Zillow Offering $1,000,000 Because Zestimates Are So Innacurate
By David & Lisa Webber, www.webberteam.com
(RE/MAX Executive)
Zillow is offering a $1,000,000 prize to the person who can come up with a better system to make their Zestimates more accurate. The biggest issue we see is value is not just about square footage, it's also about upgrades and amenities, and because of those nuances, you need an experienced Realtor to come in and help you value your house. There's actually a class-action lawsuit that has been filed against Zillow because so many people look at Zillow "Zestimates" and think they are like an appraisal, but they are not. For example, if you look in the Baltimore Metro Area on their website, they give it 3 stars and say that is "good". If you look at the data, it shows 47.6% of homes are "within 5%" of value. Not too terrible right? Going further, 83% of homes are within 20% of value!...
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