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Zillow’s Zestimates under fire

posted in Real Estate News by Kathleen Yamauchi

Real Estate market valueA Chicago home builder has filed a lawsuit against Seattle-based Zillow. According to the lawsuit, their Zestimates are misleading home buyers with lowball figures.

The Zestimates that appear on the Zillow app have been calculated since 2006 and pose as an accurate appraisal. According to the class-action complaint in Illinois, this is in violation of the legal description of a home's value as an estimate needs to be conducted by a licensed appraiser.

According to a Zillow spokesperson, Emily Heffter, “We believe the claims, in this case, are without merit. We always say that the Zestimate is a starting point to determine a home’s value, and isn’t an official appraisal. It’s a computer-automated estimate of your home’s value.”

Zillow maintains that their home value estimates are based on public records and other data using a “proprietary formula.” They also argue that they provide a disclaimer about the accuracy of their estimates.

At Kathleen Yamauchi Group Real Estate we have first hand knowledge of the real estate market in Prescott, and we know what it takes to sell your home or property quickly at the highest possible value.

Since 1991 we have been serving Prescott, Arizona and surrounding areas with exceptional homes and land for sale and we are proud to offer a full-service, boutique real estate service, comprised of highly experienced real estate professionals. Widely known for our superior real estate marketing knowledge, we continue to lead the way in the Prescott, AZ real estate community.

Our in-house marketing team utilizes the very latest real estate advertising technology, and because we employ the services of a professional real estate photographer, your property listing will stand out from the rest. In short, we craft and position the message of your property above all of the other noise in this market.

Open 7 days a week and located on Gurley Street in downtown Prescott, AZ, contact Kathleen Yamauchi Group Real Estate for a professional evaluation of your residential or commercial property or call (928)771-1111 today.