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National Real Estate Averages From Zillow Are Not Local Market Comparables

By
Real Estate Broker/Owner with Realty Works Temecula BRE No: 01233850

The media is at it again, spilling it's guts about the new National Averages that Zillow came up with, stating that the Real Estate Market is going down even further.

Being from California, and seeing our market go through through it's ups and downs, and knowing that some of the rest of the Nation didn't have it's double dip yet, Zillow's statistics may be showing that they are having it now.

Prices are still low here...

but we are showing appreciation in many Cities in Southern California.  

Just last week there were multiple offers on several homes that I had offers in
on for my buyer clients.  We all know that statistics can only be taken seriously if they are local statistics when it comes to finding out the value of a property.

It's amazing to me that the famous, "Zestimate", has gained such a huge popularity even though Zillow states right in it's disclaimer that it is not accurate due to the many places that Zillow gets it's figures:  Such as, but not limited to FREE information from the Country Recorder's Offices across the Nation. When recordings such as Trustee's Deeds, Mechanic's Liens, Quitclaim Deeds, show
up as recorded sales and they do, it skews the data.

~~~

No Entity can join every Multiple Listing Service to show exact information across the Nation.  Pulling data from several sources creates a melting pot that can only be averaged. 

~~~


How ironic that I received a phone call this morning from Zillow asking me to support their advertising and "claim an area"...that "they had a few zip codes left".  

I didn't take the call but if they call me back, I think I will say....but the market it in the toilet, according to yours truly...so why advertise with Zillow??? 

 

 

Earlier Posts About This Topic:

Do Public Search Sites Have Accurate Sold Comparables

Is a Zestimate an Appriasal?

 

 

 

Contact me via the methods below for information about living and playing in Southwest Riverside County, California!

 

Jane Grant Southwest Real Estate Telephone: 866 621-0155

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SEE MORE OF MY RECENT POSTS!

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Broker of Record- DRE 01109492
Southwest Real Estate, Inc. 
Telephone: 866 621-0155

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Comments (8)

Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Good post!    You said it all, and very well, indeed.

May 09, 2011 09:34 AM
Rob Thomas
Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954 - Bristol, TN
Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro

Jane....I'm not a big fan of Zestimate.......great post and nice job!
Hope you had a great day!!---Rob

May 09, 2011 12:57 PM
Barb Szabo, CRS
RE/MAX Above & Beyond - Cleveland, OH
E-pro Realtor, Cleveland Ohio Homes

Excellent post Jane! One of my colleagues and was presented with the "but Zillow says our home is worth $$$". So frustrating after a well researched, well presented market analysis.

May 09, 2011 02:08 PM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Jane, I think the Zestimate is a joke. I get frequent calls from Zillow sales. I finally had to ask them to stop calling. I will not pay for advertising. Never have … doubtful that I ever will. I can blog for pennies! Great post!

May 09, 2011 03:46 PM
Brian Doubleday
Brian Doubleday - IML RealEstate - Orange County, CA Broker - Ladera Ranch, CA
Ladera Ranch, Foothill Ranch, Lake Forest, Mission Viejo

Jane, zillow is defintely a mixed blessing, I would have hoped that they would have improved, but they have only gotten worse

May 09, 2011 08:03 PM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.

Jane - Often the first "counter" I must deal with is Zillow's Zestimate.  The prospective seller or buyer will say, "But Zillow says it worth...."

May 10, 2011 05:40 AM
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

I also got a call from Zillow wanting me to claim a territory, but the territory they wanted me to claim was 30 miles from me!

May 10, 2011 03:09 PM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

It is amazing how inacurate that site is! An appraiser told me the other day there are now some banks using it as an evaluation tool - what a scary thought!!

May 10, 2011 11:53 PM