Spencer Rascoff Sells His Home for LESS than the Zestimate

Last night as I was about to turn off the 11:00 news and go to bed, TVthey teased a story I had to stay up for.  Spencer Rascoff, CEO of Zillow, sold his home well below the Zestimate. 

The home was originally listed for $1,138,900 but the Zestimate at the time valued the home at $1,740,405 according to an article in Inman and Kiro 7 news After 148 days on the market, Rascoff accepted an offer of $1,050,000 or 92% of list price and a whopping 40% below the Zestimate at the time of listing.

ZillowWhy do I share this? Is it schadenfreude?  No, I don’t know Spencer and truth be told, I’ve done okay with Zillow.  The reason I’m making note of this is to have a reference to share with clients when they complain about my valuation versus their Zestimate or other Automated Valuation Model they may find. 

Zillow likes to say, a Zestimate is a starting place.  It may be a far off starting place, as far off as 40% in his case, but you have to start somewhere, right?

 

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Dan Tabit       206-310-8629    425-868-SOLD(7653)  DanTabit@Northstone.net

One stop Real Estate & Mortgage Services Serving Sammamish, Issaquah, Redmond, Bellevue, Mercer Island and the greater Seattle area.  

Comment balloon 3 commentsDan Tabit • May 25 2016 01:00AM
Spencer Rascoff Sells His Home for LESS than the Zestimate
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Last night as I was about to turn off the 11:00 news and go to bed, they teased a story I had to stay up for. Spencer Rascoff, CEO of Zillow, sold his home well below the Zestimate. The home was originally listed for $1, 138, 900 but the Zestimate… more