It never ceases to amaze me how anybody can even consider Zillow's estimates for real estate values. I find it so difficult to believe their algorithms are even fact-based. Zillow must make this stuff up. For instance, my associate at Bay Homes & Estates listed a mobile home belonging to the mother of an old high school buddy of mine in one of the most desirable mobile home parks in Marina, California.
After much deep analysis of past sales and current market trends, we arrived at a list price of about 80 grand. It's still on the market after 14 days with only two all cash offers. But the other automated valuation models (AVMs) are not too much better either. Our own MLS is in cahoots with Realist, which does have some very good information on real estate in general.
However, their AVM value is off-base. At least Realist has a confidence score which measures the available quality and quantity of data in a clear and consistent manner. So they say. They also have a Forecast Standard Deviation (FSD) "to create confidence that the true value has a statistical degree of certainty."
After much deep analysis of past sales and current market trends, we arrived at a list price of about 80 grand. It's still on the market after 14 days with only two all cash offers. But the other automated valuation models (AVMs) are not too much better either. Our own MLS is in cahoots with Realist, which does have some very good information on real estate in general.
However, their AVM value is off-base. At least Realist has a confidence score which measures the available quality and quantity of data in a clear and consistent manner. So they say. They also have a Forecast Standard Deviation (FSD) "to create confidence that the true value has a statistical degree of certainty."
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