Complaint Review: zillow - Internet

>>> At the very least homeowners should have the option to opt of of Zillows nonsense by registering with a DoNotZestimate webiste in the same way as Phone users can opt out of unwanted spam calls by registering with DoNotCall.

Thank you for this great suggestion. Now , we have to figure out how to do this;  Giving sellers and landlords the option to opt out  "ZESTIMATES" on their properities. Meanwhile, I am a sitting duck because Zillow is devaluing my home for the 3rd time in past 2 months.

They now say my house is below $318K (my neighbor next door bought her house in Oct 2014 for $318K which has no upgrades likes ours and is smaller in sq foot). Today Zillow says their house is worth $324K and ours is below $318K - Pretty screwed up !!! ).

Zillow is also putting their Zestimates on rentals pricing too, I discovered yesterday which is so out of market pricing. I just can't believe this!!

>>To get a more accurate idea of your actual home's value, contact an experienced Realtor for a market analysis.

Thank you for your comment. I did that (it is on MLS and agent agrees we are selling for a reasonable price based on what sold 8 months ago around the corner- Same Sf and floor plan)....but it doesn't make a difference because Zillow is using properties outside our community to compare with ours that recently sold 6 months ago; those homes were built in 80's and 90's . Ours was built in 2004.

Secondly, I checked Zillow and they brought down the value of my home again. Now they say it is worth below $318K. As mentioned earlier the house next door to us which is lower in sq foot , no upgrades on kitchen and master bathroom, sold 2 yrs ago (Oct- 2014) at $318K. Today Zillow says that house next door is worth $324K. This is outrageous and it is affecting our sale. I am hoping to get a few sellers get together with me to talk to the media.

When 17% of Zillows 110 million Zestimates are over 25% inaccurate it is an outrage that they refuse all homeowner requests to correct or delete the erroneous valuation. As they have demonstrated that they cannot be trusted to act in a fair minded way towards homeowners it is time that some form of Regulation was introduced to protect homeowners from misery and potential financial damage as without any doubt inaccurate Zestimates influence buyers. 

At the very least homeowners should have the option to opt of of Zillows nonsense by registering with a DoNotZestimate webiste in the same way as Phone users can opt out of unwanted spam calls by registering with DoNotCall.

When Zillow CEO Spencer Rascoff claims a First Amendment Right to impose inaccurate Zestimates it is a blatant infringement of the intentions of the Founding Fathers, and time it was tested in court by an ambitious Attorney wanting to make a name (and lots of money) for themself in the process.

Interesting how the Zestimate on a home Rascoff recently sold increased to 68% above the final sold price despite the sale price being 20% below the original List Price. When you witness shenagins of this nature you have to question whether Zestimates are being manipulated for whatever reason as there is NO logic whatsover to a Zestimate substantially increasing as the price is reduced substantially in the exact same time period

Zillow estimates (zestimates) aren't accurate valuations for individual homes.  I have seen high zestimates and low zestimates. This is an automated valuation type formula that does not take into account the following features/benefits which have a direct bearing on your home's value:

• Your view 
• Any improvements to your home (new kitchens, baths, etc)
• Specific location within your neighborhood
• Neighborhood amenties, if any
• It may not even take into account your property type - this is unknown because the Zestimate AVM is propriatary and the information used to generate the value is not released to the public

I am not affliated with Zillow in any way however I am a Realtor and we have to contend with the Zestimates regularly. These formula's used to generate a value are rough estimates using sales in a radius around the property that may or may not be within your neighborhood. it is a forumla that doesn't take into account any of the specifics listed above. A knowledgeable Realtor knows this already. It isn't just your home that has an "incorrect valuation". It is the nature of the basic formula. 

To get a more accurate idea of your actual home's value, contact an experienced Realtor for a market analysis. The Realtor will have to actually look at your property to give you an idea of its value as it relates to your individual market.  This is usually a free service by Realtors. Get several if you want a variety of opinions. The more experience your Realtor has, the more accurate the value will be for the date on which the Market Analysis is completed.

If you want a detailed report beyond a market analysis, get an appraisal done.  This is a service that you have to pay for and the appraiser you choose will make a huge difference. Again, experience will get you a more accurate valuation.