There seems to be a lot of Zestimate bashing going on for some reason. A plus or minus 8% valuation of an average American's most valuable asset seems to be fair in this age of information. For the purpose of this example we'll say for instance that the typical home in the U.S. sells for $250,000 and using this guide we can expect that any offer between $230,000 and $270,000 is an acceptable deviation in value. To a Buyer the former value is appropriate while a Seller sees only the latter. Herein is the difference between the realities of acceptable and reasonable. Finding a middle ground is our task!
There will always the temptation to push boundaries and get the best possible price for our customers despite which side of the fence they're on. We are hired to combat the values and walk away with a signed contract which both parties can agree. If our information pool is contaminated we need to remediate the source. When the infection is terminal it must be removed completely before we proceed. Incorrect information is the bane of our success and without correctness we are useless. There is no secret formula or macro that exists to which Real Estate valuation applies and the faster that knowledge is absorbed by consumer the less intrusive automatic valuation methods will become.
It's not Just My Imagination!
NOTE: There are 2 properties shown at $5,280,000, they are both the same listing. One zestimate is for $6,470,000 while the other is $1,721,000. They represent the highest overstated value of 123% and the second lowest understated value at 33%. It's no wonder the public gets confused, it's difficult enough for us to keep it straight.