Rental Property Investor · West Lafayette IN · Member since 2018 · 88 posts · 30 votes
If we list a house for sale by owner on Zillow, that had incorrect information when we bought it, will Zillow update the information to be correct, and if so how long will it take? The current zestimate is very low due to the fact that the former broker listed it for 720 sq ft and it’s really 1020 sq ft. I know the zestimates can be wildly incorrect, but it does matter for some buyers.
Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
4y
@Katie Jewell what is the square footage recorded as in the public tax records? You'll want to make sure that is correct as well of course and that may be where Zillow is drawing their data from (most probably where the previous agent got their info from as well). You might consider having an appraisal done to get an accurate valuation, measurements, etc. and to share with potential buyers. Also not sure how to say this without coming across the wrong way, but listing a FSBO on Zillow may not get you the results you're looking for… 99% of the eyeballs on it will be agents trying to get listings so most calls will be from them. A high percentage of actual potential buyers will be tire-kickers/ low ballers and the qualified ones will probably be working with a buyers agent. Zillow knows that 70% of those who try the FSBO route end up listing with an agent, so they are just after your data/ selling leads to agents.
Real Estate Agent · FL · Member since 2019 · 10 posts · 4 votes
4y
Hello Katie,
We recently updated our Zillow, unlisted, but attached the property to our names and updated the square foot and home features. About a week later the price increased on the Zestimate, not sure if its because of what we changed or if it was due to market change.
You can start by going to https://www.zillow.com/how-muc... and entering your address on Zillow to check the Zestimate. From here or from the home details page, you can claim it as your home and then click 'Edit Facts' to update the square footage. Any changes that you make to the home facts will have an effect on the Zestimate. So it might take a week or so for it to be confirmed and take effect, but you should see the Zestimate increase after you correct the square footage to the higher number. Let me know if you still have problems doing this or if I missed a step because I just recently went through this process for one of my homes so I should be able to help.
Rental Property Investor · West Lafayette IN · Member since 2018 · 88 posts · 30 votes
4y
@Michael Hill I’ve done all of that and this is the response I get from Zillow unfortunately.
“To bring you the most up-to-date housing information, we’ve recently changed how we receive listing data. As a result, for some off-market homes, including yours, editing home facts is not currently available. We apologize for any inconvenience and appreciate your patience while we work on improving this experience.”
Real Estate Agent · Houston, TX · Member since 2022 · 15 posts · 11 votes
4y
@Katie Jewell Oh I see, I had done the exact same steps to edit my home info so not sure why they don't allow info on some homes to be edited. I think your best bet would be to try submitting a request to the Zillow help center here https://zillow.zendesk.com/hc/... to see if they can do something about it.
Real Estate Agent · Houston, TX · Member since 2022 · 15 posts · 11 votes
4y
@Katie Jewell Sorry I couldn't be of any more help. Feel free to message me if you need any advice or help when it comes time for you to sell. Best of luck!
Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
4y
@Katie Jewell Do you have buyers that are specifically mentioning a Zestimate as a concern? This may be different based on the market, but I don't here people referencing Zestimates in the markets I am in.
Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
4y
I wouldn't hold too much value or worry about what the Zestimate is. If a buyer approaches you valuing your property on what the Zestimate spits out they are not serious about buying your house. Tell them to run their own comps and come back when they are serious
Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
4y
@Katie Jewell what is the square footage recorded as in the public tax records? You'll want to make sure that is correct as well of course and that may be where Zillow is drawing their data from (most probably where the previous agent got their info from as well). You might consider having an appraisal done to get an accurate valuation, measurements, etc. and to share with potential buyers. Also not sure how to say this without coming across the wrong way, but listing a FSBO on Zillow may not get you the results you're looking for… 99% of the eyeballs on it will be agents trying to get listings so most calls will be from them. A high percentage of actual potential buyers will be tire-kickers/ low ballers and the qualified ones will probably be working with a buyers agent. Zillow knows that 70% of those who try the FSBO route end up listing with an agent, so they are just after your data/ selling leads to agents.
Mechanicsburg, PA · Member since 2013 · 3k+ posts · 2k+ votes
4y
@Katie Jewell The appraisal rules have recently been updated again. Square footage below grade can NOT be added to the finish square footage. While a finished basement does add value it won't add square footage to the appraisal. Many agents are not aware of the rules and mis-list the sq ft in the MLS.
Rental Property Investor · West Lafayette IN · Member since 2018 · 88 posts · 30 votes
4y
@Steve K. Thanks. I get all of that. To be perfectly honest, I would like to see if listing it as fsbo would correct the issue. The last agent just put the numbers in wrong. The county data is clear. I’ve had a long discussion about it with Zillow and sent them the actual tax information from the county. They just shrugged their shoulders and said yep, it’s wrong. Sorry, nothing can be done.
Rental Property Investor · West Lafayette IN · Member since 2018 · 88 posts · 30 votes
4y
@David Krulac correct. This isn’t about adding basement sq ft though. The last agent just listed it wrong. We have several proof points on it. And Zillow wants to claim that the zestimate is powerful and important but then won’t actually let us correct any data to let it be correct.
Boise, ID · Member since 2014 · 121 posts · 73 votes
4y
If Zillow claimed to be accurate, they would have named their estimating tool "Zaccurate" They run algorithms and try to commoditize real estate which is not a commodity. Each home is different even tract homes vary in value based on where in the community, lot size, amenities, etc. Keep in mind that they lost over $400 million when they exited the iBuyer market in an upward appreciating market!
@Michael Hill I am looking through the archives on zestimates/estimates on homes to see if I can find more information ...and Google-ing of course. I saw your response on this thread and thought I would reach out. Based on your knowledge of being able to edit your own property information do you think it is possible to falsify a property estimate? I have a specific property in mind, it is (was?) for sale at basically the exact estimate, which in my opinion is at least a million over what it's market value is (even in today's market). I have done a fair amount of research and the seller is supposed to send financials but seems to be intentionally delaying at this point. Would love to get in touch if you might have any insight!
Boise, ID · Member since 2014 · 121 posts · 73 votes
4y
If Zillow was supposed to be accurate, they would have named their "Zestimate" - "Zaccurate" instead. LOL I love to point out that the CEO of Zillow sold a home for 40% less than it's Zestimate! https://www.inman.com/2016/05/...
There is a solid reason why banks and mortgage companies typically require an actual licensed appraiser to set the value of a home in order to secure a mortgage instead of just looking at an online valuation model.
Updating the data is a challenge on a home since they are a data aggregator (pull data from multiple sources) so if you change something, they may pull data from somewhere else that once again updates over your update.
As a Realtor/Broker, I am constantly showing people my own home on Zillow and how accurate it is and am in no hurry to correct any of their errors for them.
If we list a house for sale by owner on Zillow, that had incorrect information when we bought it, will Zillow update the information to be correct, and if so how long will it take? The current zestimate is very low due to the fact that the former broker listed it for 720 sq ft and it’s really 1020 sq ft. I know the zestimates can be wildly incorrect, but it does matter for some buyers.
You are worrying about the wrong things. Zestimate does not matter. Make sure the accurate SF is in the property description and work on marketing the property.