According to Zillow

By
Real Estate Agent with Coldwell Banker RE LLC

I'm presently in the process of helping a lender sell one of their properties.  We just received a very competitive offer from a ready willing and able buyer.  In the process of explaining the details of the offer to the bank rep, he proceeded to use three words that rip through my brain worse than fingernails on a chalkboard.................."According to Zillow!".  Yes, "according to Zillow this property is worth $70,000 more then this offer".  Needless to say, and as is quite ofter the case, Zillow is wrong. Now I can understand a laymen going to Zillow to get a clue about market value, but a bank rep in charge of a $500,000 asset?

It's no wonder they're in trouble...

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Rainmaker
1,560,756
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Hi Carlos . . . I posted a comment on one of my blog posts, and then saw your post.  Hmmmm. 

I wrote:  Yes, Zillow has spoken!  The issue is that they are smart techies who munched on the MLS' around the nation, crunched out our own work product, and feed it to the consumers.  It's financially impossible for Zillow, Schmillow, you name the company set up on the IDX hand over to gather the local information of the millions, upon millions of valuations that are floating around each year.  No one can hire enough staff to keep it accurate.  There are companies froathing at the mouth that would LOVE to bust up the regional MLS' so that it can be one national company, one NATIONAL MLS . . . and that boys and girl is called a MONOPOLY!  So when you look at your work product, please TRY TO UNDERSTAND how your business is working, and/or trying to work against you!  (Sorry, Lyn . . . I spewed again!)

Not ALL of my spewing can be a direct comment to your blog, but . . . ZILLOW is not the local MLS, and their valuations can NOT be accurate.  They don't have the staff to update the records.  PERIOD!!  When people chant real estate is "LOCAL, LOCAL, LOCAL" this is why!! 

Call the guy a "SCROOGE" and them dump some coal in his stocking -- HO HO HO

Dec 22, 2009 06:03 AM #1
Rainmaker
116,152
Pam Simpson
Bob Leigh & Assoc., LLC - Senatobia, MS
GRI, Broker-Assoc.

Carlos-that's sad, but I am not surprised.  Hopefully you educated on them on the accuracy of "zestimates".

Dec 22, 2009 06:04 AM #2
Rainmaker
571,818
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Carlos,  I'm surprised anyone remotely connected to the market would make that mistake !  Perhaps a chat with someone higher up ?   Hope your Holiday Season is the best ever !

Dec 22, 2009 06:09 AM #3
Rainmaker
508,195
Dan Tabit
Keller Williams Bellevue - Sammamish, WA

Hi Carlos, I tell consumers Zillow is close 1/3 of the time, 1/3 they are high and 1/3 they are low.  If this guy knew much about Zillow he could look to the bottom of the page where they even indicate to what degree of accuracy they are in the zip code.  It's not uncommon for their calculations to be 8-10 percent off on average, if the home is not a tract house built by a major builder with no glaring deficiencies.  I guess we need to educate buyers, sellers and banks.

Dec 22, 2009 06:56 AM #4
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Rainer
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Carlos Lobato

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