– Crystal Vagnier – Select Group – Writer/Editor
It’s important that Realtors® discuss with their clients the discrepancies they find with Zillow and their “Zestimates.” One Realtor® found that a single-family property in Carmichael, California likely showcased an algorithm hiccup. The house on Zillow was listed at an overpriced amount than what was originally listed in MLS and didn’t display the same price amount when there was a price reduction. Neither did the algorithm appear to make a change to the property worth or sales price. It’s clear to those in the industry that Zillow is undervaluing the values of homes by an exorbitant amount which does a disservice to the public who may be trusting the system too heavily. When Zillow continually displays information that is out of sync with what the current market trends are, then everyone suffers.
It’s crucial that the public understand that what appears on Zillow isn’t set in stone and to question the numbers that they see. Don’t allow a website to affect the trajectory of your listing or your client’s real estate experience.