Getting that asking price wrong can have real consequences.
“Statistics show that if you overprice your home and take even one price reduction, the final price that you will settle for is usually 5-7 percent lower than you would have gotten if you had priced the home properly to begin with,” Ciancio said, citing sales data from the multiple listing service REcolorado.
Though David Romer and Amber Wilson got less than they wanted for their old house, they said got a good deal on the new one, a four-bedroom ranch they bought for $469,000. Sitting by the fire on a recent evening, Romer dared to pull up the old app on his phone.
“The Zestimate shows at [$515,000],” he said.
“Yay, winning,” Wilson said, relieved. Even though they were well aware how off that number can be, for the moment they could feel a little richer.