What do you think of Zillow's Listings? Our listing price and their "Zestimate" on the same page?
I don't like how Zillow place there "Zestimate" below our listings. Zillow readily admits that there prices is only an estimate. What they do not say upfront is that it is based almost entirely on square footage. This method averages every price down to an average and fails to point out the range we all know exists between home prices. This is especially important in looking at home with a view. Homes with a view will sell for 10 to 20 percent more than the same home without a view. Any when they deal with averages among custom homes the variance can be even greater. What is the difference between a home with costly finishing versus, basic construction? What is the value of an architectural gem, versus someones expansion of their favorite "tract home floor plan"? It is substantial.
If Zillow is not going to explain the significant variance in price due to the quality of the view, superior construction and architecture, then they should not blight our listings with their misleading "Zestimate". Zillow's "Zestimate" may serve an agents needs when you are attempting to get them to price their home properly. It is not of service to agents that are attempting to create value for their clients selling a significant asset. My opinion is we seem to continue in a downward spiral in prices, and we need to point out pricing estimates like many of Zillows that continue the downward spiral. I divided a Zillow screen into two prhotos but it should view as one screen. Here we have a home listed at $1,875,000 with a Zillow Zestimate of $1.3 million directly below the listing.
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