Friday, March 14, 2014

Zillow: As Usual, As Accurate As A Ouija Board

Har, har, har... I was always amused watching Zillow's "Guesstimate" value of my former Brooklyn Heights apartment skyrocket... and then plummet, for no reason. Just got an update on the current value of my beloved home, after selling it for $816,000 in January.

Not only is its "estimated sales value" now posted at a laughable $513,000, but it is also reported as sinking $24,446 over the last month—uh, just as it sold for more than $15,000 over asking price.

In a neighborhood like Brooklyn Heights, there are hardly standard "comparables," with so much variety in terms of space, views, condition, building amenities and the like. So what does Zillow.com base its zig-zag figures on?

I stand by the fact that the buyers of my apartment—who purchased in a time when there were all of four comparable properties in the entire 11201 zip code—did just fine.

God forbid that anyone actually takes Zillow seriously... Not only is its information inaccurate, but imagine if I was in the process of selling the apartment now, and someone considered this data credible. This is actually harmful to the real estate market and a disservice to both sellers and buyers. FAIL! *