More zillow issues...

    More zillow issues...

    Nov 22, 2021

    Just when you maybe weren't sure how accurate that Zestimate is on your home, in comes Zillow to show you just how inaccurate they are at predicting pricing!

    Recently, Zillow started an iBuyer program where they would buy homes for cash based on a Zestimate algorithm and then work with local contractors to make repairs and flip the homes for a profit. As of today, Zillow is working to sell 7,000 homes for a net loss of $304 million. Wow! Of course, all of these homes will be sold to institutional investors so your average home buyer will never end up with a chance.

    This goes to show how real estate is, and always will remain, a local practice. Large companies try to come in and purchase market share based on graphs and other fun ideas but the reality is, if you don't have boots on the ground you just can't predict as well.

    The next time you are looking for your homes value or some advice on the real estate market, turn to a local agent who knows the neighborhoods and knows what's happening in the local marketplace. Don't trust Zillow. Like ever.