It's a a proven fact that overpriced properties do not attract offers. Quite often overpricing occurs because the seller either uses human emotion or relies on a Zillow estimate of value to determine what their home is worth. The article by Maximum Real Estate Exposure explains why Zillow estimates are not likely anywhere close to the value of your home.

Price is just one of the factors included in my FREE guide:

How to Sell Fast in a Buyers Market which you can request at ContactAgiNow.com  Ask for Sell Fast Guide.

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Need real estate assistance? I am Agi Anderson, the Digital Diva! I have been a tech savvy FL Real Estate Broker on the Brevard County #SpaceCoast since 1994! You can call, text or email me with me interactive digital business card at ContactAgiNow.com

Agi Anderson, the Florida Property Diva and the curator of Space Coast Real Estate Scoops, recently sold a home in Cocoa Beach. Agi sent the seller an RPR Value Report from the local multiple listing service that stated $325,000 as the value. The seller was somewhat shocked because the Zestimate she checked on Zillow showed $386,000 as the value.

The problem is, owners believe that the Zestimate is accurate and it takes considerable persuasion to get them back to reality of what the true value is for their property.

Zillow CEO Spencer Rascoff may have recently given real estate agents like Agi a gift they won’t soon forget: a sure-fire way to show that Zestimates can miss by a mile. How? By selling a property for much less than its Zestimate.

“The fact that we missed and there are empirical reasons we missed — that’s a great conversation that real estate agents should have” with consumers, he said, citing the property’s irregular lot and location on a busy road as partly responsible for its Zestimate’s inaccuracy.But he expressed hope that, in the same discussion, agents also won’t instill “data nihilism” in consumers, and that they acknowledge that humans also can miss the mark.

Key Takeaways

• Agents can demonstrate the Zestimate's shortcomings by showing the discrepancy between the sales price of a home formerly owned by Zilow CEO Spencer Rascoff and its Zestimates.
• Luxury home Zestimates are more likely to be off than others due to 'non-quantifiable facts.'
• Irregular lot sizes or proximity to 'arterial' roads can sometimes throw off Zestimates.