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How can it be possible that homes are dropping 25-69% in 30 days, so states zillow? They are the worst site

Asked by Voices Member, Sun Mar 30, 2008

out there for home valuations. Can anything be done about them and their mis leading tactics? I am currently a seller/buyer and thanks to zillow will be owed money from my county accessor.

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22
So it turned out the Zillow estimate was correct.
2 votes Thank Flag Link Thu May 21, 2009
Zillow is like throwing arrows at a dart board!
1 vote Thank Flag Link Thu May 21, 2009
You got that right. He's some sort of director...PR stinks. The problem with their reply regarding public records is they know they are wrong but take the crap shot anyway. Like throwing darts.
Guess this is the standard practice for zillow. I am going to continue my little campaign just because of their attitude.
I wish this site could be exposed to the public for what it is and how they do business.
I'll keep this site posted of my escapades.
1 vote Thank Flag Link Mon Mar 31, 2008
My house in listed with Windermere in Silverdale, MLS#28008113. The listing agent has since left and it's the officer manager/broker who is handling it now. He beleives we are in a good range for the home.
I have come to realize that Zillow is not credible. I filed a complaint with the BBB, actually had a response from them. The respondent was pretty bent out of shape. I asked for answers to my specific questions and await a reply from him. Also filed a complaint with the State Attorney Generals office. waiting on that.
I got pretty upset when I saw what they did and won't reply. In reading their posts it's very wide spread.
I do realized that a saavy buyer shouldn't take this site serious but I'm sure many do. They really upset me when the refuse to answer.
I checked 3 other sites, realtorabc, eppraisal and one other, they all have me well over my asking price, perhaps to high, but at least more consistency. I agree with home not appreciating or depreciating at the same level, Zillow does not know that and makes assumptions based on corrupt data.
I think my biggest concern is a buyer were to look at zillow and see my price versus what zillow shows and just moves on believing I am over priced. I have no way of knowing if a buyer is passing me by.
Your reply was most welcomed. I put myself on a mission and it's hard for me to shut it down especially when stupidity comes into play..
They managed to take approx 700 sq ft away from my immediate neighbors home...
Zillow is a terrible site and should be exposed for being such. Another scam for the public in an already bad housing market. I had a realtor from the east coast email me and she believes that zillow is working with someone to crash the market. No proof of course.
Again, thank you for your honest reply.
1 vote Thank Flag Link Mon Mar 31, 2008
Sheryl,
I have seen the same thing. Zillow only states their information on the listings they have on their site. So it is obviously skewed. I remember when they first came out but they have really fallen by the wayside to date from what I can tell. I know in this area many more agents use Trulia rather then Zillow. So do like I do ignore them. By the way how did Zillow cause a difference in the county's valuation of your home?

Larry Story
Coldwell Banker Triad
1 vote Thank Flag Link Sun Mar 30, 2008
I personally like Zillow quite a bit - I think they have some really amazing tools, but I would never rely on the Zestimate at all. You are right - the only way to know what is going on locally is to get a professional to come in for free and give you a market analysis.

Sorry you have had such a tough time with it:(
Web Reference: http://www.cooperjacobs.com
0 votes Thank Flag Link Fri May 22, 2009
Arnold:

Or pin the tail on the donkey!
0 votes Thank Flag Link Thu May 21, 2009
Hi, Sheryl,

Your opinion is correct!! It's too bad you got caught up in their program. Obviously, you suffered a lot of unnecesary stress by even paying attention to their website.

Glad you're able to move on.
All the best,
Jean Bradford
Associate Broker, ABRmGRI,CRS,CRB
John L. Scott, Silverdale
0 votes Thank Flag Link Thu May 21, 2009
As it turned out is sold 20k over Zillows median price...
Zillow was crashing the price on my home daily....much faster then the averages for the area.
Perhaps it was because there were no sales in the area for a long time, it was a remote area and no two houses/properties were the same that they just couldn't get it right.
Zillow has no business estimating homes in my opinion. They do not know area conditions or the condition of homes especially in homes that are not in a traditional neighborhood. They take a 'boxed' set of numbers and throw it out there...not good.
Just my opinion....
0 votes Thank Flag Link Thu May 21, 2009
As I said, price trumps all.

The picky buyer from last year was ready to buy, but wasn't ready to buy your house at the price you had on it.

And as much as I try, sometimes another poster answers an old question and I don't check the dates.
0 votes Thank Flag Link Thu May 21, 2009
Well I just want to update everyone..Seems I am getting answers to last years issues. JR those buyer that had their son go through the house were prepared to buy because a Rock Quarry company bought their house. They moved on thank goodness.
The Update is we did sell the house in Feb of 09. We re-listed it in January with a 63k reduction from the original asking price. We also took in the shorts with fees, about 31k....The buyers offered full price but we paid their closing costs. The day before close, our belongings packed for the movers, at 5:10 pm got a call that the loan fell through. Lucky for us 'their' Realtor was able to point them to another lender that approved the loan in 5 days...it was so, so stressful.
As it turned out it was a loss for us but we were thrilled to be able to move on.
Thank you all who replied. It's over!!!!!!
0 votes Thank Flag Link Thu May 21, 2009
Sheryl: In our case we are retired and own the home. What we get out of this one buys our next one which will be in Vancouver, Wa where we want to go. We don't have to move but would like to. I just don't see any activity going on to indicate that unless you want to give a home away you can sell it.

