Posted on 12/18/2024 9:03:32 AM PST by Angelino97
The Zestimate is arguably the most popular — and polarizing — number in real estate. An entire generation of homeowners doesn't know life without the algorithm; some obsessively track its output as they would a stock portfolio or the price of bitcoin...
Many industry insiders regard the number as a starting point at best and dangerously misguided at worst. Real-estate agents recount arguments with sellers who reject their pricing advice, choosing to take the Zestimate as the word of God. One meme likens its disciples to adults who still believe in Santa.
Zillow itself lost hundreds of millions of dollars during the pandemic when it relied on its algorithm to buy homes at inflated prices, part of an ill-fated attempt to flip homes at scale.
The Zestimate is one of a slew of automated valuation models that are increasingly used by banks, investors, and laypeople to estimate the value of homes. No other model, however, has wormed its way into our culture like the Zestimate. The model is prone to errors that render it more of an amusement than a serious pricing tool...
The Zestimate is both everywhere and an enigma. About 104 million homes, or 71% of the US housing stock, have a dollar figure hovering above them on Zillow's website...
Just how accurate are those numbers? Until the house trades hands, it's impossible to say. Zillow's own explanation of the methodology can be misleading. The model, the company says, is based on thousands of data points from public sources like county records, tax documents, and multiple listing services — local databases used by real-estate agents where most homes are advertised for sale.
Zillow's formula also incorporates user-submitted info: If you get a fancy new kitchen, your Zestimate might see a nice bump if you let the company know...
(Excerpt) Read more at msn.com ...
Zillow can’t even get my home description correct, but my county sure can. Thankfully by law they can only raise my taxes by 3% or so per year barring any major changes. So I have a home that will zip right out the door at close to a million dollars, but I’m taxed at about $300,000.
I’m in Hawaii on acreage with great ocean views.
I’m too old to move.
Zillow is a joke for anything beyond California Tract housing.(I grew up in CA tract housing).
Your house is worth what someone is willing to pay for it
and your efforts to find that person.
I have two aunts who did quite well in real estate sales,
so I had very good advice when selling and buying.
They did not pull their punches.
Thanks to the house fire I haven’t even been able to live in my house for almost two years.
Property values still went up.
I called the county to ask wtf?!? and they said they’ d “ adjust” my taxes.
It was still the same amount so I called again.
“ Well, it would’ve been more without the adjustment”.
IF I ever get to go home again, living on a piddly widow benefit, I have no idea how I’ll survive.
The taxes are more than one month of that benefit.
I guess for that tax payment month I will just sit in the dark and starve.
I hate Zillow.
“It’s usually way higher.”
Not in our area.
Did you happen to notice the more property tax that is seized every year, the more corrupt government became at all levels?
Shutup TexasTrumpHater
******************************
That guy told me before the Republican primary that Trump was already “put out to pasture.”
He forgot to inform me how good the grazing is at the White House Pasture.(LOL)
“And what do these local, state and fedgov do?”
Police
Roads, street lights
Fire departments
Schools
Flood control
Court house, records
Waste, landfill
Parks, boating, hunting
“Zillow can’t even get my home description correct,”
Then fix it.
Those in government don't give 2 s**s if you lose everything. They want your assets and property. Trust me. That's why they keep raising taxes on homeowners. They don't care if you eat or can afford their ever increasing taxes on your home. Just pay the government or they will seize everything you have. No joke.
It's become inordinately clear, they don't want anyone owning anything of value, especially property. It's all about total government control.
“I hate Zillow”
Your problems as listed have zero to do with zillow.
Have ya seen the retirement pensions of those who work in government? A street cop in LA can make 100k per year. A retired fire captain can get over 200k in retirement...
TexasTrumpHater once again here running defense for corrupt government. Some things never change.
In my neighborhood home prices on Zillow are way way way below selling prices. And for some reason the numbers on Redfin are higher.
This place is full of posers like you. Here you are once again defending corrupt government. You’re a hack.
On another thread some poser is out here defending corrupt big insurance...This place is loaded with them.
How should the services and infrastructure be paid for?
Kathy wants to know how we’re going to pay for all the bloated fat gold plated pensions those in government get, as they tax the people into oblivion. They got rid of the middle class, looks like their gunning for the poor now.
Wow...
Thank you for your wise reply. I’m sure you have a much better solution than having users pay for the services they use.
You’re in OC?
Did you ever notice what happens when paramedics, cops, fire or whatever responds? Even a fender bender you’ll get 10 people showing up in multiple brand new vehicles, and most of which will stand around gawking until their told to leave because it looks so damn bad. C’mon Kathy...
Most of them just want the listing & let other agents make the sale.
I have seen that on the southern CA police forces (Fullerton for example) shown on On Patrol Live.
They are so freaked out about gangs that they won’t go near many suspects without ten cops as backup.
You can edit the specs for you home on zillow.
Look at these school shooting...After the fact hundred of cops, fire etc all stand around for the cameras. Then the mayor, police chief and all the local government insiders stand shoulder to shoulder in front of the cameras for face time, and they do nothing but complement and back slap each other. Even in the face of these tragic events.
They won’t answer any questions, but then tell everyone, “Another news conference if 30 minutes!” As soon as the mayor gets her hair done!
To those paying attention, it’s become very pathetic.
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