Zillow is being sued over the inaccuracy of its Zestimate application. This is why sellers should not use Zillow Zestimates
This lawsuit Sheds Light On Flawed Zestimate Tool, Zillow’s property-value estimates, called Zestimates, are a popular consumer tool for seeing how much homes are worth.When Zillow.com launched in 2005, the world was a infatuated with the company’s ability to bring appraisals, called Zestimates. Suburban Chicago home builders filed legal action last week against the real estate marketing company Zillow, whose at-your-fingertips property-value approximations are misleading home buyers with low ball figures that roil sellers, the suit claims.
In their defense Zillow, maintains that its approximations are not actual appraisals, nor do they claim to be.
Zillow Zestimates Lack Key Value Data
The Zestimate® home valuation is Zillow’s estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home’s value. The Zestimate is calculated from public and user-submitted data, taking into account special features, location, and market conditions. We encourage buyers, sellers, and homeowners to supplement Zillow’s information by doing other research such as.
First and foremost they do not see the inside of the property. Let’s ask ourselves one question… How is a computer driven formula or algorithm supposed to accurately value your home if IT’S NEVER SEEN THE INSIDE of the home?
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