In all seriousness, let me show you an example of how off they really are. Below is a Zestimate of a home in San Diego county:
Currently this home is REO and is listed at $614,000. So Zillow is off by exactly $234,926! Are you kidding me? I wish I would have gotten away in graduate school with approximation like this. Can you imagine if you worked as a teller at a bank and you told your manager “yeah, I’m only off today by $15,992.32.” Your manager would smile and probably report you to the authorities once you stepped out of the building. This is only one case example of how distorted the current housing market is. When banks start getting more and more properties as REOs such as this one we will begin to see how shady the mortgage lending and housing construct has become. There needs to be some purging that happens in the next few years.
This home on the Dr. HousingBubble scale rates as:
What overpriced homes have you come across?