Should Zillow Need Appraisal License?

[gregb]

According to the owner/lawyer, Zillow is offering an appraisal without a license to appraise.

http://www.chicagobusiness.com/real...ew-homeowner-sues-zillow-over-sloppy-estimate

 

[glenn walker]

No and if does the markets don't need us anymore : )

 

[Meandering]

Zillow has an AVM. it does not offer an "opinion" of value

 

[miktay]

it does not offer an "opinion" of value

...nor does it offer an accurate opinion of value. HIRE AN APPRAISER.

 

[Elliott]

Zillow has developed its "appraisal" reputation. And its not particularly good. Its erratic, realtors hate it, and owner's are frustrated over the wild swings in the 'number.' Its fairly easy to explain to someone, its just a rolling average based on the last sales price compared to its last zillow number. If you like your number, you can keep your number, but nobody else cares.

 

[Randolph Kinney]

Zestimates are all probability based as the article relates.

According to Zillow’s site, the company claims the Zestimate has a national median error rate of 5 percent.

Zillow says its estimates on Chicago-area homes come within 5 percent of the eventual sale price 47 percent of the time. It comes within 20 percent of the sale price 86 percent of the time.

Appraisers should also include probability statistics on their opinions of market value.

 

[Elliott]

RK said, Appraisers should also include probability statistics on their opinions of market value.

My opinion of market value are always 100% correct. I'm not responsible for the imperfections of the market. Hard to explain how they get it scrued up. : )

 

[bnmappraisal]

I'd like to see Zillow sit through a 15 hr National USPAP course and do 2,000+ hrs of experience and pass the national test and ......

 

[DWiley]

...nor does it offer an accurate opinion of value. HIRE AN APPRAISER.

Exactly how does one offer an "accurate" opinion ?

 

[Carlos Danger]

It's close enough for bail.