An angry homeowner has sued Zillow over their Zestimate on their home. CLICK HERE to read the article we’re referencing in today’s show.
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Zillow’s zestimate of my home is $300,000 below market value! They don’t take into consideration the location. This is why as a realtor I hate Zillow.
The Zillow zestimate on my home is $300,000 off! They are basing it on the price we paid 25 years ago and not taking into consideration the location. As a realtor thus is just one example of why they cause problems and I dislike them!
I have a For Sale by Owner real estate sign in my front lawn ( with a sign rider disclosing I am an OWNER/AGENT and my Zestimate is almost half the market value of my home. My home is not on the MLS like the other homes around me currently. got a call from a drive-by Buyer that pointed this out to me and kept driving. Zillow needs to go back to the drawing board.
Is that legal? In GA we have to put it in the MLS if we are selling our own properties.
You say you are an Owner/Agent. As a Real Estate Broker in Houston, Texas, why did you choose to go FSBO (you mentioned that your listing was not in MLS). Are you looking for someone who is not represented by a Realtor. Are you trying to save the commission?
We would not hear a peep out of Barbara if Zestimate had her value more than she thought. I am not a Realtor, Appraiser nor Zillow employee, just someone who has bought and sold houses frequently and know you have to do your own due diligence when arriving at an estimated value.
Exactly! Well said!!
We would not hear a peep out of the homeowner Barbara if the Zestimate were more than she was listed at. Another frivolous lawsuit by an attorney. Anyone who buys a home needs to do their own homework and due diligence. And for the record, I am not an appraiser, Realtor, just someone who has bought and sold their fair share of houses over the past 20 years.
I beg to differ Rob Moran. As a REALTOR, I’ve had a zillion Zillow followers think they are so well informed because they got it from Zillow. I hate Zillow with a passion but that is where uninformed homebuyers start most of the time these days. They should be held accountable for putting themselves out there as professionals while spitting out damaging garbage that the average new homebuyer believes hook, line and sinker.
I agree. Zillow is a mess. I bought a new construction home for $750,000. It appraised for $800,000 and my Zestimate is $543,000 and they continue to keep the value low even though I told them I had an appraisal for $800k. Property values in the Boston area have done nothing but go up since I bought. I tell my borrowers that it is not accurate.
I have had Zillow list a home in the wrong city with a very low zestimate and absolutely refuse to correct either. They had data for the what the home sold for previously and STILL estimated the home as much lower. Their information does not take into account that not all states tax properties at 100% of their value. The state I am in taxes at about .60 of the properties value.
I have had zillow list my properties in the wrong city and give low zestimates of value even when they have previous information from property taxes. They do not account for different states evaluating taxes at different property values. My MLS system had to go over their contacts head to a manager to get the above items fixed. I agree with Ms. Mceuen. Buyers look at Zillow first and then consider themselves experts on the values of properties not realizing they are wrong. I was wondering why zillow had not been sued more often for this issue.
Had a home on a lake 5000 square foot full walkout basemnt swimming pool etc. Ziollow was SO FAR OFF AND COMPARED HOME TO NON WATERFROT HOMES WITH HIGH TENSION WIRES. YEAH BRIAN BRILLIANT. I WOULD LOVE TO START A CLASS ACTION AND JUMP ON BANDWAGON. I COMPLAINED AN ONLY AFTER WE WERE REPEATEDLY TOLD THAT ZILLOW PROMPTED THESE LOW BALL OFFERS WAS IT FOUR MONTHS LATER THEY RAISED THE ZESTIMATE UP 40 K . BUT ONLY AFTER WE LOST TENS OF THOUSANDS FOR IMPROPER INFORMATION AND COMPARISONS THAT DID GIVE THE PUBLIC THE APPEAARANCE THAT THE VALUES WERE FAR LESS FOR A HOME WORTH FAR MORE.
Zillow’s employees are not trained to understand, condition, location, location, recent expensive updates, move in condition etc. etc. they are just a number company and copy our language. YES, they advertise many many houses in the wrong town, wrong location, wrong numbers. Do not open their emails maybe they will eventually go away. I advise REALTOR.com
if buyers decide to become their own pricing agents.
Re the new Zillow website RealEstate.com – what makes anyone believe the “estimates” on RealEstate.com will be any more accurate than Zestimates are ? Unfortunately the general public believes what Zillow “feeds” them. I have had clients say, ” They wouldn’t let them publish that information if it wasn’t true, would they” – Who ever “they” and “them ” are.
Zillow needs to be sued and pay a hefty penalty. I am a mortgage broker. A few years ago I had a client buy a house on the water in NJ for 1 million. He proceeded to tear down the house and build new on the site. Upon completion the property appraised for 4.2 million. 2 years later zillow still had the torn down house picture and a price tag of 925,000 on its website. I am sure this is not the only one that is messed up with zillow.
Really, Zillow needs to have a policy to remove listing that have sold or rented and also take some of the real estate industries advice. I just tell my clients it is a marketing company and just publishes information and it is usually all wrong. Garbage in and no garbage out. It is rude and unprofessional.
When my clients bring up Zillow, I just send them the Zestimate for Spencer Rascoff’s house in Washington state. The President/CEO of Zillow sold his house last year for around 3/4 million less than the Zestimate at the time. Seems to make the point very well.