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

Comments

Good morning Dan.  Love it just love it, hopefully they will get the message... Probably not.

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty AR LLC) about 1 year ago

Thanks for the information, Dan.  I didn't hear about this but will keep it handy to show some of the Zestimate believers out there.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 1 year ago

James Dray I did enjoy hearing this news too, but I have no hopes for any changes anytime soon. 

Gabe Sanders It actually happened a little while ago, but the news is just getting out.  

Posted by Dan Tabit (Northstone Real Estate Inc.) about 1 year ago

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