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Guess How Much This Home Sold For? Guess Who The Owner Is?

May 28, 2016 by Lisa Finks Leave a Comment

Note the $1,750,405.00 Zestimate.  Yet the home sold for $1,050,000 on February 29.  Guess who this home belonged to?  None other than Zillow CEO Spencer Rascoff!  Thereby proving that Zestimates can miss by a mile.

In fact, did you know that in Chicago, the Zestimate sports a median error rate of 9%?!?  That means a $1,000,000 home has a 50/50 chance of selling between $910,000 and $1,090,000.  That is quite a range.  While automated home valuations can be fun and get you in the ballpark (large as that ballpark may be), nothing can replace a market analysis by a real estate professional.  I am happy to provide you with a complimentary home valuation at any time!

I have posted an excerpt from Zillow’s own website describing the accuracy of the Zestimate.  Note that Chicago’s accuracy is only 2 stars.  Click on the full article from Inman News below.

The median error rate for Zestimates in Chicago is 9%

The median error rate for Zestimates in Chicago is 9%

Source: Zillow CEO Spencer Rascoff Sold Home For Much Less Than Zestimate

Filed Under: Home Values

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Lisa Finks, Lourdes Arencibia & Carolyn Duris, 565 Lincoln Ave, Winnetka, IL (847) 778-0540 info@northshoreaddress.com

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© 2019 Lisa Finks, Compass Real Estate. All Rights Reserved.

LISA FINKS, LOURDES ARENCIBIA & CAROLYN DURIS ARE REAL ESTATE AGENTS AFFILIATED WITH COMPASS, A LICENSED REAL ESTATE BROKER WITH A PRINCIPAL OFFICE IN CHICAGO, IL, AND ABIDE BY ALL APPLICABLE EQUAL HOUSING OPPORTUNITY LAWS. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATIONAL PURPOSES ONLY. INFORMATION IS COMPILED FROM SOURCES DEEMED RELIABLE BUT IS SUBJECT TO ERRORS, OMISSIONS, CHANGES IN PRICE, CONDITION, SALE, OR WITHDRAWAL WITHOUT NOTICE. NO STATEMENT IS MADE AS TO ACCURACY OF ANY DESCRIPTION. ALL MEASUREMENTS AND SQUARE FOOTAGES ARE APPROXIMATE. THIS IS NOT INTENDED TO SOLICIT PROPERTY ALREADY LISTED. NOTHING HEREIN SHALL BE CONSTRUED AS LEGAL, ACCOUNTING OR OTHER PROFESSIONAL ADVICE OUTSIDE THE REALM OF REAL ESTATE BROKERAGE.