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It's even worse than that, really. The author actually concedes that Zillow's listed median error is accurate--but then cherry picks a few cases that are outsid
by pdabbadabba 10y ago
It's even worse than that, really. The author actually concedes that Zillow's listed median error is accurate--but then cherry picks a few cases that are outside that margin, and uses these to make sweeping claims about how its time to stop using Zestimates. But, of course, a few cases outside the median error, here or there, are virtually guaranteed to exist no matter how good the model is.
It seems to me that the real news here is actually that the Zillow median error is really good, given the data they have to work with and the scale on which they are operating. Of course, this does not mean that the Zestimate will be valuable in all cases. Individual buyers, sellers, and their agents and appraisers will often have fer better information about any given home. But everyone should have realized this already.