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

Zillow CEO’s Own Home sells for 40% less than Zestimate!

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%

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