How accurate are Zillow’s Zestimates?
During the pandemic-spurred housing boom, Zillow Offers emerged as a particularly aggressive iBuyer, or instant buyer, of homes in Sun Belt markets, offering homeowners more than the market value of their properties, with no catch. Zillow has now conceded that it has been paying too much for properties, even in a market characterized by soaring home values. Saying it had lost $1 billion on iBuying, Zillow has shut down its Zillow Offers unit.
“We’ve determined the unpredictability in forecasting home prices far exceeds what we anticipated and continuing to scale Zillow Offers would result in too much earnings and balance-sheet volatility,” Chief Executive Rich Barton said.
Zillow used an algorithm to make home price estimates, called the “Zestimate,” and determine what it would pay home sellers.
Are Zestimates accurate?
Zestimates are somewhat like the National Hurricane Center’s projection for a hurricane’s path: both provide a single price or point, but those prices and points are actually the median of a range.
Here’s an example for a house: (more…)
Support the Fort (Sewall)
Preserving Fort Sewall – A Centennial Campaign Established in 1644, Marblehead’s Fort Sewall is one of the oldest English coastal fortifications in the United States, and is the second most visited spot in town according to surveys, with over 50,000 annual visits by residents and visitors. Known for many years as the Marblehead Fort or the Fort on Gale’s Head, it was renamed in 1800 to honor Marblehead’s Samuel Sewall, Massachusetts Supreme Judicial Court’s Chief Justice.
The Fort’s greatest historical moment was probably Sunday April 3, 1814 when the U.S.S. Constitution, being chased by two British frigates, escaped into Marblehead Harbor under the protection of the fort’s guns. Two Marblehead crewmen piloted the Constitution between Marblehead Rock and Marblehead Neck – thus escaping the British warships that lacked charts for the harbor’s underwater rock outcroppings. (more…)
Mid-week New Listings and Inventory Update
Here are the latest New Listings (a link to my report on the current state of inventory is shown later in this article):
Click these links for details: (more…)
Latest Housing Inventory
After increasing somewhat – albeit from a very low base – during 2021, the seasonal drop-off in late October has been just as sharp as in prior years – and again this is a reduction from a low level.
Single Family Homes
The November 1st SFH inventory number of 370 was a decline of 27% from 2020 and 65% compared with 2019:
Inventory now has less than 1 months’ supply overall and is only over 1 month – but still far below the 6 months deemed to reflect a market in equilibrium – at prices over $1.5 million.
Condos (more…)
New Listings and latest Inventory Report
Here are the latest New Listings (the state of inventory is shown later in this article):
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Click these links for details: (more…)
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Open Houses weekend October 9/10
Here are the Open Houses this weekend. Because of the quirks of MLS properties with OH’s both days do not show up in both days’ lists but do if you click on the individual properties. I will publish the updated list for Sunday tomorrow at 8 a.m.
Click on these links for details: (more…)
Open Houses Sunday October 3
Here is the updated list of today’s Open Houses:
Click on these links for details: (more…)
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