You can check how accurate Zillos and Redfins “estimates” are.

When you type in a home’s street address to obtain an online valuation from the two biggest players in the field — Zillow’s Zestimate or Redfin’s Estimate tools — how good is what you get?

Accuracy matters a lot in this arena because many buyers and sellers use the online estimates to price their homes or make purchase offers, literally handing sellers or buyers the estimates as part of their bargaining strategy. This is despite both companies’ warnings that these are not appraisals, only algorithm-based computer estimates. They are starting points, not holy writ.

So which company’s estimate is the more accurate?

For two years, Redfin has claimed that it produces estimates that are superior, based on the results of an independent study. When it values homes that are on the market, Redfin says its median national error rate is just 1.77 percent. That is, the selling price, compared with the estimate, is within that margin of error half the time. On houses that are not for sale, Redfin’s median error rate is 6.66 percent. Redfin has a total of 74.4 million properties in its valuation database — 1.3 million on the market and listed for sale, 73.1 million off the market.

Before using either tool, it’s a good idea to go their Web pages and check how far off their estimates tend to be where you live. You can find them at Zillow.com/#acc and Redfin.com/redfin-estimate.

And focus on the key term “median.” In Chicago, the median Zestimate error rate is an impressive looking 3.8 percent; but 41.4 percent of Zestimates are not within 5 percent of the actual sale price. That’s sobering. In the District, the median error rate is 3.1 percent. But fully a third of Zestimates aren’t within 5 percent of being accurate.

read more at: https://www.washingtonpost.com/realestate/which-firm-has-more-accurate-online-estimates-for-homes-zillow-or-redfin/2019/02/19/7a1f6436-346b-11e9-a400-e481bf264fdc_story.html?noredirect=on&utm_term=.b861cdd1e99c

Disclaimer: for information and entertainment purposes only

Zillos sued over hacked listing – at present no major security to access listing

The listing – for a $150 million property in Bel Air, California – was hijacked by someone using a Chinese internet protocol address who posted false sales information about the property, according to an article in The Washington Post.

The hackers claimed that the property had been sold multiple times for tens of millions of dollars below asking price – once for $110 million, then for $90.5 million and then $94.3 million. They also posted notice of an open house for the property, which would be unusual for a luxury listing at this price.

The new construction property is a 38,000-square-foot mansion overlooking the Pacific Ocean with 12 bedrooms, 21 bathrooms, three kitchens, five bars, a bowling alley, tennis courts, wine cellars and an infinity pool. (Check out photos here.)

According to a compliant filed in federal district court in Los Angeles by the seller of the property – a limited liability company controlled by luxury builder Bruce Makowsky – the false sales information inflicted damage on the sellers by dramatically corrupting the listing price.

According to the suit, the hackers were able to get past Zillow’s security questions to gain control of the listing. The plaintiffs also allege that Zillow ignored repeated requests over the course of a week from the seller’s attorneys to block the hacker’s access.

The suit claims that Zillow did not have appropriate safeguards in place to prevent hackers from logging into its system to post false information.

A Zillow spokesperson told the Post that the company is in the process of updating its verification system that grants owners access to their property’s page on the site.

read more at: https://www.washingtonpost.com/realestate/zillow-faces-60-million-suit-over-hacked-listing-of-la-mansion/2019/03/04/2287b35a-3eab-11e9-a0d3-1210e58a94cf_story.html?utm_term=.296c8eb1b249

disclaimer: for information and entertainment purposes only

 

The 10 cities could lose $34b+ in housing to coastal floods by 2050

Within three decades more than 386,000 homes in coastal areas of the U.S. will be at risk of permanent submersion or regular flooding due to climate change, according to a recent study by real estate website Zillow and nonprofit weather news site Climate Central.

About 40 percent of the American population may be affected to some degree. Those residences are collectively worth nearly $210 billion in 2018 dollars, according to Zillow; in the top 10 cities likely affected, losses could total more than $34 billion. Things look even more grim further out in time: By 2100 some 2.5 million homes nationwide, worth about $1.3 trillion altogether, could be at risk if the scientific data and resulting computer models are correct.

  1. San Mateo, CA

Total value of housing in risk zone: $11,926,104,726 (By 2100: $14,592,425,181)
Share of housing in risk zone: 34.2 percent (By 2100: 41.6 percent)
Housing count in risk zone: 8,951 (By 2100: 10,890)
Share of total housing value in risk zone: 28 percent (By 2100: 34.3 percent)

2, Newport Beach, CA

Total value of housing in risk zone: $5,276,358,560 (By 2100: $16,237,386,190)
Share of housing in risk zone: 6.4 percent (By 2100: 18 percent)
Housing count in risk zone: 1,861 (By 2100: 5,205)
Share of total housing value in risk zone: 6.6 percent (By 2100: 20.2 percent)

6. Long Beach, CA

Total value of housing in risk zone: $2,169,035,241 (By 2100: $6,924,518,935)
Share of housing in risk zone: 1.7 percent (By 2100: 5.8 percent)
Housing count in risk zone: 1,580 (By 2100: 5,284)
Share of total housing value in risk zone: 3.5 percent (By 2100: 11.2%)

8. Stockton, CA

Total value of housing in risk zone: $1,696,419,875 (By 2100: $5,441,951,253)
Share of housing in risk zone: 5.9 percent (By 2100: 22 percent)
Housing count in risk zone: 4,415 (By 2100: 16,552)
Share of total housing value in risk zone: 7.3 percent (By 2100: 23.4 percent)

read more at: https://www.cnbc.com/2019/03/14/10-cities-could-lose-34-billion-in-housing-to-coastal-floods-by-2050.html

Disclaimer: for information and entertainment purposes only