JR: Hi Sheryl, I hope you don't mind my feedback. Respectfully, I have to comment that I hear the previous 3 comments all the time. I can assure you no one has ever given their home away, unless it was a gift they gave someone, although many people feel like are. Although what you get out of this one buyer the next one, what the next one costs is irrelevant. Today your house is worth what a buyer is willing to pay for it. You may remember when you house was "worth" much more, but you may be lamenting equity that was never in your possession. I remember when my stock were worth a LOT more than they are today, but I will not be able to make a profit on any of them right now. Do I have to sell them? Thankfully, no. If I HAD to sell them I could only get what the stock was trading at. My listing presentations are 90% educational. Until the seller understands exactly where the market is, we don't talk about what price we should put on the house. Once we get to the pricing part, he seller knows where they have to price to sell, or knows they will have to call a realtor who will is either ignorant and doesn't know the market or will lie to them and put an inflated price on the house. Those 3 comments usually signal to me I have an unmotivated seller who will not price correctly no matter what data I show them.

Sheryl: I see homes all over with 'new price' and still sit there. So that indicates to me as a seller I won't be moving anytime soon, lol. We are up at WIldcat Lake a little further west of Kitsap Lake. Very nice area, less dense, quiet, safe just a few bears and critters.We did have an interested buyer, we had them crawling all over our home with their contractor son and each time for several hours. They pulled the septic report, talked to my neighbors and said the wished they could buy this without a realtor involved, they asked for copies of our power bills, etc.

JR: Just as there are unmotivated sellers, there are unmotivated buyers. If your home is listed with a realtor there is no reason to have a buyer crawling over your house with a contractor son for several hours more than once. Just the comment "they wished they could buy without a realtor" give me the creeps. How honest is a buyer who wants to scriw someone? You want to deal with someone like that without representation? What do you think they wanted to do to you with all that crawling around and pulling septic reports? They want to find something wrong with your house so they can cut the price further. The sons negativity was also an indication of that. What were you doing hearing this, were you in the house? You should never be in the house when it is shown. Their "buying without a realtor" comment also tells me they can't afford the house without a price reduction. Unfortunately "buyers" like this are all over, especially in second home area, which it sounds like you are in. These are the least motivated buyers because they already live somewhere and don't have to buy.
0 votes Thank Flag Link Thu May 21, 2009
The reality is that you can make numbers say anything you want them to.......our best advice is regardless of the source, it is most beneficial to varify as much information as possible.

Mistakes happen...it's when they become routine and accepted that most people take exception. Unfortunately, there is an unpleasant theme that keeps repeating itself here....

Your point is one well taken.
0 votes Thank Flag Link Wed May 20, 2009
Hi, Sheryl,

Please don't rely on Zillow or any other "e-information" on home values. The only way a Realtor can give you a knowledgable valuation on your home is to physically examine the home and pull up copies of "Active, Pending, Expired, and Sold" listings with similar locations, prices and features. An appraiser uses this same system, plus anything on county records, as needed.

Our company has graphs each month of all areas called, "Trendgraphix" that shows the average and median prices of all categories. I hope all these comments relieves your worries about Zillow...it's irrelevant!

If you don't already have a Realtor, I'd be happy to meet with you.

Thanks,
Jean Bradford
Associate Broker, ABR,GRI,CRS,CRB
John L. Scott, Silverdale
360-620-4774
0 votes Thank Flag Link Wed May 20, 2009
Hi Brenda, good info. I use to get your market trends via email but they stopped sometime at the end of last year. Our CMA shows us at a good price for now. Our problem is as many others, we need to sell to purchase. In our case we are retired and own the home. What we get out of this one buys our next one which will be in Vancouver, Wa where we want to go. We don't have to move but would like to. I just don't see any activity going on to indicate that unless you want to give a home away you can sell it. I see homes all over with 'new price' and still sit there. So that indicates to me as a seller I won't be moving anytime soon, lol.
We are up at WIldcat Lake a little further west of Kitsap Lake. Very nice area, less dense, quiet, safe just a few bears and critters.
We did have an interested buyer, we had them crawling all over our home with their contractor son and each time for several hours. They pulled the septic report, talked to my neighbors and said the wished they could buy this without a realtor involved, they asked for copies of our power bills, etc. The first trip over here with their son found flaw with the roof. We know it was a problem but wanted to negociate it so someone could pick what they wanted in style and color. There son told them that the wood used up there had been recalled in 1991, freaked them out. Once we were made aware of this we took action to get it fixed. We in turn put a 50 year metal roof, replaced all damaged wood, lots venting, etc. They came back with their son again, then it was the age of the heat pump, the roof was a barn roof, on and on. They are now gone. We bent over backwards and lost them anyway due to their sons negativity about everythng. We have put lots of money in this house, when do you say enough! So I fear is the next interested party is going to want more. It has the appearance that people want a brand new home in a resale..Yes there are alot of brand new homes cheaper then mine but you get a postage stamp to live on. Those people were looking for everythng we have to offer, but more...
Anyway, thanks for your insight.
0 votes Thank Flag Link Tue Apr 1, 2008
Sheryl,

