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More Towson Zestimates are Off -- one by more than $1.5 MILLION!
I realize I have written a lot about the Towson Zestimates and how much they have been off in my area.
It is not that I mean to harp, but as most of my family & friends know, I am an expert when it comes to house values in Towson.
Enter this weekend, with cookouts and family time galore. As usual, the discussion goes to real estate.
"I was passing this on the way to your house - how much is it on for?"
Of course, I am ready with that information:
"$2,495,000."
"How about the small one near Charles Street?" "$615,000."
(I know my area!)
"So, Marney, what is this Zillow Zestimates thing you have blogged about?"
Well, here's the PERFECT example as to the difference between TRUE VALUE and ZESTIMATES.
List price: $2,495,000. Zestimate: $971,000. Off by over $1.5 MILLION!!!!
List price: $615,000. Zestimate: $489,000. (only off by about $126,000).
See the problem????
How can this be rectified? I realize there are disclaimers all over the Zillow site. But shouldn't a product designed to help the public determine a value be at least CLOSE to correct?!
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