For all those who hold Zillow’s “zestimate” on a pedestal, repudiating it to be the benchmark of home values … this may be rather eye-opening:
Zillow’s CEO, Spencer Rascoff sold his own Seattle home for 40% below what Zillow’s “Zestimate” showed it to be worth just a day before closing.
As realtors, we have conversations all the time with buyers & sellers who want to grasp tightly to whatever Zillow says. And, it’s not simply that Zillow values are high … because often they aren’t. Sometimes Zillow comes in way below market value on any given property. Zillow admits to inaccuracies …. But the point is, Zillow is often inaccurate … off by a little … off by a lot … or just simply wrong. And the reason is fairly simple …. There is quite a lot that goes into valuing a property. And luxury property is where Zillow most often gets it wrong, due in part to the fact that there are so many intangible factors.
Spencer Rascoff, selling his own home for 40% below what his company’s zestimate said the value was, speaks volumes. His own company valued his house at $1,750,000. He sold it for $1,050,000. That is a huge discrepancy.
Yes … appraisers can get it wrong … so can Realtors … BUT we have tools that help us be as accurate as humanly possible … and we have tons of information at our fingertips that influences & impacts home valuations … information that is not based simply on auto-populated algorithms!
Buying … Selling … Please call us … We would love to work with you! The Restivo Hechtman Team at EWM Realtors International
Vicki Restivo 305 793-1365 Alexandra Hechtman 305 632-0164