Zillow has recalibrated and is predicting a fairly flat 12 months ahead.
Here are the zip codes I’ve received so far, all ranging between +1.5% and 1.9% appreciation over the next 12 months – the rest of the local zip codes should be similar:
NW Carlsbad
SE Carlsbad
NE Carlsbad
SW Carlsbad
Carmel Valley
Del Mar
La Jolla
What’s the point of continuing to follow Zillow when a lot of people (and you) have documented that they change past Zestimates (revised history) and make drastic changes day/day. Bad enough to change their mind that quickly but to go back and revise what they said they said in past is inexcusable. (For 15 years I’ve complained that the historic Zillow is “edited” – that is on a certain date they said x but then in the future they change that exact date x to say it WAS something different on that date).
A month ago they showed 30% appreciation forecast. Now 1.8%? And we’re supposed to give them any respect/credit?
It’s crazy how big they are because they operate a business like my 5 year old would.
Thanks Tom, and I agree. I struggle with exposing their dirty deeds in one post and then presenting this data like it is legit in the next post.
Two things:
1. They are forced to adjust their zestimates because they aren’t willing to have them be accurate in the first place. Once a property is listed for sale and the zestimate is way wrong, they have to adjust it just to save face plus keep sellers and agents happy.
2. I’m hoping they use viewer data to make their appreciation predictions, but I might be overly optimistic about that.