Z has major problems. Yesterday they dropped my house valuation by nearly 18%. Completely absurd and it raises major credibility concerns about their algorithims.
Tried to short it today but Schwab couldn't borrow it.
Z is an accident in progress.
"Nonsense" is too polite a description for Zillows Zestimates. If your read their Bio's, the team that developed the flawed Zestimate algorithm had zero housing experience before their get rich quick gig at Zillow. They then compound that failing by hopeless configuration control of the Zillions of 3rd party data records that they process and, as witnessed yesterday another 'routine update' disaster occurs. I guess I was lucky that my already low balled Zestimate only dropped 3.2% yesterday when I read that yours dropped by nearly 18%.
It does highlight the fact that Zillow claims to be the leading real estate website yet the concept of accuracy is something they they just don't understand with 17% of over 100 million imposed Zestimates being more than 25% incorrect, as published by Clarity Consulting earlier this year. With such appalling accuracy what I don't understand is why Zillow refuse ALL reasonable requests from homeowners to correct or delete the erroneous valuation. What have they to gain from such arrogant behavior towards consumers?
People need to stop wondering about the value of their homes. It is absurd that house prices are rising in this broken economy and soon housing will crash again but worse than 2008 this time. Wages/salaries are the barometer and they are stagnant at best. Re-inflating a ponzi bubble is no way to fix the problem. The solution is FREE MARKET PRICING (which as admitted by the FED morons) is MUCH LOWER.