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Zillow Lawsuit Dismissed

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Non Sequitur

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I'm not sure if this means an end to what IMO was a long shot at best, but here's the latest news: https://www.reuters.com/article/us-zillow-group-lawsuit-idUSKCN1B32RN

"U.S. District Judge Amy St. Eve, however, said Zestimates are a mere "starting point" that are unlikely to confuse homebuyers, pointing to disclaimers by the Seattle-based company that they may be inaccurate and are not official appraisals."

Of particular interest: "She also dismissed a claim that Zillow violated the Illinois Real Estate Appraiser Licensing Act, saying that law did not cover Zestimates or give the plaintiffs a right to enforce it. That claim cannot be brought again."
 

djd09

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"U.S. District Judge Amy St. Eve, however, said Zestimates are a mere "starting point" that are unlikely to confuse homebuyers, pointing to disclaimers by the Seattle-based company that they may be inaccurate and are not official appraisals."

"The word 'Zestimate' - an obvious portmanteau of 'Zillow' and 'estimate' - itself indicates that Zestimates are merely an estimate of the market value of a property," the judge wrote.

Are appraisers mere starting points? Maybe it is a starting point for her but for many others do rely on the their data. Another Federal official that lives in a bubble.
 

timd354

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I'm not sure if this means an end to what IMO was a long shot at best, but here's the latest news: https://www.reuters.com/article/us-zillow-group-lawsuit-idUSKCN1B32RN

"U.S. District Judge Amy St. Eve, however, said Zestimates are a mere "starting point" that are unlikely to confuse homebuyers, pointing to disclaimers by the Seattle-based company that they may be inaccurate and are not official appraisals."

Of particular interest: "She also dismissed a claim that Zillow violated the Illinois Real Estate Appraiser Licensing Act, saying that law did not cover Zestimates or give the plaintiffs a right to enforce it. That claim cannot be brought again."
Not a surprise, it was a silly, nuisance lawsuit to begin with. The claim that Zillow's Zestimates violated the Illinois Real Estate Appraiser Licensing Act was particularly silly.
 

Terrel L. Shields

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Arkansas
"starting point"? For what? Fraud? Or to develop a next step to something that resembles a "real" appraisal? We'll see. Zillow is not going to stay satisfied with mere "starting points" and will monetize "appraisals" sooner or later.
 

timd354

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"starting point"? For what? Fraud? Or to develop a next step to something that resembles a "real" appraisal? We'll see. Zillow is not going to stay satisfied with mere "starting points" and will monetize "appraisals" sooner or later.
Nobody confuses Zillow with an appraisal and Zillow does not contend that it is an appraisal. It is nothing more than a free AVM estamate and everyone knows that...anyone who thinks the Zillow Zestimate is more than it is has not bothered to read the disclaimers and explanations on Zillow's web site - anyone who relies on a Zestimate without understanding what it is and is not, well that is on them
 

djd09

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Ohio
"The combined, total value of every home in the United States is expected to climb to a record high of more than $29.6 trillion in 2016, up 5.7 percent from a year ago. And the total amount collected by landlords from the nation’s renters in 2016, while dwarfed by the value of owned homes nationwide, is also growing and nothing to sneeze at.

But let’s start with that $29.6 trillion figure, a positively gargantuan sum that is probably pretty difficult for most of us to really comprehend. Still, we can at least try to put it into some kind of context."

https://www.zillow.com/research/2016-total-home-value-rents-14028/

They do not talk like they are starting points. It looks like they know how much every house in the u.s.a. is worth.
 

Confident Rabbit

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Washington
I prefer a front line approach in educating the public about Zillow. When a borrower tells me how much Zillow says their home is worth I laugh in their face. Laugh. In. Their. Face.
 
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