates from listings.
Version 2 is expected to include multiple value estimates including
a Zestimate from Zillow.com, a consumer calculator that allows consumers to adjust their values and a historical value trends chart that shows changing value estimates over time.
Not exact matches
In 2016, the median error rate for Zillow's
Zestimate ™ dropped
from 8 percent to 4.5 percent.
Known as a «
Zestimate,» this home valuation algorithm looks at the recent sale prices of similar properties gathered
from public records, such as tax assessments, as well as user - submitted data.
«Take the
Zestimates with you, and be prepared to substantiate or debunk it based on data
from the MLS, which you know is superior.
Note: Tax assessor's values differ
from Zillow's
Zestimate, which is computed by entering numerous data points into a proprietary formula, often resulting in a more accurate value estimate.
in California, individuals usually pay 70 % of the
zestimate value of the house
from tax deed sale.
To calculate the
Zestimate home valuation, Zillow uses data
from county and tax assessor records, and direct feeds
from hundreds of multiple listing services and brokerages.
I'm afraid, however, that I'm not going to be able to stop home sellers
from falling in love with high
Zestimates and I'm not going to be able to stop home buyers
from feeling fear when offering fair market value for homes that have low
Zestimates.
Zestimates come
from data provided by Zillow's app, which uses a proprietary formula to come up with a home's likely market value at a given time.
I took Zillow's error rates for a sample city, Denver,
from the table above and created the graph below so you can visualize the accuracy of Zillow
Zestimates.
You can see
from the table above that the accuracy varies
from city to city but overall the median error rate for all Zillow
Zestimates in the U.S. is 6.1 %, according to Zillow.
She also mentioned the mistakes that so many homeowners make when they take Zillow's
Zestimates as gospel and even showed examples of actual homes sold in Coral Springs and how the
Zestimates were off
from the final sales price.
Known as a «
Zestimate,» this home valuation algorithm looks at the recent sale prices of similar properties gathered
from public records, such as tax assessments, as well as user - submitted data.
Below you'll be able to see the value comparisons
from three different sources known to the public and industry analysts: Zillow
Zestimates, RPR Realtors Property Resource, and the Local County Tax Record.
What's even more ironic is that while the
Zestimate really popularized the notion of an automated home valuation (which, sadly, Homegain wasn't quite able to do), here in their mortgage product they've gone away
from using automated algorithms and back towards using real live human beings to give the quotes.
Lets take a look at how the
zestimate differs
from a real appraisal by studying what Zillow doesn't do to calculate your
zestimate.
In the presentation we'll look take a look at where the data comes
from and how listing data effect the
Zestimate.
The first few points of the brief explain exactly what Zillow is being accused of doing: «this antitrust action arises
from Zillow's conspiracy with certain real - estate brokerage companies to selectively conceal «
Zestimates.»»
Manager of Public Relations at Zillow Group tells The Real Daily, «despite the claim in the suit, no listings on Zillow are exempt
from having a
Zestimate.
Item 10 in the suit states, «Zillow has acknowledged that it conceals
Zestimates as a result of agreements with only «certain brokers» who receive «certain treatment»» and uses a message screenshot
from Zillow's Help Center as proof these words were in fact used to explain why some listings had prominent
Zestimates while others did not: