A ‘Fail’ Stamp vector over a white background.
Zillow Quits Buying Homes – AVM Did Not Work Well!!!
Two appraisers comment – Jonathan Miller and Ryan Lundquist
Goodbye Zillow
By Ryan Lundquist
Some of the topics:
- Failure despite massive price increases
- Zillow losing isn’t about the market
- The school of hard knocks
- Public perception
- Cannot smell the cats: I gave a quote to Money.com last week, and I was especially excited they used my “Zillow cannot smell if 20 cats live there…” line.
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My comment: I love the “20 cats” comment. I appraised a house with at least that many cats. They were on all the tops of dressers, cabinets, etc., Very Creepy! I still have nightmares about it sometimes. A volunteer owned it for a local animal shelter. She had a large outdoor enclosure. Did not smell, but…
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By Jonathan Miller
Zillow Offers As A Proxy For ‘Big Data’ Shows The Lack Of Qualitative Analysis
Yes, big data usually infers ‘quantitative’ analysis, as in “relying on numbers.” The Zestimate legacy of profound inaccuracy finally reached a devastating conclusion with the collapse of Zillow Offers this week and the loss of hundreds of millions in shareholder…
Yes, big data usually infers ‘quantitative’ analysis, as in “relying on numbers.” The Zestimate legacy of profound inaccuracy finally reached a devastating conclusion with the collapse of Zillow Offers this week and the loss of hundreds of millions in shareholder equity. Zillow never figured out the qualitative part that enables the actual precision in the pricing of a home sale.
To read more, click here
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This Just In: The ‘A’ in ‘Zillow’ Stands for ‘Accuracy’
Excerpt: Yet it would seem unlikely that Zillow Offers used something completely separate and conceptually very different from their ‘Zestimate’ because it would be quite expensive and extremely difficult to keep a radical new valuation concept a complete secret. All we know at this point is whatever valuation methodology they used was a complete fail. And to go a step further their Zestimate valuation methodology has long been a complete failure in the accuracy department. But it hasn’t been a complete failure in the consumer credibility department at all.
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Zillow (in) accuracy(Opens in a new browser tab)
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To read more of this long blog post with many topics, click Read More Below!!
NOTE: Please scroll down to read the other topics in this long blog post on unusual homes, mortgage origination stats, etc.
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What Richard Hagar Says on Bifurcated: 
Once listed for $1 billion. Sold for $100,000. What just happened?
GLA Issues When Appraising Split & Bi-Levels… Where The Ground Meets the Wall