Unless you’re a real estate agent or broker who happens to live under a rock, you’ve likely heard this news already –
Zillow CEO Spencer Rascoff sold home for much less than Zestimate – we first ran across it on Brad Inman’s site but have since seen it on about a dozen other real estate related news outlets; while everyone says it’s no big deal, every word seems to be fairly dripping with a healthy coating of “he got his”, since the amount of love lost for the big Z might fill the thimble used by a fairy to repair the tiniest magic cloak on the planet.
So what does that mean for the regular folk? The ones on the front line trying to explain to frustrated homeowners that just because Zillow claims their house is worth all the gold in China, it’s really only worth half the gold in India if they’d like to sell it sometime this century.
We find it intriguing that Rascoff wouldn’t have adjusted his Zestimate, after all, there’s a new Home Owner tool at Zillow that allows for input and adjustment of the figure based on options or situations that the standard algorithm might not take into account. Or maybe he just wanted to sell his house and he doesn’t care a whit about it, either way.