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Hi All,
I was really excited about Zillow when it first came out because it
seemed to give pretty good estimates (I thought) and it should be
updated based on the latest sales records so it should track the market
the same way a stock ticker tracks a stock index. Now I am not so sure.
This is just one example, and I plan to look at more, but I found a
house listed in the LA area (Placentia, CA) with a low list price of
$799,500 and a high list price of $849,500. (A range is often given
here for reasons I do not totally understand.)
Anyway, I wondered what Zillow would say, so I popped over to
Zillow.com and it's Zestimate of the house value is $904,431 with a
range of $804,944 - $1,003,918. So, basically, it is off by $100,000.
And the error bar is enormous. But that is not the worst of it.
Zillow shows the prices of houses in Placentia (and all of Orange
County) shooting up in the last couple of months. But I bet that $800k
house sits on the market for a couple of months at that price. I've
been looking at houses lately and, to me, it appears that the prices
have dropped some. Perhaps quite a bit. I do not know why Zillow seems
so screwed up, but it is way, way off.
Darrell
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Zillow Zucks
