Adds a ton of confusion. I have sellers all exhilerated that their house is worth so much (NOT!) and then others down in the mouth whose homes are worth more than what Zillow says. Buyers also start going down that "garden path" making stupid offers based on Zesstimates and then wonder why they lost out in a bidding war.

I am not a fan of Z. 

Martin - I believe more often than not, consumers treat Zestimates as the gospel and it could hurt consumers in real estate transactions, unless they are working with a great agent who can explain to them that the Zestimates do not really mean anything.

Martin,

Not a fan like John McCormack .  It gives agents more work explaining that the listing they are looking at on Z is sold, or innacurately Zestimated.  A

Our local MLS no longer sends the listings to Z or T, as they won't sign an agreement to take down listings once they go UC or sold.   We just want to have it ACCURATE.    I have to explain this to clients that THINK their zestimate is WRONG.

HURT!!!  Any sight that is not professional will not have accurate info.  We need to stop promoting this junk.

Martin Kalisker Since they have an error rate of I'm guessing more than 25%, it does hurt consumers in a real estate transaction.

it usually hurts them....they take it as the gospel....

IMHO it hurts the business.  Wish they would do away with it..

The zestimate has hurt in one  of my transactions. Buyers loved the house and wanted to make an offer. I prepared the comps but the zestimate was $10,000 less, the buyers did not want to offer more. the sellers refused to accept less. 

It could help or hurt depending on what seller wants to believe. We need to be able to provide accurate information from more then one source these days.

Inaccurate zestimates make it more difficult for real estate agents. The wrong figures only hurt consumers if they fail to obtain correct information when buying or selling a home.

Good morning Martin Kalisker. From what I hear, it hurts the market. I understand they are way off.

Good morning Martin. The simple answer, it is used by most folks that are considering selling, but they really have no clue if the information is correct or not. It does more harm than good.

Hi Martin, I think it depends on how well the agent prepares them for the reality of zestimates.

Zestimates cause a lot a problems for sellers in MA because the underlying data is so inaccurate and unreliable (number of bedrooms for example),  that it gives a completely skewed value for a property.  When a home goes on the market and buyers try to compare it to the zestimate, it only creates problems and confusion.

One data source, nothing more - wrong as often as right. But good to be aware and able to speak to the point.  

Absolutely hurts!  Consumers believe in this fast available information, but I  agree with my colleagues on this issue; the public  to understand it is much wiser to  consult with a professional realtor who knows the market where they live... Zillow has inaccurate information, and is not reliable. 

I think it gives consumers false hope that their home will sell for that number.  Zillow also states 60% of the data is incorrect.

Martin -- it's a conversation starter -- and that's a good thing.  

It can do both.

Not relevant

The experienced agent will compare ''apples to apples'', Z. offers a fruit salad tossing all properties in one bowl, chopping and dividing in the same way. How that can be helpful? Yes, you'll get a general idea+/-20 or more %.

I Think it hurts them because then they are confused when they find out the price doesn't math with everyone else.  The Real Estate Agent usually gets the brunt of the backlash.

Omg just today my client says "yes but zillow says" I deal with that quite often.

Neither.  It's no different from a "rates" page on a lenders website - just a number with a bunch of disclaimers.  Smart consumers will call a professional for further clarification.  Not so smart consumers will get an unpleasant surprise somewhere along the way.