«My hope is that the public is getting pretty smart about
how Zestimates actually relate to home values,» Stephenson added.
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.
Lets take a look at
how the zestimate differs from a real appraisal by studying what Zillow doesn't do to calculate your zestimate.
Not exact matches
How Accurate are «
Zestimates»?
Zillow has already become one of the best - known players in the market through its widely quoted «
Zestimates» of
how much a property is worth, a feature particularly popular among homeowners.
Depending on
how much data Zillow can pull and
how accurate it is, the
Zestimate can likely be improved by you.
The
Zestimate is trying to answer an incredibly complex and important question —
how much is my home worth?
A Canadian version of the
Zestimate algorithm is being developed that will provide features such as estimated price ranges for houses in Canada, best estimates (a single price), estimated values in one year and graphs showing
how a property's value has trended over time compared with local neighbourhoods and the city.
I'll paraphrase, «We told you in detail right on the website
how inaccurate
Zestimates are so stop complaining about
how inaccurate
Zestimates are!»
And
zestimates has a lot to do with
how they built the best name recognition in the industry.
Zillow continues to research
how to program
Zestimates to account for such factors, but we haven t fully cracked the nut on that one yet, Humphries said.
If you're wondering
how fair your price is compared to other units on the market, you can use Zillow's Rent
Zestimate tool.
-LSB-...] To see a detailed discussion of Zillow
Zestimate errors, including two graphs that clearly show you
how inaccurate
Zestimates are, see my previous post.
As a former economist, I'm going to visually show you
how accurate / inaccurate
Zestimates are.
Zillow then launched it in 2006 named online estimates
Zestimates and started the myth making around
how they innovated and created it
Learn
how to easily increase your home's Zillow
Zestimate.
It amazes me
how Zillow can get away with publishing home value «
zestimates» that are so far off they couldn't hit the broad side of a barn.
I've written about the Zillow «
zestimate» in the past and
how inaccurate it can be.
As an appraiser I get asked many times
how close my appraisal will be to THE
zestimate value.
These discussions include questions about
how inaccurate county records are and
how inaccurate Zillow is when they use faulty data to come up with their «
zestimates» of property values.
How does your
zestimate compare with a recent appraisal you got?
If a house is on zillow with a
zestimate of 193,000 but the house is old and needs a lot of work almost a full rehab for example and has over 6.92 acres
how do I figure out the price per acre and the after repair value?
In the presentation we'll look take a look at where the data comes from and
how listing data effect the
Zestimate.
If you built a new bathroom, that could be added to your profile, which would likely increase your
Zestimate, since this estimate is based on things like the number of bathrooms in a home and
how it compares to similar properties.