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How is the value of a home estimated? Who comes up with the value of your home?

I noticed my home is estimated to be worth more than the houses in my neighborhood. How is that value determined? What factors are considered?
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July 30 2009
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Answers (1)

zestimate is a calculated average pulled from public records and from information the owner updates when they claim their home.  As such, zestimate is very useful for watching local market trends (and decided when to sell or buy).   But it is rare for the appraised or cma value and the zestimate to be close - too many house-specific or local factors cannot be considered in the zestimate algorithms.  Buyers or sellers who look to zestimate for the selling price or value of a house are usually not doing themselves any favors.  An appraisal or a comparable report from a local RE agent are the ways to get the value of a house.

This explains the zestimate
http://www.youtube.com/wa ... eAgfay01o
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