Has Zillow determined that hosing market has peaked? Or is Zestimate algorithm screwed up? (contingent, appraisal)
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I see that Zestimates in my neighborhood slumped yesterday and one has to ask the question "has Zillow determined that prices have peaked are going down?". Or is this just another example of Zillows flawed Zestimate algorithm being screwed up and creating yet more chaos in a delicate real estate market?
Whilst the Zestimate on my home fell 3.2% I saw that a neighboring home that is listed and currently showing a contingency sale fell by 6.2% which is nonsense, and if the contingent sale falls through will no doubt cause the homeowner a serious problem if the home is re-listed and potential buyers compare listing price to the Zestimate.
Have other homeowners observed similar substantial drops in Zestimates dated November 24 ?
Never, never, never rely on a Zillow Zestimate to determine housing market values. There are many topics about this in this forum. While a small # of Zestimates are close to real world home values, a very large percentage of them are way off and should not be taken too seriously.
Zillow is worthless, they once had my house valued at $845,000, the most it was ever worth (at the peak of the boom) was around $400,000. I don't know how they place a value, but I know it's not realistic.
Zillow themselves have proudly said that they consider 50% accuracy to be good. Stop looking at them, or at least look at them with it in mind that that's what they consider to be an acceptable target.
They claim my friends just sold their house for $297,000. Huh? It wasn't on the market. And they still live there...........and if they did sell it would be for a heck of a lot more money than that.....in the $700,000 range. However, they did buy a condo for $297,000 in the same town for their elderly parents.
Where and how they got this bogus information is beyond comprehension as the condo purchase is reflected properly everywhere else.
Anyone who uses a tax assessment like an appraisal is crazy. They should never be considered anywhere near the same thing.
Exactly. Just as crazy as Zestimates. That is my point. The numbers mean nothing.
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