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Answers (4)
- sara bonert, "Sara Bonert"
- Contributions:920
Much of the data used on the site comes from public records, so in a lot of cases we can only be as accurate as that information.
With regards to Zestimate accuracy, we actually publish our accuracy rates for all counties in the US. You can find the chart here. The err rates are calculated by looking at the Zestimate the day the property sold, then calculating the delta.
Also, we include a value range on many of the properties on the site, which take the err rate into consideration. The higher the err rate, the bigger the value range can be.
Finally, there is also the functionality for the owner of the property to create and publish an Owner's Estimate on the site. The owner can update any home facts, tell us about a recent renovation or a view that a computer would have no way of knowing about, or select different comparable homes. Doing this can create a different valuation, which can be published to the site.
- jplorson
- Contributions:9
Most people don't believe the current value of their homes. If you purchased a home since 2002 your home is worth less than you paid. How did this happen, Wall Street and Government Agencies placed loan products on the market for their profit to enable buyers to purchase homes they could not support with income. This created an oversupply of buyers. As the inventory declined prices rose unsustainable levels. Wall Street firms and Government Agencies have returned to traditonal underwriting. There are fewer buyers using real incomes to support the created values. Good luck in some markets it will take 15 years of historic inflation for you to be able to sell or refinance without writing a check.
- Peter Kedzior, "CyberRealtor"
- Contributions:194
The most accurate way to find out how much your home may be worth is to compare its features with similar properties that have been sold in your area. Since 90% of all home sales in Chicagoland happens through MLS, it makes sense to look what data we can get on your neighbors' homes. [content removed by moderator for being self promotional]
- sunnyview
- Contributions:25115
Take a look at the recently closed list and see what houses are going for by the sq foot. That is a large part of how Zillow computes value. You may be surprised at the current going rate for houses in your area.
Where in the world are you getting these estimates of home values? They are way off.
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