Real Estate Articles Worth Reading
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Real Estate Articles Worth Reading for Real Estate. See real estate articles worth reading about buying and selling a home from many sources from around the internet including the blog.
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Never Trust a Zillow Home Value

Never Trust a Zillow Home Value | Real Estate Articles Worth Reading |
Never Trust a Zillow Real Estate Value
Bill Gassett's insight:

If you are going to be buying or selling a home it is quite likely you have used the home search site called Zillow. Zillow in fact is an excellent site for searching for properties for sale in your desired area.


They offer great information that is hard to find elsewhere. While there is usually good and bad with many online sites, Zillow is especially bad when it comes to their online evaluation tool.


Zillow calls this their Zestimate of value. People are constantly asking how accurate are Zillow estimates. The answer is putrid. They do an absolutely horrible job at evaluating property values.


This should not come as a shocker as it is just an algorithm. Zillow doesn't know if you just dumped $50,000 into home renovations. They don't know if you just added a gorgeous swimming pool or tons of landscaping.


When it comes to the details about your home or at least the ones that matter, they know very little.


What Zillow does is confuse the public with their inaccurate valuations.


Unfortunately, lots of people have no idea the information is downright horrible when it comes to evaluating market value.


Do yourself a favor and never trust a Zillow Zestimate. If you want to know the value of your home call a local real estate appraiser or real estate agent who know the market like the back of their hand.


When you do something else you are asking for trouble!

Rick Nayar's curator insight, July 17, 2017 11:28 AM

Good read for those trusting Zillow.

Bill Gassett's comment, July 17, 2017 11:34 AM
Thanks for the scoop @Rick Nayar!
Rick Nayar's comment, July 17, 2017 1:11 PM
Your Welcome @Bill Gassett Great post!
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Why Zillow Estimates Are Not Accurate | Listly List

Why Zillow estimates are not accurate and create confusion with both buyers and sellers of real estate. | Are Zillows Home Value Estimates Accurate, Zillows Home Value Estimates ("Zestimates"), Accurate or Not?, Are Zillow's Las Vegas Home Values Accurate?, and So, just how accurate is the Zillow "Zestimate" anyway? - Birmingham Appraisal Blog
Bill Gassett's insight:

If you are buying or selling a home you have probably heard of the online real estate portal known as Zillow. Zillow actually is an excellent platform for looking at homes. They provide lots of information that you cannot find anywhere else on the internet.

One thing however that they feature on their site is an online valuation tool. A word of caution is to stay away from using this as a means of valuing your property.  Don't because Zillow is extremely inaccurate when it comes to assigning real estate values.

Zillow likes to call their estimate of value a "Zestimate". Many consumers are unfortunately mislead into believing that this is a good way of coming up with real estate market value. Folks it is one of the worst.

In this awesome resource you will see some of the best articles online that talk about why you cannot use Zillow as a way of accurately getting to real estate market value for a home.

Kyle Hiscock's curator insight, December 28, 2014 12:06 PM

Third-party real estate websites like Zillow and Trulia are household names in the industry.  While there are tools they provide that are helpful to buyers and sellers, their "Zestimates" are not one of them!

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Why Some Zillow Listings Are Not Really For Sale

Why Some Zillow Listings Are Not Really For Sale | Real Estate Articles Worth Reading |
Did you know that some Zillow listings are not for sale? The site shows pre-foreclosure properties that may never come on the market.
Bill Gassett's insight:

Did you know that some of the listings you see of the popular real estate search portal known as Zillow are not really for sale? Yes it is true! So how exactly does this happen? Zillow essentially is a listing syndication tool that gets their data from third party resources. This makes the chances for information being presented on the site as not that accurate.

In a strange twist Zillow posts homes for sale of people who have become delinquent on their mortgage. The data is provided by a company called Realtytrac who tracks foreclosure information. Here is the rub and where the problem lies with this.

Zillow is taking homeowners who miss a mortgage payment or two and posting their homes as if they will be selling. This however is NOT the case. The vast majority of these people are not selling their homes. In fact most of them who have missed a mortgage payment will catch up in the next month or so.

Why Zillow presents this data is beyond me. While the information is public who does it benefit? How can posting these pre-foreclosure listings be of a benefit to anyone?

It is really frustrating for a home buyer who is chomping at the bit to find a home discover that homes they think are for sale are not actually available.

What this does is create additional work for real estate agents who constantly have to explain this to a buyer. If you are searching for a home and want up to the minute accurate information Zillow is not the place you should be looking!

There are other better options including a local Realtor. If you have not located a real estate agent to work with yet is another option.

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Are Zillows Home Value Estimates Accurate

Are Zillows Home Value Estimates Accurate | Real Estate Articles Worth Reading |
Realtors are often asked are Zillows home value estimates accurate. The answer is No! Zestimates are not accurate.
Bill Gassett's insight:

Have you ever heard of what is called a Zillow Zestimate? For those who are not familiar with the term it is an online estimate of your homes value done by a company called Zillow.

Zillow among other things provides home values for buyers and sellers of real estate. Zillow in fact has a fantastic platform for looking at homes. They provide exceptional data that consumers can use to make informed decisions.

While the rest of what they do is very valuable Zillow estimates of value are extremely inaccurate! In fact they mislead consumers greatly. This creates real problems when consumers believe this data to be on the money.

Real Estate agents are forced to constantly educate their clients that the information that Zillow provides in not a good measuring stick of a homes value. I have in fact seen home values be off by as much as $100,000 over the actual market value and 100,000 under the value.

If you are relying on an online tool to value your home then you are making a big mistake. If you want an accurate assessment of your homes value consult with a local Realtor or appraiser who will be able to give you an accurate value.

The link above explains why Zillow is so far off the mark on their real estate values.

Lynn Pineda's curator insight, June 18, 2014 12:47 PM

How often do you hear comments indicating that Zillow is the place to go for home values.  I often hear, "Well on Zillow it says my home is worth blank $'s"  It's become commonplace to think of Zillow as the tell all of Real Estate Values.  Unfortunately, far too many take it as gospel, and it simply is not.  

Here in @Bill Gassett's article, he'll tell you why Zillow should not be used for home values. While, Zillow does offer some value to viewers, home values being cast in stone is not one of them.

Bill Gassett's comment, June 18, 2014 12:50 PM
Thanks for sharing Lynn!
Kyle Hiscock's curator insight, June 18, 2014 2:54 PM

Bill Gassett has put together another excellent article, this time explaining why the Zillow estimates, aka "Zestimates," are so inaccurate!  

Not only are these "Computer" generated numbers inaccurate, as Bill mentions, they often put sellers and buyers alike in a worse position then if they weren't found!

Zillow also has an "ugly cousin," Trulia, that is known for inaccurate home estimates.  Many of the same reasons Bill provides about Zillow, also stand true for Trulia.  Unfortunately these websites can "Adjust" the data anyway they please.

Bottom line, be cautious when using these websites!

If you have found this in depth article about Zillow helpful, please consider sharing it socially.

#Zillow   #Zestimates   #InaccurateZillow