So I was checking out a great post by Arizona Real Estate Agent Elizabeth Newlin on the AAR Blog yesterday. In it she referred to Zillow as a jolly green giant toe sucker. Hilarious.
Along comes the newly named CEO of Zillow Spencer Rascoff to comment on Elizabeth’s impressive insult which opened a quick back and forth between the two.
In the dialog, Spencer acknowledges “Agents and Appraisals will always be more accurate than a computer model.” and he shared a link to the Zestimate Accuracy Reports.
Phoenix Metro Area received an accuracy rating of 2 out of 4 stars. Here are the numbers…
Zestimate Accuracy in Phoenix, Arizona
| Within 5% of Sales Price | Within 10% of Sales Price | Within 20% of Sales Price |
|---|---|---|
| 20% | 38% | 61% |
Pretty cool response from the CEO if you ask me.
Thanks for this posting!
This really cracks me up! I think any homeowner and/ or prospective buyer can guess what a homes value should be within 20% of the sales price. And to think that Zillow is only 61% accurate at being within 20% of the sales price. That’s pretty bad if you ask me.
This is good news for Realtors and Appraisers. We ARE still needed!!!
I just saw this, thanks for the link! I loved that comment by Spencer, too. It makes me so happy when people have a sense of humor about themselves.
My pleasure! Your articles are great…