Zillow has finally confessed. After intense scrutiny by bloggers and visitors to its website, zillow now admits that the facts may not be accurate. And inaccurate facts lead to inaccurate zestimates. No kidding.
Zillow’s solution:
Zillow will now let owners correct zillow’s mistakes and create a new zestimate, which will now be published. We chided David that having a Zestimator tool to correct errors which would never be seen was of no use to visitors. It left an inaccurate zestimate on the public table. Zillow saw the problem, but will the solution create more problems than it solves?
We see the crack in the Zillow armor raising a lot more questions. Yes, the “facts” will be more accurate, if an owner takes the time to fix them. Facts are beds, baths NOT an opinion of value of improvements (an owner can overpay, or the work can be crummy). But:
- What are we to think of the zestimates whose owners have not edited the data? Are we to still have confidence in them now that Zillow is on record that they may be wrong?
- Maybe an owner would rather have the inaccurate data there (& a lower zestimate) so the tax man doesn’t send him or her a new tax bill (nod to Teresa Boardman).
- And what about the owner who is about to sell his home and wanting to get a good price - let’s just try to jack up that zestimate shall we. Is this possible?
- If an owner gets to change the zestimate, guess what? It sits there right next to Zillow’s. Now what? Now we really need a professional more than ever to untangle these worms.
- Is the result that Zillow is moving toward a National MLS? - With owners cajoled into entering the listing data and doing the work for zillow? Brilliant plan?
- If a owner does not want to participate in the zillow plan, can they opt-out and NOT have zillow’s zestimate tagged on their property?
- And what about stale public tax & sales data & the elusive unzillowables?
- And when will we see the CONSPICUOUS disclaimer on the home page & beside the 2 zestimates?
Update: This poll was a one day poll. Due to emails we have received, we are extending the poll for one more week. So get your VOTE on.
One Day Poll Results Below:
What’s the next step? Will a broker then be allowed to contribute his zestimate #3 brokestimate? What about throwing an appraiser in for his appraizestimate? Four values - now we’re approaching the real world of real estate.
Technorati Tags: Zillow, zestimate, home valuation, national mls, sellsius, opt-out, appraisal
Related posts on Zillow:
Mining the Elusive Unzillowable
UnZestimate My Home: Will Zillow Let Owners Opt-Out?
Zillow Poll Results: Agents Labor Still Needed
Will Listing Your Home Above the Zestimate Turn Away Buyers?
I See Said the Blind Man to the Deaf Lady
UnZillowable: To Coin a Phrase
Update:
Active Rain members share their thoughts on Zillow
Well, the rock throwing continues. I’m very curious to see what kild of offering you wind up putting up at $29 per listing. Your glass house is on the way… careful.
In the meantime, spit out the sour grapes and cut the FUD. It doesn’t exactly make me want to use your service.
(And no, I don’t work at Zillow.)
zillow fan - welcome! sorry, but your data is incorrect. our membership fee will be $29.95 per year which includes unlimited listings and more. no one is perfect, and we don’t claim to be either. we never told anyone not to use zillow. we believe in consumer choice.
re: rock throwing - what questions do you think we asked that are unreasonable to ask?
thanks for your comment.
looks like the zat is out of the zag. zizzle, zlip, ztop, zye zye zillow.
Ahah, there it is. The true plan.
In the Minnesota market right now, the value a homeowner places on his property may reflect the price he could have gotten two years ago. That price no longer is valid. I am relieved that the homeowner’s price does not replace Zillow’s and that it is labeled as the homeowner’s opinion. Changing facts is good. I always laugh when even tax records show less or more bedrooms than a home has. Often homeowners finish additional areas without the assessor’s knowledge as well. But price? The home’s value is placed on what a buyer is willing to pay. Buyers in our market are getting stubborn and offering less. Sellers are stubbornly sticking to their prices and not selling as a result!