Zillow Is A Starting Point, But Real Estate Agents Are Better Judges Of Home’s Value

September 16, 2016

Looking up the estimated value of any property on Zillow is great. The site just doesn’t replace a good real estate agent, though.

Amy Hoak of MarketWatch writes that Zillow’s CEO, Spencer Rascoff, said that the site was meant to give consumers more access to home-value information. It’s not to put real estate agents out of business, as Hotwire and others did to the travel agency industry.

“We call it a Zestimate and not a zeppraisal and not a zeprice. It’s meant to be a starting point,” Rascoff said. “To determine a more accurate opinion of a home’s value you should hire a real estate agent, or more to the point, you should sell the house and then you will know how much it’s worth.”

Rascoff sold a Seattle investment property for $1.1 million earlier this year. The Zestimate indicated that it was worth $1.7 million.

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