Complaint Review: Zillow -
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- Author Confirmed
- Zillow United States
- Phone:
- Web: https://www.zillow.com/?utm_source=...
- Category: Real Estate Services
Zillow My zestimate dropped 80,000 in one month
*Consumer Comment: Zestimate's are one of the many AVM's and not known to be accurate
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We sought to sell our house approximately 1 year ago. Our town is growing at a rapid pace, and property inside the city limits is highly desired. We offered our home at 215,000. The real estate agent seemed to think we should be able to sell somewhere around that price. After we had no offers, we decided to do some updating.
We installed new flooring and carpet in some areas of our house. We realize our home is an older one, but many older homes were selling for 200 to 300 thousand. We then decided to try selling again on our own. I was flabbergasted when I looked at Zillow and saw that our home value had dropped by 80,000 in one month!
It continued to drop until it reached around 110,000. I emailed Zillow, trying to get an explanation for such a huge drop.I have the emails saved on my computer. After writing to them a couple of times about please keeping an eye on this, in case someone was changing some of the info.
I have been keeping a daily record of the value changes.On September 22, 2019, the value was listed at 118,944. As of today, October 19, 2019, it has climbed up to 125,406. The value is growing at a snail's pace.
This report was posted on Ripoff Report on 10/19/2019 04:36 PM and is a permanent record located here: https://www.ripoffreport.com/report/zillow/zestimate-dropped-month-1486590. 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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#1 Consumer Comment
Zestimate's are one of the many AVM's and not known to be accurate
AUTHOR: FloridaNative - (United States)
SUBMITTED: Sunday, October 20, 2019
Zestimate's are one of many Automated Valuation Models that exist in the real estate world. Zestimate's do not take into account some very important factors: condition, view, proximity to amenties or other important locations within the community and more.
Did you know that the CEO of Zillow placed his home on the market and the zestimate was wrong by 40% (comparing sold price to zestimate)? His home sold for 40% less. If there is anyone's home that should have had a better shot at hitting the number, that home should have been it. This model is known to be inaccurate - either high or low or occassionally it hits the mark. Other AVM's have similar issues. Remember mathmatical formula's can't 'see' your home and how it relates to your market.
If you want an accurate price, hire an experienced Realtor. Interview a few and get their CMA's (free). The CMA's will show you the comparable sales used to determine your home's best price. Then you work with the agent for a pricing/selling strategy based on your actual market.
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