Welcome, RE/MAX Allegiance!

Richard … what on earth do you mean??

Richard – the news here is that REMax Allegiance is going the extra mile to help sell their clients’ homes. It’s frankly sad that you find that sad (especially in the current market.)

I read your post in detail and hope to get a chance later today to respond to the issues you raised.

Hi Richard,

The Zestimate value is an estimate. Below each Zestimate value on each home’s detail page you’ll find a value range. The wider the range the lower the certainty of the estimate. If you click on the question mark next to the Zestimate value on every home’s detail page, you will read:

“A Zestimate home valuation is Zillow’s estimated market value. It is not an appraisal. Use it as a starting point to determine a home’s value.

The Value Range is the high and low estimated market value for which Zillow values a home. The more information, the smaller the range, and the more accurate the Zestimate. [See data coverage and accuracy table.]”

The table referenced above is here:
http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm

Zillow is the only site of its kind that allows owners to claim their homes, edit their home facts and post their own estimates. It’s also the only site to my knowledge that publishes accuracy metrics.

I hope that helps explain Zestimates, how they’re used and how they’re explained to users of our site. Zestimates are a great starting place for getting an idea of home values – as your investor friend said – but it’s not a substitute for an appraisal or a CMA from a local expert.

From your list above, items 3, 4, 5 (if public) and 6 are explicitly included in Zestimate calculations and the others can be implied if we have recent sales history. We are constantly working on improvements to Zestimate algorithms and agree that it’s important. And soon, aditional facts contributed by listing agents and owners will be factored in to Zestimate calculations.

All of the best,

David