Douglas Trudeau , Assoc. Broker
Prudential Foothills Real Estate
64 N. Harrison Road, Suite 160
Tucson , AZ 85748
Mobile: 520-954-2209
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Zillow Zestimates Make Up Your Mind
When I listed my clients beautiful home Zillow’s Zestimates priced it a $189,000. My clients priced at $196,000. just below the comps. When they dropped the price to $189,900, Zestimate dropped to $186,700. Now that they are dropping the price to $186,900, Zestimate comes back with a $180,350. Yet the exact same house down the street with no upgrades, not kept as nice is Zesitmated at $94,0000. In the word’s of our son, “What’s up with that?”
The market is tough enough without bad information going out to buyers. I keep track of all the sales that are comparable to the property I have listed. Some with less square footage have sold, yet no Realtor showed my clients home. Some with the same square footage on the same street sold, yet no Realtor showed my clients home. Ones that I previewed and don’t come close to the beauty of this home. What’s up with that?
Saturday and Sunday this weekend we will be holding more Open Houses. Last open house only one buyer showed up. I talked to the neighbor down the street. He said that was one more than he ever saw. So let’s look at it. This home sits on a quiets dead end street hidden back away from the main traffic of the community. Who wouldn’t want that?
This home has timed irrigation front and back. The back is no smaller than those that have sold. It has solar tube lighting normally seen in homes much more expensive. It has tiled common areas that most buyers want. It has professionally stained concrete floors that a Realtor I showed the home to commented are better than homes she has sold for twice the price. No neighbor to the rear. Who wouldn’t want a home like this. My clients are frustrated, and I am right there with them.
So, why is nobody looking let alone writing an offer? What’s up with that? This home is worth every penny the sellers are asking and then some. So, Zillow show some consistency and put bigger bolder letters to let the public know that your numbers are off.
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Hi Doug, it’s David from Zillow,
The difference between your list price and the Zestimate value is 5%. For an automated valuation that’s truly not a big variance (especially when you consider your price reduction of almost 4%.) Remember that Zillow hasn’t visited the home and so, will never know it’s exact vale - Zestimate values are a starting point and we clearly point that out on the site. The most conclusive evidence that Zestimates are a starting point is probably the fact that we publish a value range fpr each Zestimate vale - the maximum value for this listing being $212K.
Reading the discussions on Zillow, it seems as if there are a lot of sellers in this position of chasing the market down. It should be no surprise that Zestimates are falling - market values are falling across much of the country. Unfortunately the hard-hitting news for many sellers is that you now need to reprice ahead of the market trend and that unfortunately requires a deeper cut in list price than comps would suggest. I’m sure I’m singing to the choir.
During this period, you should take every marketing opportunity you can get. I recommend advertising this listing on Zillow. It’s free and the site reaches a massive audience of potential buyers. Furthermore, when you post a home for sale on Zillow, the list price replaces the Zestimate value as the most prominent information on the page.
I hope that helps and wish you and your clients all of the best for a speedy sale.
September 26th, 2007 // David G from Zillow.com
David - Values are based on actual sales, not asking prices. How can a near identical home sell for $194,500, then Zestimate estimates it at $180,356? That’s a 7% drop from an actual sale. It make no sense.
October 3rd, 2007 // Doug