When Zillow’s CEO listed his own home, did the “Zestimate” matter?

by David Howell on December 7, 2015

3808 E Madison St

No, it didn’t. A home in Seattle, Washington owned by Zillow’s CEO Spencer Rascoff tells us all we need to know about the accuracy of the computer-generated estimates of value that Zillow creates.

The “zestimate” for this beautiful home is $1,626,772. We would love to have been in the room for the conversation Rascoff had with his Realtor®, because it was initially listed in July for $1,295,000. There have been two subsequent reductions, down to $1,138,900. That’s just 70% of the zestimate.

We’re not knocking Zillow.com. It is a great site with lots of information – but accuracy isn’t exactly their best attribute. And we’re happy for Rascoff that as of this writing his property has a pending offer. But if Zillow’s CEO ignores the Zestimate for his own home, shouldn’t you?

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Before joining McEnearney Associates in 1996, David was the owner and Principal Broker of his own real estate company for 12 years. David was the Managing Broker of our McLean office from 1996 - 2010, and was named our Chief Information Officer in September, 2010. In that role, he is responsible for the firm' technology, market information and public relations, and is the author of our MarketWatch newsletter. He is also Principal Broker for McEnearney Associates in Maryland, and is an Associate Broker in Virginia and Washington, DC.

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