I received an email from Zillow this week saying a Consumer had posted a question on one of my listing. Here is the question the reader asked:
"We just wondered if they were in grave need to sell this and if they would accept the zestimate" 
The listed asking price for this house is $299,500. Zillow's zestimate is $204,000 to $211,00!
Where do they get their comparables for my area? I've done my homework (CMA) and have the figures to support the listing price.
Is there some wiggle room? Of course there is..... but not $95,000!
House prices have fallen in Onslow County, North Carolina like they have all over the country but not that much.
Back to the question the Consumer asked? Go back and read it again.....could it be that Consumers do understand that Zillow's Zestimates are not always realistic?
Perhaps the Consumer is more savy than we give them credit for.
Take heart fellow Blogger, perhaps our efforts at educating Consumers is not falling on deaf ears after all.
Keep up the good work!
Cynthia Tilghman, Realtor, Onslow County Home Specialist 910 459 9189 Email Me
Kingsbridge Realty, Inc., Making Houses Homes
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Wow....that's off by only 1/3 of the value. Too crazy that it came in that dispirate and that the buyers think that it's an ok offer.
These estimates are not close - and there are buyers out there right now that are like that - it is the mind set. I have listed properties and have had low offers.
Cynthia - I think our message is getting out, but some people still but stock in those zillow numbers.
My friend Cynthia- Unreal... You have to stress the fact of what homes have sold within the location of this subject property. As long as your comparables are within the one mile range your good to go. I know that appraisals have discounted if comparables are over the one mile (1.0) range.
These figues are not good and I would certainly have your comparables available to show the Appraiser if he or she comes in at a low ball price. I wish you luck on this, as always.
Russell,
Maybe Zillow is helpful in some areas but you and I are evidence that it does not work everywhere and can cause some big problems for us. Thanks.
Larry,
Actually, I think from the why the question read the Consumer knew it was waaaay low!
Sharon,
It's maddening, isn't it?
Zillow has been confusing crowds of consumers, making them think they can buy unrealistically low. Values there are all over the place.
Oh, well.
Cynthia - Zillow does confuse some consumers. Thanks to people like you for educating them Nice image!
Jennifer,
Perhaps Zillow does a better job in some market but in mine, it's way off the mark! Thanks.
Bob,
My comparables are in the same subdivision!!!!
Marzena,
But perhaps consumers are catching on.....this consumer knew it was an unrealistic number.
Tom,
I'm afraid it's an on going job. Thanks for stopping by.
Cynthia Their numbers are always way off - it amuses me when an agent uses them on a contract presentation, Karen
Cynthia, I have seen low estimates on my listings as well. Fortunately I have not received offers based on zillow.
Cynthia,
Most consumers don't understand it...they'll always go with the high unless they have some sort of understanding of our market and how it works. I personally wouldn't rely on it...I go by the facts in the MLS over the last 90 days or it makes no sense because the prices are still moving.
Cynthia, I wonder where they (Zillow) are pulling their data from - you know the saying "crap in crap out" Here they are hit or miss. If I could sell my personal residence for the low Zillow Zestimate I would have sign in my yard yesterday!
When Zillow first started my sellers would give me the Zestimate, which was always higher than what homes were selling for. Now the pendulum has swung the other way! Just goes to show, you need an experienced REALTOR no matter what the market. Good post!
Karen,
I can't imagine anyone using the zestimates in a contract presentation! Hmmm.
Gita,
The thing is that I do believe Consumer are beginning to understand that these prices are very flawed.
Hello Neal,
I'm with you - recent comparables are the only way to go.
Jo,
Well someone is feeding Zillow a truckload of crap for my area.
Laura,
You've got it right--buyers and sellers need an experienced Realtor to represent them. Thanks for stopping by.