Just Because Zillow Said So

Doesn’t Mean It’s Right

I’m constantly having to tell sellers that Zillow is wrong.  What happened to not believing everything you read on the internet?

Last week I had to convince a home seller that their house wasn’t worth $2 million.  Why 2 million?  Because Zillow said so.

Teresa Explains

“Zillow makes no claim that the home prices they list are accurate.  In fact they call them Zestimates and they state that they use a proprietary formula and that the number is not an accurate home valuation.  Proprietary  means secret and  they don’t show their math and could be using a dart board.”

Yosemite Sam

As much as I jump up and down people still believe Zillow.

Well on April 5th the State of Colorado got a little surprise when Forbes ranked Denver as the second-worst home sales market in the country.  And where did they get the data to support this claim?  Zillow.

The Wheels on the Bus Go Round and Round

Zillow gets thrown under by Forbes and will no longer be used.  The article’s been pulled by Forbes.

Bottom Line on Zillow

They’re talking about inventory numbers.  I’m talking about prices.  Why doesn’t it work?  It’s done by computers.  The computer doesn’t discern that the house next door is a crack house; that one house has been updated by Uncle Fred on the side while the other was done professionally and thoroughly. The computer doesn’t know there’s a dog next door that barks and scares the buyers away.  It doesn’t know the house smells like old socks.

Each property has to be evaluated by a human.  Buyers buy on emotion.  Home sellers need to capture that emotion.  That’s why we use stagers and bake cookies.

Thinking about selling?
text me ~ email me ~ call me
I’m here to help.

Vicki Moore, Realtor
DRE 01234539
Alain Pinel Realtors

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Vicki Moore About Vicki Moore

Office:
RE/MAX Star Properties
282 Redwood Shores Parkway
Redwood Shores, CA 94065

By Phone:
650.888.9268

Comments

  1. Sara Bonert says:

    Hey Sara from Zillow here. You are right that people love to use Zillow and you are right that they should just be used as a starting point, and that a real estate professional is going to give you much more customized information.

    What may have you in dealing with people who say “but Zillow says…” is the accuracy chart we publish to the site. Here is a link to info for counties in CA: http://activerain.com/blogsview/1527870/raincamp-los-angeles-may-15th-we-ll-see-you-there- You’ll see here that in San Mateo County our median err rate is 13.1%. We get this number by calculating the difference between sold prices (when we get them) and the Zestimates. This is a great tool for agents to help people understand what the Zestimate actually represents, using data.

    With regards to the Denver statement in your post. I highly encourage you to read this article about the Forbes situation. That list not generated by Zillow, nor we were consulted in its creation. This article explains: http://www.indenvertimes.com/forbes-gate-continues-with-removal-of-denver-articles/.

  2. admin says:

    Thanks Sara. I will definitely check out the chart and read the article you suggested. I really appreciate your input.

    Vicki

  3. admin says:

    I would imagine a lot of companies get sued for a lot of things but here’s one against Zillow: http://lansner.freedomblogging.com/2010/05/04/first-american-sues-zillow/64541/

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