The Dangers of Zillow and their Zestimates
A new lawsuit has been filed against Zillow and its "Zestimate" tool.
One Chicago home owner claims that the algorithm based appraisal tool valued her home under $100,000 when the asking price is $626,000.
At Pier to Pier Brokers we believe that no internet tool can compare to a human appraiser and believe that this is one of the many reasons why online real estate search engines should not be trusted when it comes to buying and selling your home. With Diana Roberts (Co-owner of P2PB) being a licensed appraiser, she believes that her eyes can not be exchanged for a computer. She also believes that this could be why the market is in such a weird place right now.
Although the lawsuit isn't trying to get money off the billion dollar company, and they only wish that the site fix this so that others don't encounter the same problem, it still highlights one of the many dangers of trusting a website to sell your house. There is no substitute for a professional, hyper-local agent who knows every inch of the market when it comes to buying and selling your home.
(read the full article via Mashable)