Part Two: How Much Is My Home Worth ... NOW?
|Part two in our latest series on Zillow.|
This segment features more fun facts about Zillow. Hank is a pro-Zillow real estate agent and believes Zillow brings significant value to the real estate industry. If you want to know the value of your home, we would be thrilled to provide it to you. Our proprietary process does include the Zestimate as a piece of the equation, and it's only a piece. In fact, if you read Zillow closely, they say that's how it should be.
Call, text or email us, we'd love to provide your valuation directly to you:
Hank at 919-348-1558
Here we go! In 2016, then Zillow CEO Spencer Rascoff sold his Seattle home for 1.05 million dollars. Pretty nice! This was actually 40 percent less than the Zestimate, which was 1.75 million dollars on their page, one day after Rascoff sold it. In 2022, Rascoff purchased a home in Los Angeles and paid 5.7 million dollars for it, the Zestimate? 4.4 million dollars!?
In February 2021, 20 cities became eligible for an initial cash offer for eligible homes based on the Zestimate. In November 2021, Zillow announced they were shutting down Zillow offers. Current CEO Rich Barton said, "We have determined the unpredictability in forecasting home prices far exceeds what we anticipated." We can totally understand that! In February 2022, Zillow announced that it lost 881 million dollars on their algorithmic driven home flipping business in 2021.
We don't know about you, but that tells us we should not price homes based solely on the Zestimate, and in fact, Zillow says the same thing!
That's it for part two in our latest series on Zillow. Check back for when we continue to explore more about Zillow and how it fits into our plans and your plans for buying and selling real estate in the Triangle.