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Zestimates are only reliable as an 'in the region of $X' indicator. Seen multiple houses where this issue exists. I'm sure those are not the only ones. I know
by dpandey 10y ago
Zestimates are only reliable as an 'in the region of $X' indicator. Seen multiple houses where this issue exists. I'm sure those are not the only ones.
I know Zillow doesn't make a claim about being super accurate, but not everyone is an intellectual buyer doing math in their head. For a lot of people, they treat zillow as a roughly true indicator and are surprised when that doesn't match reality. Or they completely dismiss it in the very beginning and rely on their agents or intuition.
You'd be surprised how seriously people who aren't quant inclined can take a prediction or estimate. Well, given that all the quant inclined among us believed Hillary would win, it's obvious that humans tend to put trust in other people's estimates if they essentially trust those people would do a good job unless proven otherwise. It reduces the cognitive burden of calculating it ourselves.