Zillow-itis

[Jim Viens]

How do you approach a potential seller when you know you have to tell them their house is only worth about 2/3 what the Zestimate is even once it's rehabbed? The guy wants "30k FIRM" for the property saying it's worth $78k on Zillow...but the few comps I've looked at in the area only support an ARV of about $45k (and even that may be a little generous). Do I just give him the straight numbers and explain to him that Zillow is NOT the best barometer for market prices then make the low-ball offer even though it may tick him off? Realistically I'd only be able to give him about half of what he's asking but it seems like they're pretty desperate to move (as in they won't even have the money to move until the property sells). Thanks.

[Christian Hidalgo]

As an agent, I'm biased and recommend using one of us! :) Zillow has been significantly underestimating values in Johnson County KS all year, and my listing clients have been genuinely surprised with how much their homes actually sold for vs what they thought they could net by selling By Owner.  It's fascinating how Zillow and Trulia's accuracy, even among adjacent markets or cities within the same metro area, can vary so drastically.