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Should Zillow Need Appraisal License?

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glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
No and if does the markets don't need us anymore : )
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Zillow has an AVM. it does not offer an "opinion" of value
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
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

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
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

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
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

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
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 ...... :dancefool:
 

DWiley

Elite Member
Joined
Apr 4, 2007
Professional Status
Certified Residential Appraiser
State
Tennessee
...nor does it offer an accurate opinion of value. HIRE AN APPRAISER.
Exactly how does one offer an "accurate" opinion ?
 
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