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Zillow overestimated home value by 700 percent

When Seattle residents Sue and Roy Carlson bought a modest home on the Kitsap Peninsula in June, they paid $225,000 — a discount because the house was headed for foreclosure.

Redfin now estimates the home in Belfair, southwest of Bremerton, is worth $318,000. Realtor.com’s algorithm pegs the house at $268,000. And the county assessor has valued it at $283,000.

But like most homes, when you Google its address, the first thing that shows up is its Zillow page.

And according to that Zillow page, the home is now worth $1.8 million…read more

 

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