Do "Zesitmates" Matter

 

WHEN ZILLOW’S CEO LISTED HIS OWN HOME, DID THE “ZESTIMATE” MATTER?

by David Howell on December 7, 2015

3808 E Madison St
No, it didn’t. A home in Seattle, Washington owned by Zillow’s CEO Spencer Rascoff tells us all we need to know about the accuracy of the computer-generated estimates of value that Zillow creates.

The “zestimate” for this beautiful home is $1,626,772. We would love to have been in the room for the conversation Rascoff had with his Realtor®, because it was initially listed in July for $1,295,000. There have been two subsequent reductions, down to $1,138,900. That’s just 70% of the zestimate.

We’re not knocking Zillow.com. It is a great site with lots of information – but accuracy isn’t exactly their best attribute. And we’re happy for Rascoff that as of this writing his property has a pending offer. But if Zillow’s CEO ignores the Zestimate for his own home, shouldn’t you?

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