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Zillow has 250 telemarketers and 5 programmers - what does that tell you about the quality of the zestimates. They are lousy at managing the integrity of the complex data feeds from 3rd parties so what you get from their algorithm is garbage. What's even more amazing the homeowner has NO right of appeal no matter how inaccurate the zestimate is. It behaves like some arab dictatorship the way it imposes it's unwanted erroneous valuations on peoples homes the way it does It's time for a Zillow Spring.
Yeah it doesn't account for the $3000 fence, the $3000 county water hookup, the interior renovations, the garage and the great condition of the house in comparison to neighboring houses. Its a crock. The best thing is an estimate from a licensed appraiser.
The only thing it does have right is rent zestimates. I have mine priced $25 less then the zestimate. Neato that it picked up my ad from renters.com though, just found it advertised as for rent on zillow.
Looking at several houses I used to own I was amazed when they had grown bedrooms, baths and square footage. They look the same as they did when I owned them.
I always say that Zillow doesn't know if your house is full of mold or full of gold. It's the same zestimate either way.
And the majority of homes are neither, which typically puts zillow in the ballpark. I find it to be fairly accurate in my neck of the woods, especially on the sales prices on recent sales.
It's the Zestimate Accuracy and Data Coverage chart!
By their own admission Zillow is 20% off more than 13% of the time in the Boston area despite having 1.4M homes on their database. With the high price of housing in the Boston area being 20% off on the value of a home is extremely significant. It's not a difference of 1,000's but rather 10's of 1,000's or 100's of 1,000's. They're only within 5% of the market value of a house 44% of the time in the Boston area. The Zestimate is totally useless around here.
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It's time for a Zillow Spring.
