I no longer use the site due to these frustrations it causes me, and because the site runs a lot slower for me.
I do not believe it is possible to give an accurate price for all the homes in the US from a single service and the service works against us Realtors.
What the public doesn't comprehend is that Zillow, Trulia and other similar sites are not run by people with real estate experience, and that no one at these sites is a Realtor or needs to be, These are advertising sites and their clients aren't the public thier Realtors, Lenders and other real estate professionals and what their "selling" is exposure. I've attached a link below to an article I wrote and posted over a year ago about the "value" of online estimates that you might find interesting. You're welcome to share it if you like as long as your recognize me as the author.
It actually reveals the DECEPTION OF ZILLOW.
As Lee Ann reported: (in small print on a site link that the Zestimates can be off 10% or more)
Stated TRANSPARENTLY the small print should read, the Zestimate CAN NOT be more accurate than 10% and can be off an infinate amount.) They know folks will fixate on the 10% accuracy.
When real estate professsonal write checks to support companies that practice systemic deception of the public, they hopefully understand that mud splashes in all directions. These same agents, I would expect, have 'Too Big To Care' banks on their advertising and brokers front door.
Hmmm, do you think these same agents would also quote chapter and verse from the ethics manual?
The buyers using the site, like to use it to justify a low offer.
We have to show the actual recently sold comps and convice them of the market value.
As for sellers that you reprsent: you can go in and put the value of any of the updates the owners have done and it increases the Zestimate for that property.
Why would anyone expect supreme accuracy from a computer generated program when you could have three different professional appraisers appraise the same home and all come up with different numbers that ate tens of thousands of dollars apart?
Determining property value is not kid's play but unfortunately is often treated as such.
As long as they are getting values so wrong, I'll continue to have value because I can provide accurate information.
Perhaps you should work the dangers of automated values into your buyer or seller presentation.
What they are is the failed result of a system designed to do away with appraisers. It completely failed in that capacity and was picked up by innovative entrepreneurs with such names as Zillow, Housevalues, etc.
We are left to educate the public as to why these generalized, over simplified, entertaining computer generated guesstimates are inaccurate and not to be relied on.
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