How does Zillow Determine when to lower the price of a home?

Profile picture for scott861
I saw a house on Zillow that I liked at $179,000 yesterday.
   Today I see you have it for sale at $159,000.  How accurate is your pricing.
This is a foreclosed home  and who determine's the price??
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December 24 2010 - Brighton
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Answers (2)

Profile picture for scott861
Thank's for the response Larry,
    I did do some more research and found out the asking price shown on Zillow was indeed wrong.  Actually it was $20,000
dollar's off. Welcome to Computer shopping huh.
    Thank's again and Merry Christmas.
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December 25 2010
Profile picture for Larry Tollen

Zillow does not lower prices on homes. Zillow has nothing to do with the prices of homes. Zillow is a real estate aggregator. They take listing information from other real estate web sites and repost it.

Asking prices are determined by the Seller , in this case the bank who owns the property.

Do yourself a favor, go find an experieinced Buyer Broker in the area where you're thinking of buying and work with them. YOu should be skeptical of much of what you see on line and if you want to limit your risk you'll find someone who will help you.

In case your wondering there is no fee to pay a buyer broker, they will be paid when you buy a home and close on it byu the Seller. They will likely earn between 2-3.5% commission.

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December 25 2010
 

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