Zillow has lots of data, which in many cases has been useful for home buyers and sellers - in your case you can see that the data don't always add up to an accurate picture. Median prices don't necessarily show that the price a given home has changed, but rather that the price range where homes are selling has changed. In our market now the interest rate for jumbo loans is about 1.5% higher than the interest rate for conventional conforming loans, so homes in the lower price ranges have been selling disproportionately more than they were last year. Also there are fewer buyers and their expectations have changed. With falling prices buyers are looking for the best deal they can get to minimize their chance of future loss, so for any given set of comparable homes, yours needs to be priced lower than the competion to sell. Here is a summary of the current Bremerton market as of the end of February.

Statistics we refer to are for that part of Bremerton encompassing the downtown core and west to Kitsap Lake. The market for other parts of Bremerton and its suburbs should have approximately similar trends. Homes in Bremerton were selling for a YTD median price of about $180,000 at the end of February, about 13% lower than a year ago. The February median price for closed sales was about the same as the median for last month. Kitsap County median prices have fallen 6% over the past year. The YTD number of closed sales is down 7% from a year ago (compared to a Countywide drop of 19%), and the YTD number of pending sales is down 37% from last year. The number of active listings (242) is up 49% from a year ago. The listing inventory has 8.5% since January. The inventory turnover (total homes on the market divided by number sold last month) is 5.8 months. Much better than average for Kitsap County!

If you're interested in keeping up with our market and the market trends, see the market conditions section of our web site, which is updated several times each month. I'll post a link below.

Brenda Prowse
0 votes Thank Flag Link Tue Apr 1, 2008
Zillow's representatives, David Gibbons included, are very short and arrogant with their answers. Their normal reply is something like "we are using public records and have no obligation to homeowners at all". They are right, but they can't hope to remain successful by angering home owners. These same homeowners tell everybody they know about how bad the site is, reducing the chances that any of these people will rely on Zillow when they go to buy a home.

Zillow is used for entertainment, nothing more.
0 votes Thank Flag Link Mon Mar 31, 2008
I asked the respondent from Zillow, David Gibbons for a disclaimer as the first page on zillow before being able to view their numbers. Told him that most people do not read a disclaimer if they have to look for one.
He asked that the BBB do a better job in screening irraational complaints....I told him It is not their job to screen a complaint that a business deems irrational, annoying or uncomfortable. They are a place for mediation and do a great service for the consumer. See how he likes that answer.
Zillow can only become it's own worst enemy with the attitudes they have and the sloppy stuff they throw out to the public.
Thanks for all you responses. It's nice to know that there are people in this upside world that take the time to respond to others problems.
0 votes Thank Flag Link Mon Mar 31, 2008
Shesh - somebody should send the "real estate values never go down" memo to Zillow! Are those guys asleep at the wheel or what?
0 votes Thank Flag Link Mon Mar 31, 2008
Zillow is good for entertainment value. That is all. Sometimes it's entertainment as in horror show, like you found out, but you're right. They're the worst site for home valuations.
0 votes Thank Flag Link Mon Mar 31, 2008
Zillow is not reliable information. Don't pay any attention to them! Just don't!

A ready, willing, and able Buyer will be more educated than to believe the Zillow information. They will be working with an agent who is showing them comps. They will be out looking at homes and prices during their search. So please don't worry about the Zillow "zap!"

Homes don't appreciate or depreciate at the same rate equally, because they aren't lived in equally. A gently lived in, update home will depreciate less than a hard used, damaged home.

Zillow has no way to calculate this. That is why agent's have a job.

What does your agent say about this? Are you a FSBO?

Best wishes, and let me know it this helps!
0 votes Thank Flag Link Mon Mar 31, 2008
Zillow has my home zestimate at $254,575-326,455 with $299,500 being the mid range.
The new assessment we received mid last year is $297,060.
My home is for sale at $3499500.00. In zillows chart area when I select the annualized button it shows my property down 48% in the last 30 days. I got on their zestimate discussions and found out they have done this to many people, they admit to bad info, etc. What I am upset about is a buyer looking at this thinking we are way over priced and just move on. Their numbers don't represent anything close to reality.
I fully understand that the market is going down, I can live with that but shouldn't it be that the houses would come down equally unless there is a change to one? They say Bremerton is down 1.1% I believe so I should see something closer to that I would expect. Since last August zillow has devalued it approx 150k. I wasn't watching them that closely but since listing it it's been awful.
I have no use for zillow any longer but there are alot of people that think zillow is the gospel. I read it everyday on their discussions, from your everyday casual user to brokers promoting this site. It scares me

Anyway, hope your not sorry you asked!
Sheryl
I have been on their site raising a big stink. I have filed complaints, etc.
0 votes Thank Flag Link Sun Mar 30, 2008
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