Zillow is still too high in most situations, because it looks backwards. Even six month old data is out or date, the only real data is seven days old and that is why appraisers will never be put out of work.
I jut looked up the zestimate for a house I’m scoping, it’s zestimate is 450k, down 25k in 30 days. Guess what, it is listed for 329k, not sold, still listed, but there were sales six months ago for comps that were in the 400’s, problem is, the computer cant keep up, there are places losing 25k a month, every month for the last year. Some mope logs on and sees his place next door went down 25k and wants to complain, have at it buddy, ask an appraiser and you will probably cry.
I checked the zillow for ten houses that I or people that e-mail me are looking at that are listed and every one was ziollowed as being down 20-50k in the last month but still 100-200k over the list price, I wouldn’t want to be working the zillow complaint department in six months when it really starts to hit the fan.
I still think that the weight on driver’s licenses should say “zestimate”
