Welcome, RE/MAX Allegiance!

7 Comments so far

1. Richard Johnston on November 7, 2007 3:35 am

   How sad…another Broker chips at the Realtor foundation. Thanks!

2. David Gibbons on November 7, 2007 12:33 pm

   Richard … what on earth do you mean??

3. Richard Johnston on November 7, 2007 12:54 pm

   Link

4. David Gibbons on November 8, 2007 8:49 am

   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.

5. Richard Johnston on November 9, 2007 4:26 am

   David,

   Funny thing is…I ran into an investor today who was using your Zillow Zestimate to get an idea how much equity he will have buying a bank owned home. Let the lawsuits begin.

   Your information is misleading, inacurate, and will cause financial harm to individuals and investors who use your service. Only a local professional Realtor & Appraiser can provide an accurate measure on what a home is worth.

   How can a seller or buyer protect themselves:

   1. Don’t use Zillow’s Zestimate.
   2. If selling, consult with three local Realtors.
   3. Hire an local appraiser.

   What does a local Realtor look at when providing an estimate on what your home will sell for:

   1. Active homes
   2. Pending homes
   3. Sold homes in the past X days. I prefer 90 days in my market.
   4. History of property
   5. What improvements the property has.
   6. The location of the property
   7. The neighborhood
   8. Any new changes that will impact the property and neighborhood. (new construction, apartment building, jail, etc…)

   There is so much that goes into getting an accurate estimate of what a home is worth. Anything less…well…is going to cause financial harm to people. Your system sucks.

   Lets the lawsuits begin….

6. David Gibbons on November 9, 2007 9:48 am

   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

7. Minnesota & Wisconsin Lake Property on January 17, 2008 7:41 pm

   is there any room for small partners.