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How the Zestimate is Affecting the Perception of Your Home?
Since we (Concierge Auctions) auction luxury real estate around the U.S., I use Zillow to update me on changes in several luxury markets.
It doesn't matter if you are selling a luxury home or any other priced home in America.  At our recent event, The Key 2012, one of the agents in attendance brought up during the industry panel that the Zestimate was an issue in her market.  She felt that the Zestimate was highly inaccurate.  The panel said that it was the agents' responsibility to educate their clients using better data then Zillow if the Zestimate was really inaccurate.  Zillow knows their Zestimate isn't perfect, in fact they grade themselves on the accuracy of the data on a per state and county basis.
As I was saying, I subscribe to Zillow updates in multiple markets.  These updates come to me via e-mail and they are of course going to home buyers searching on Zillow.  The one I received today really caught my attention.  197 Woodland Way in North Chatham, MA is a new listing to the market for $4,750,000.  According to the Zestimate they predict the house is worth $3.475mm.  That is a 27% difference in the asking price and what ... more

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