Zestimate Updating - Issues
So we listed our home last year for 1,325,000. Zestimate 1,285,000. We eventually lowered it by 75,000 to 1,250,000. Same day Zestimate changes to 1,223,000. House goes off market later in the year.
This year we list for 1,250,000, again Zestimate is 1,210,000. We really want this to move so we lower the price to 1,175,000 same day Zestimate changes to 1,148,500. Later we drop our price to our rock bottom 1,099,500. Zestimate changes same day to 1,048,000.
I know the numbers are BS, the house is appraised at 1,220,000. We just have to move and eat the loss. But the average person for some reason puts a lot of stock in these numbers. All they see is a house that has seen its price dropped by 150,000 that is STILL overpriced.
We bought it for 900,000 had a bad roof install, major damage and then spent 495,000 to rebuild the entire exterior envelope of the home. At 1,099,500 we are sitting on a 300,000 K loss but have no choice but to move.
The arbitrary nature of the Zestimate is frustrating because it is so influential in the public zeitgeist.
Edit: Sorry I should have posted the actual property, this is the property in question: https://www.zillow.com/homedetails/34214-S-Glenn-Miller-Pr-SE-Kennewick-WA-99338/120153004_zpid/?utm_medium=referral