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stoneycase

Real Estate: Website - Free Valuations on 60M+ Homes, what's yours worth?

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I'd say I have the ability to understand margin for error, while you do not. You seem to think the site should be right on, well below +/-10%.



I understand margin of error quite well. This margin of error is too large to be of much use. Also, if THEY understood margin of error they wouldn't present their ROUGH estimates to 6 or 7 significant digits.

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not to mention the fact that they are using assessor's office info in their calculations, how correct is that info for everyone??



Bad data in -> bad results out.

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You can point and argue all you want about how your value is off, but you and I both know, that your sample size of 1 value is no kind of indicator of the overall accuracy of the site.



So far it looks like 5 terrible estimates to 2 close ones.

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I also know that any user of this site has the ability to change and update the zestimate based on any "unique" information they have regarding their home (renovations, remodels, extensions, etc). Where else can you see how adding a BD to your 3/2 will affect the overall home value?



That might be a nice feature. I wonder how reasonable their answers will be to these pro forma situations, given that their answers seem wildly inaccurate elsewhere.

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Nvm, I'm sure you're answer will be: It doesn't matter, the values are all wrong.



Basically, yes. Free random numbers are worth every penny you paid for them.

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Ironically, I probably feel like you do in the same-sex marriage thread: I'm running my head against a brick wall that's hell bent on not listening, no matter the information I put forward.



I've heard everything you've said. You haven't heard what I've said: I don't value free estimates that are this unreliable. Didn't you ask what people thought?


First Class Citizen Twice Over

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So far it looks like 5 terrible estimates to 2 close ones.



So, given our "7 samples" we can say with what level of certainty that the entire site is inaccurate?

If your statement is a fair indicator of your level of understanding of statistics...IMO, the level is a tad low...

But that's fine, if the data is unreliable to you than so be it. You can go on waiting for the perfect site to open with absolutely perfect numbers. In the meantime, myself and others, will take the estimates and use our god-given-intellect to reach some conclusions we would not have otherwise been able to reach easily. Don't worry though, I won't run out and get a loan based on the value I see presented, which you seem to think will be the case... :S
Does whisky count as beer? - Homer
There's no justice like angry mob justice. - Skinner
Be careful. There's a limited future in low pulls - JohnMitchell

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It valued my house at almost $1 million. I thought that was a little high, so I looked at the comps it used. They were all in my neighborhood, but the highest selling price was about $900K (since I live in a gated community, that house was the exact same size/layout as mine is). So I don't understand where the $1 million came from. Still, it's a lot of good information for free.
There are battered women? I've been eating 'em plain all of these years...

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see my above posts: if you want to change the bd/bath stats because they are inaccurate, you can. my guess is that will probably close some of the gap on your estimate.

spence - sounds good, or let it die. i dont care either way at this point. next time i'll just keep **** to myself, for fear that i post something that isn't "100% perfect"
Does whisky count as beer? - Homer
There's no justice like angry mob justice. - Skinner
Be careful. There's a limited future in low pulls - JohnMitchell

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I looked up my last house and it found the wrong house. :o Maybe it just did a shotty job of overlaying the diamonds on the map, but it looks like it just doesn't know where the address is at (as the diamonds overlay with the nearby houses, just using the wrong addresses). Also, the neighbors had a house that was considerably nicer and larger, yet it lists $50K less. I know how much the house was listing for a couple months before my house was sold ($70K the other way), so I'd add a vote for bad data.



I got a strong urge to fly, but I got no where to fly to. -PF

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