So much so that Zillow has been accused of misleading and irresponsible home price estimates that have hurt both home buyers and sellers. Certain complaints have risen to the level of class-action lawsuits filed against Zillow in federal court. These court briefs outline that Zillow’s Zestimates are consistently inaccurate by anywhere from 6% to 50%. In fact, in 2017 Zillow’s CEO, Spencer Rascoff, sold his home in Seattle’s Madison Park neighborhood for $1.05 million – 40% below his own Zillow Zestimate of $1.75 million. A 40% delta is not an estimate miss, it’s an outright failure. Even worse, Seattle is the location of Zillow’s headquarters – a market where its algorithm was built and should be the most accurate.
Zillow claims its Zestimate incorporates public and user-submitted data, taking into account home facts, location and market conditions. However, the tool was actually developed with less in mind about calculating accurate estimates of home value. Instead, it was more about teasing users to use the website to create hits. Zillow’s co-founder and executive chairman Rich Barton said, “We created Zestimate to be very provocative and personal and a little voyeuristic”. I’m a professional real estate agent who performs home value estimates every day. What are the problems with Zillow’s Zestimate from my perspective?
I have first-hand experience with Zillow’s inaccuracy on a regular basis. Here are (3) recent examples in just the last few months.
Zillow’s Zestimate of home value is frequently misleading and unhelpful to consumers. An experienced real estate agent with local knowledge who has surveyed the home and performed a Comparative Market Analysis (CMA) is best positioned to provide an accurate estimate of value. I use multiple valuation techniques and provide a high-quality written report showing you exactly how I arrived at the estimated value.
“It is with much enthusiasm that we share with you our thoughts about Tim Trainum. He his the most knowledgeable and informed real estate agent with whom we have ever dealt. Over the last 45 years we have bought and sold a combination of 26 homes, condos, and multi-family apartment buildings in Fairfax, Arlington and other parts of the country. Tim is without a doubt the complete package. He did everything we asked him to do. He gave us great information and advice and kept us informed as to his progress day by day. We highly recommend him.” – Dean and Mary Simonds
I’m happy to be known as the “Always Be Helping” Northern Virginia Realtor®. I have an unyielding commitment to being an open and honest advocate for my clients, ensuring they reach their desired outcome as efficiently and professionally as possible.
I am a full-time, licensed Realtor® who has established deep roots and knows the region. I was born and raised in the Northern Virginia area, graduating from Chantilly High School and then James Madison University with degrees in Economics and Finance. I live in Fairfax with my wife Liz and our seven year old son Robby. I’m a homeowner myself and understand the important decisions my clients face when they’re buying or selling a home. In addition, I’m an owner of investment property, including a multi-family apartment building. I have a penchant for helping people having taught adult education courses in investing and personal finance, and helped numerous clients, friends and colleagues in creating a path to wealth creation. I also serve as the trustee for a private charitable memorial fund.
I have been working in the real estate industry helping clients for over 25 years. As a Listing Agent, the value I create for my sellers is to help them elevate and showcase home condition. I use multiple valuation techniques to pinpoint market value for my sellers. I use cutting-edge marketing strategies to promote widespread buyer awareness and produce the maximum selling price in the fewest days possible, while protecting my seller’s best interests throughout the complete selling and settlement process. As a Buyer’s Agent, I help my buyers locate the home that changes their life. I guide my buyers in structuring the most compelling offer that can win seller acceptance, while retaining the most value and equity possible for buyer benefit and in a manner that protects their best interests throughout the complete buying and settlement process. I have worked with clients in the purchase of investment property, helping them to prospect property as well as evaluate all the financial metrics important to making the investment. My real estate experience includes working in the development, construction and operation of real estate infrastructure projects, closing over $500 million, as well as supporting several commercial real estate clients in the pursuit of reaching their objectives. My experience spans across consulting with clients on remodeling and home improvement projects to negotiating land purchase agreements and easements, to negotiating residential and commercial leases. There are few areas of real estate that I haven’t touched and it continually has been with an “Always Be Helping” and superior customer service mind-set.