Zillow predicting decrease for San Jose houses
New to housing market. Looking in San Jose area. Zillow shows approx 1% decrease for all houses from last year which makes sense due to the cool down. It also predicts almost 4% decrease in next year? Does anyone know how it determines the estimate and whether it should be considered?
Google watdduck May 18, 2019
This is Bay Area. Nothing can bring home prices down. Nothing. Okay, an earthquake may be but except that, NOTHING :). So chase with all you got.
Zillow numbers are notoriously inaccurate and should not be used as the basis for any decisions.
Then why do almost all houses in moderate areas gets listed and sold within 1-2% of zillow/redfin estimates. Ignore the sf, Cupertino, menlo park areas coz most of it is foreign investments.
No one here is talking about Zillow's ability to estimate a home's current value. That's pretty fucking trivial. (Though I did just sell a house for 130k more than Zillow's estimate 🤷♂️) Their forecasting/predictive data is no better that monkeys throwing darts, or they'd be a hedge fund instead of a real estate company.