What is a Zestimate?

Zestimate is Zillow’s estimate for a home’s market value. Zillow has its own model system that it uses to calculate this value. Zillow states:

“To calculate a Zestimate, Zillow uses a sophisticated neural network-based model that incorporates data from county and tax assessor records and direct feeds from hundreds of multiple listing services and brokerages. The Zestimate also incorporates:

-Home characteristics, including square footage, location or the number of bathrooms.

-On-market data such as listing price, description, comparable homes in the area and days on the market.

-Off-market data — tax assessments, prior sales and other publicly available records.

-Market trends, including seasonal changes in demand.”

Though Zillow can provide a “Zestimate”, it is essential you are in contact with an agent to help you get more accurate data and analysis for:

-The value of your home if you are selling.

-The value of a home you are interested in if you want to buy.

Article:https://zillow.zendesk.com/hc/en-us/articles/203512140-What-is-a-Zestimate-home-value

Do not rely on a Zestimate alone to think of this price point! There can be missing information in the data they use to collect for their model.

Stay tuned as we will cover what a Comparable Market Analysis is and how we can provide you with the most up-to-date information when needing to determine the current market values of homes.