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The Ironic Truth About Zillow Zestimates

June 10th, 2016 · No Comments · Hope Ranch Homes For Sale, Mark Lomas and Kirsten Wolfe, Montecito Homes For Sale, Santa Barbara Homes For Sale, Zillow Zestimates

It’s true, Zillow’s CEO Spencer Rascoff, sold his home for 24% less than what it said on his website.

Zillow’s “Zestimates” can be tweaked if you know how to add improvements to Zillow’s valuation methodology. You need to be the owner, or owner’s agent to do this, or an unscrupulous hacker. Actually you don’t even need to be a hacker, anyone can do it. Zillow does offer valuable information they gather from the Public Records. But, you’re not going to get a bank to loan you money based on a Zillow “Zestimate.”

Where homes are very similar (condos/townhomes) sometimes Zillow’s “Zestimates” can be helpful. But, if you live in an area where the home styles vary, for real estate agents (your best source for what the true value of your property is) Zillow’s “Zestimates” can drive you crazy. Many home sellers and buyers  give credence to Zillow’s “Zestimates.”  Unfortunately the degree of accuracy of Zillow’s “Zestimates” can vary dramatically from neighborhood to neighborhood. Which to real estate professionals is what make this video so hilarious, and wonderfully ironic…enjoy!

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