Neighbor News
Zillow Price Estimates: Zestimates...or Guesstimates?
Some consumers question their REALTOR's opinion of value because of Zillow's often misleading price estimates...known as "Zestimates".
Zillow CEO Spencer Rascoff may have recently given real estate agents a gift they won’t soon forget: a sure-fire way to show that Zestimates can miss by a mile.
How? By selling a property for much less than its Zestimate.
On February 29, Rascoff sold a Seattle home for $1.05 million, 40 percent less than the Zestimate of $1.75 million shown on its property page.
Find out what's happening in Hamilton-Wenhamfor free with the latest updates from Patch.
Zillow readily acknowledges that Zestimates can be inaccurate, but some consumers still take them at face value, causing headaches for agents.
Citing the difference between the sales price of Rascoff’s former home and the property’s Zestimate may be one way for real estate professionals to show clients that Zestimates are misleading and often way off base.
Find out what's happening in Hamilton-Wenhamfor free with the latest updates from Patch.
The bottom line: Zillow is not the magic 8-ball that some consumers wish to believe it is.
For a much more comprehensive and accurate estimate of a home's Fair Market Value, enlist the help of a professional REALTOR with experience and a proven track record of success.
Provided by: Jay Burnham & Linda Morey
Coldwell Banker Premier Associate Team
