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People are way too tough on Zillow. The article states that the Zestimate is within 5% of the sale price 54% of the time and within 20% of the sale price 90% o
by jartelt 9y ago
People are way too tough on Zillow. The article states that the Zestimate is within 5% of the sale price 54% of the time and within 20% of the sale price 90% of the time. That is pretty damn good considering they do not send anyone to look at the outside of homes and they do not go inside homes like an appraiser does. The problem is that people think the value of their homes is equal to what they paid for it plus some percentage gain every year. In reality, the value is just whatever a buyer is willing to pay for it. You can think your house is worth a million dollars, but it is not worth a million dollars if no one will pay that much for it.
- mehwoot 9y agoThe problem is that people think the value of their homes is equal to what they paid for it plus some percentage gain every year. How is this the problem when you just stated previously that the price is 20% off from reality for 10% of people. The real problem is a shitty estimate becoming something that people treat as a real estimate. Zillow obviously state this isn't the intention, but if they act in a way that promotes it as an estimate contrary to what they state they are doing, well, people are going to get angry.