I couldn’t agree more with DWCAP. Zillow’s Zestimate is a complete sham IMO. When it first came out I was pumped and thought it would be a great way to get a free-market valuation of a property. Experience has taught me, however, that the non-sensically gross over/undervaluations from Zillow’s Zestimate make it less credible than even the plain-vanilla median valuation.
Supply and demand (read: a free-market) in housing is non-existent and hasn’t been in existence for a while. Government intervention, banker/broker/realtor/appraiser shenanigans, and media compliance, among other things, have created the real estate conflagration that we are in today.
This is not a recovery in real estate or the even the greater economy for that matter. This is Piggington circa 2005 all over again.
