Nine days ago my house, according to Zilcho, was woth "X". Last Friday, Zilcho dropped the valuation by 70 basis points (0.7%). Today, it is up, recovering 65 of the lost basis points!
I have a neighbor whose house, again according to Zilcho, appreciated 3.1% last week! In seven days! And over the last 30 days it is up 16%!!!! Meanwhile, a house literally around the corner has fallen 11% in the last 30 days and was off by an astounding 2.5% last week!
What we have here is a group of pimply-faced kids programming algorithms that mash and mangle data, the meaning of which they have no idea because they still have the impression of the potty trainer embossed upon their rears. How can anyone take this kind of random volatility seriously? Is Zilcho simply a zero-sum game that takes value out of one property and hands it to another?
The problem is that Zillow admit they are crap; that they website is a starting point to help the 100m people, who don't even know their home is listed there. Soon as they do realise the pressure will be on the politicians to get Zillow properly regulated or closed down. In my personal opinion they have done more damage to the perceived wealth of Americans that the Taliban could ever hope to achieve - but that opinion was deleoped using a complex algorithm on the back of a gum wrapper. Just like the Zillow Zestimate algorithm.