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What is Zestimate? | Kasama Lee

I was on Zillow the other day looking at real estate when it occurred to me that I never really touched upon the so-called “Zestimates” offered up by the famous real estate portal.

Most consumers have heard of the Zillow Zestimate, which made its debut back in 2006.

But they’ve been largely written off by industry folk (real estate agents) as “unreliable” and various other expletives, assuming the value estimation is lower than it should be.

First things first, let’s define a Zestimate. By Zillow’s own account, a Zestimate is the “estimated market value” of a property.

By estimated, they mean a home value assigned using proprietary computer algorithms developed by statisticians.

They also refer to Zestimates as a “starting point in determining a home’s value,” which is important to note when browsing around Zillow.

A Zestimate is computed based on data, not human touch, vision, interaction, etc. And we all know how computers can fall short…this explains why there are error rates.

Speaking of, the median error rate for the entire nation is currently 4.6%, which means half of Zestimates nationwide were within 4.6% of their sales price, and the other half were off by more than 4.6%.

Where to Find a Zestimate?

  • Simply visit the home details page of any property
  • And you’ll see the Zestimate near the top of the page in the center
  • Below the most recent sold price
  • There is also a section below dedicated to the Zestimate

If you look up any property on Zillow, whether it’s for sale or not, you should see a Zestimate at the very top of the page, directly under the last sales price (or current listing price).

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