how is real estate fraud? real estate is one of the only asset classes with real, tangible value. what is NOT fraud according to boner police?

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48970613)

fair market appraisals are conducted for all sorts of assets. of course it's an opinion of what the market price will be. but getting an actual offer from ALL CASH scam doesn't give you a good idea of what your house is actually worth, it just gives you the floor price from a scam company at firesale prices.

i offer you $10 for your house right now. there, your house is worth at least that much, but not more until you get a better offer.

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48970601)

When zillow tried buying property based on their 'zestimates' they got owned and loss hundred million+

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48970649)

zillow got fucked the same way carvana did. the genius silicon valley engineers never considered that people with houses/cars worth less than average would jump at the chance to sell at the market average. thus they wound up with a bunch of lemons.

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48970678)

first house I looked at was almost exactly my example

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48970675)

the trick is they're stealing the number that is from a valuation presumably performed by a somewhat rational listing agent who is attempting to get somewhat close to the home's market value. they know their model is absolute dogshit and that the listing agent's target price on average will be way the fuck closer.

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48970685)

then again, the understanding of statistics demonstrated during election season is so poor that perhaps you're right, friend. it just seems like such as "no shit" thing to me.

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48970764)

if i valued a stock going public at $50 and the offeree listed it at $75 i would adjust my estimate.

all the zestimate is doing is automating the appraisal process. just like an appraisal it considers recent sales and adjusts them to that house. but when the house is actually sold that appraisal is outdated because the market price has been determined. of course an automated system would include the listing price heavily in particular to the *specific* asset being sold, just like in my IPO example above.

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48970786)

He's right

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48970780)

it's flame because it considers the listing price! wow, never would have guessed that an algorithm automating an appraisal would consider actual data like what it's listed and sold at! thanks for pointing out this complete non-obvious fact, now i know it's complete flame even though it many areas it's estimate correlates with actual sales very well!

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48970808)

HOLY SHIT A ZESTIMATE SHOOTS UP WHEN THE HOUSE LISTS AT A PRICE DIFFERENT THAN THE ESTIMATE! WOW, WHAT COMPLETE FLAME!!!

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48970946)

what we are saying is that the "zestimate" itself is completely useless given the fact that it cannot even accurately predict the list price.

i have a bs/ms in math. i don't understand how you are saying nobody understands statistics.

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48970959)

if you have a bs/ms in math then you'd also realize how stupid it is when people are like "polls got it wrong, what flame!" and you look at the data and it's a small sample amongst a population that doesn't reflect the electorate.

algorithms are tools like anything else. zestimate does a great job looking at housing sales, listings and comparing them to location and attributes like lot and housing size and spitting out a number. but just like any algorithm it's fallible, especially in ways that are hard to reflect in the data. for example it's very hard to estimate the quality of the house. i've seen flips in my neighborhood sell for 50%+ more in a few months, and for the information zillow considers it's the same house.

you wouldn't call quantitative security analysis flame just because it cannot account for soft factors like growth potential because of an upcoming product launch. it's a valuable tool despite it's limitations. same thing with zestimate. fucking humans with decades of expertise are often significantly off in predicting a market price, so is everything flame because perfection is unachievable?

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48971224)

No. No, it does not

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48971251)

houses usually sell around the listing price. the zestimate also will considers houses around the house being listed, which is why the zestimate isnt set *exactly* to the listing price.

if there were a bunch of fake listings being generated that corrupted the data it might be flame, but that's not the case. of course the listing price of an asset is going to be relative in an algorithm estimating what it's value is.

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48970796)

I mean, if the model was perfect, then sure, but not sure how that's really possible to do. It's just an approximation based on stuff like square footage and past sale prices in the area. Other important data like the condition of the house, how nicely it was renovated, various intangibles, etc are not available to the model, so it can't be perfect.

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48970804)

The actual "service" provided by Zillow is essentially house porn that allows bored women and husbandjaks to endlessly scroll and browse through a bunch of houses and waste their time and/or cause them anxiety and/or confuse them about the housing market

As others pointed out in this thread, when they tried to actually buy and sell in the housing market, they got raped and lost money. They suck. They're fart app, ad-selling flame, just like everything else in the fake and gay (((digital economy)))

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48970824)

Someone in this thread who actually understands this shit thank god

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48970701)

We literally have empirical proof of this. We don't have to guess. Zillow tried to buy and sell houses themselves, based on their own best estimates, with their own money on the line, and lost money. Their estimates are objectively bad. They are bad at estimating house prices. No one should be paying any attention to their house price estimates. It could not be any clearer

Insane performance from you in this thread

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48971240)

they are great in the aggregate, more limited on an individual basis, and gives a good jumping off point just like any other stat. not going around about this anymore but you're like someone irate at statistic for 2.3 children per household: "OMG NO ONE HAS A THIRD OF A CHILD! IT'S ALWAYS WRONG!"

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48971259)

And even long after the sale has gone through, all kinds of information about the home remain a click away. It’s the digital equivalent of rifling through the medicine cabinet.

“I have friends who are single who, before they go over to a new boyfriend or girlfriend’s house, they will Google the house to see it, in the same way that they do the social media snoop,” says Linsell. “It’s almost like part of the vetting process now.”

For many, though, a real house hunt couldn’t be further from reach. So instead, they turn to these online listings as a calorie-free substitute. “Homeownership has become much more difficult,” says Linsell. “And this has become a place where you go and look at the things that you can’t have.”

Total Zillow Death

(http://www.autoadmit.com/thread.php?thread_id=5731018&forum_id=2)#48972292)