Report: #1292306

Complaint Review: zillow

  • Submitted: Tue, March 08, 2016
  • Updated: Tue, March 08, 2016
  • Reported By: GGrego — Peoria Arizona USA
  • zillow

    Internet
    USA

Show customers why they should trust your business over your competitors...

3-8-2016 

We live in Peoria AZ 85381 and are trying to sell our home.

I wrote Zillow to ask how they estimated our home is be lower than our neighbors' home next door that sold for $318K in October 2014, when we have more upgrades (Cherry cabinets, a larger kitchen, hardwood flooring & a larger floor plan). His lame excuse was they have no control over how the zestimates is determined. If that is the case, why are they even giving “Zestimates” on their websites.

They are comparing our home with other properties that is not in our division/ community and much older built 20-30yrs older) and therefore our home is devalued. 

Even though our Realtor says that any realtor who is experience in the industry will not refer to Zillow as their information is not accurate, one called me  yesterday morning stating they found our property for sale on Zillow. Also, Consumers and banks do review and compare pricing with their Zestimates when considering making an offer or giving out loans. So don’t tell me Zillow has no control over the matter.

A class action should be formed against Zillow as they are reporting incorrect information such as property tax, HOA fee, estimating values of home where they have no business doing so. This hurts homeowners financially when trying to sell.

Another house down the street (5mins walk from us) in our community with same floor plan and sq. foot sold at $345K July 10th, 2015 , therefore we priced our house for sale at $345K (apart from Trulia’s estimate too) but Zillow says they estimate our home value to be $318K. (same as our neighbors' home next door that sold 2 yrs ago -Oct 2014 with no upgrades) Seriously?

We can't sell our house because of their “Zestimate”. Zillow obviously is ignorant to the fact that we’re not in a recession and AZ housing has improved a lot in the past 3 years. Why are they devaluing our home and getting away with it and not getting their facts straight.

1.         JAN 5TH 2016,   Zestimate® was : $329,677 ( I saved the email)

2.         March 8th 2016  Zestimate is $318,077

3.         We think it should be $345K  ( $125/ sf) . Other homes in the valley have been selling in that price per square foot. Some are even selling at $136/ sf)

We have not had a sale in our neighborhood for past 8 months, therefore Zillow is doing comparables with properties outside our vicinity which is a much older neighborhood built in 80’s and 90’s. Our home was built in 2004.

Zillow needs remove "ZESTIMATES from their websites" and to be held accountable for their inaccurate calculation and leave estimates of Real Estate values to the experts based on appraisals and comps. We shouldn't be losing so much value because Zillow is playing the role of an appraiser when they are not licensed to be one; not doing their homework and their Software algorithm is producing incorrect info.

Feb 17, 2015 –Zillow bought out Trulia and now we’re really screwed because Trulia’s previous estimate on our property was $345K. Trulia’s website is no longer up to show proof.

I wish a class action is put in motion to make Zillow accountable for their actions. Everyone who is reading this, please join forces and take action. Let’s speak up in one voice! Thanks!

 

 

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This report was posted on Ripoff Report on 03/08/2016 05:57 AM and is a permanent record located here: http://www.ripoffreport.com/reports/zillow/internet/zillow-incorrect-zestimates-is-affecting-my-house-value-seattle-wa-98101-internet-1292306. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
2Author
2Consumer
0Employee/Owner

#1 Author of original report

Homeowners - opt out of unwanted "Zestimates"

AUTHOR: - ()

>>> 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!!

 

 

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#2 Author of original report

Zillow devalued my home again, Peoria AZ in 2 days

AUTHOR: - ()

>>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.

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#3 Consumer Comment

Time Zillow was regulated to Protect Homeowners from Inaccurate Zestimateshttp://www.city-data.com/forum/real-estate/2457302-how-embarrassing-zillow-ceo-he-struggling-2.html

AUTHOR: Surbiton - (Afghanistan)

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

 

 

 

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#4 Consumer Comment

Zestimates are not accurate

AUTHOR: FloridaNative - (USA)

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. 

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