I posted this to Jeff Dowler's blog earlier and thought that it would be fun to share it with you.
Zillow provides interesting and valuable statistical analysis, however, values have to be checked pretty carefully.
Because of their many subscriptions to the various mls's, and because of the time it takes them to post, there'll be delays in reporting market changes, and there might be a few errors (duh).
Perhaps Zillow should forecast with a variable that they might consider referrig to as 'time till correction' or 'TTC'. whereby Zestimate plus DOM or Days on Market or 'Z' times the actual update based on market statistics or 'Updated Market Statistics', 'UMS' equals the 'TTC' which we would express as :
Z1 x UMS=TTC
As an example, the TTC for a listing that Jeff had on a street called Greenhaven which Zillow indicates has at 55 DOM, which has actually been on the market for only 5 days would appear to be something like this: Z (55 DOM) x UMS (-5) =TTC -275 Which means that Zillow should have corrected the data 275 days ago. :-) You wouldn't laugh at me now, would you?
Will sumbodie puhleeeze hep me and check mah cipherin? Pie are not square, pie r round.
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