Guess Which Direction “Zestimates” Err On?
The local MLS just shared this tidbit (via Inman) about Zillow and its notoriously unreliable “Zestimates”:
“If you’re an agent, you’ve probably worked with a Buyer or Seller that has found the “Zestimate” on Zillow of the property they’re selling or interested in buying. It can work as a good conversation starter with the client. But until they realize the Zestimate isn’t as accurate as they thought, it can quickly make a disgruntled client.
Earlier this year, Zillow CEO Spencer Rascoff sold his Seattle home for $1.05 million, 40 percent less than the Zestimate of $1.75 million shown on its property detail page a day later. Zillow readily acknowledges that Zestimates can be inaccurate, but consumers can still take them at face value, causing headaches for agents.”
–Inman; “Zillow CEO Spencer Rascoff sold home for much less than Zestimate” (May 18, 2016).
I wonder if Rascoff showed his listing agent the Zestimate for his home when they were discussing what to list for. 🙂
See also, “Why Realtors Hate Zillow.”