Zillow's NEGATIVE Equity Map Revealed & Discussed.

I used to say the "Z" word, but no longer. 

Absolutely love Carla's response!!!!

I love to use Zillow in my listing presentations to show how badly people need my help. .all I have to do is show them a Zilow estimate of a local neighborhood where they show an equity gain of 30% IN ONE SINGLE MONTH! . .unZelievable 

Typical.  Same old same old from Zolliw, Trulia, Redspin and all the others out there.

Greg this is SO stupid & lame - where aren't houses under water in the U.S.?  They are using curiosity, worry & who knows what else to draw a person in to see that just about the entire U.S. is covered in red. 

Glad you pointed out the About Zestimate at the bottom of the page that shows the degree of accuracy. Personally, I love the Zestimate, it is just that you have to have scripts to turn it into your advantage and it allows us to show our excpertise. I would also add as someone who goes after expired listings that REALTORS® too often are like the Zestimate when the price homes that stay on the market for 6 months or more at 20% inflated prices with no price reductions. He who is without sin as they say, so in a way this is great for you in Houston.

I've never felt very "zesty" about their zestimates.  I prefer to determine value the old fashioned way: use recent comparable sales.  I've found that to be a safe way to advise my clients. 

Say what you want about their zestimates and how unreliable their home values are, I was listening to the car radio when the anchor reported how many people were underwater throughout the US according to Zillow. So you can be that far off in what your company reports and yet the media relays your reports as truth. 

I find Zillow's Zestimates to be very frustrating. I suppose in an area where all homes are exactly equal - all have the same view or same lot size or same everything it works. I always have to spend time explaining to seller and buyers that their numbers are simply taken from tax rolls or recent closings of like and unlike properties. Espeically in a place like Park City, we have so many micro areas within a similar area that they use multi million dollar neighborhoods to comp $300k neighborhoods!

That was fun to look at, but I seriously doubt its accuracy as well.

Thanks for sharing this.  Zestimates confuse the consumers - I honestly wish they would stop using them but I don't think that will ever happen.

Zillow is nothing more than a tool for consumers to use, however, it depends on how or what you use the tool for, don't you?

Now, you can buy a screwdriver for a couple of dollars or spend over $20 for the same type of screwdriver but will the $2 screwdriver work effectively, better or as good as the $20 screwdriver? Do professional mechanics buy low quality tools or the highest quality tools?

Many consumers don't use tools, they hire people to perform the service they want or need, so is the Zillow consumer likely to hire a professional, I think not and based upon your research with this post, who would use Zillow to secure accurate information, certainly not serious buyers, don't you agree?

Dear Greg,

Some consumers come to me with Zillow info and ask, if it is correct. I would say, that if you are headed north, you would not end up south, following their data, but you might end up east or west.

In a word, I think Zillow stinks!  It's fine if you want to see what area comps sold for but forget it when it comes to determining market value

Hi greg,

Zillow is a rule of thumb measurement, not an accurate measurement.

Consumers know what their zestimate says, so we have to know as well. That is where the usefulness ends.

Phil

Hi Greg,  I usually tell my clients that Zillow is a joke in most agents opinion.  Real Estate is local!

Zillow is laughable in California. Anyone who reliies on anything they have to say is one can short of a 6 pack.

Zillow just shows the importance of using real people to make decisions. However, I think some Banks are making decisions based on Zillow!  I find it tragic/funny.

When sellers tell me they referenced Zillow I tell them to google the accuracy of Zillow. This way they get many opinions and not just mine. Then I show them actual comps that invariably are confirm the sellers latent disbelief in the zestimate. Zillow makes me look good.

Zillow is awash in misinformation and their Zestimate's are well known to be well off the mark in many areas.  However, consumers love the Zestimate because I think they trust the site more than agents.  I think agents tend to fight the issue of trust and our information, while more accurate, is viewed as self-serving.

That said, if Zillow themselves says their information is low quality, perhaps more of that will sink into the heads of consumers so they can see our figures as more accurate and trustworthy.