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
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