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It will also help you to calculate (or dispute) your property taxes when it’s time to pay your taxes. We recommend that real estate agents and other professionals gain a basic understanding of how the Zestimate is calculated and how to read the Zestimate data accuracy table. This will help them explain to their clients why the Zestimate is a good starting point and historical reference, but should not be used for the final pricing of a home. As a real estate brokerage, Redfin has complete access to Multiple Listing Services (MLSs), the databases that real estate agents use to list properties. To calculate the Redfin Estimate the algorithm considers hundreds of data points about the market, the neighborhood, and the home itself, like whether it has a water view or is located on a busy street.
How accurate are “zestimates” on Zillow?
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Fair market value is heavily dependent on the state of your local housing market, in addition to the factors listed above. When major improvements to the algorithm are made, we may recalculate historical Zestimates for affected homes. This provides you with the best estimate of historical property valuations. The Zestimate should not be used as the basis of any specific financial transaction because data sources may be incomplete or incorrect.
Why isn’t the Redfin Estimate accurate for my home?
The Zestimate also incorporates a home’s facts and features, which homeowners have the ability to update. The Redfin Estimate is highly accurate, with a current median error rate of just 2.02% for homes that are for sale, and 6.28% for off market homes. This means that when a home that is currently on the market sells, the Redfin Estimate will be within 2.02% of the sales price half of the time. For off-market homes, the Redfin Estimate will be within 6.28% of the eventual sales price half the time.
Compare today’s prices with sales over time.
The Zestimate is a starting point and does not consider all the market intricacies that can determine the actual price a home will sell for. If you have the time and prefer researching things yourself, scouring the internet can provide a cheap and fairly quick way to determine how much your house is worth. This approach will not yield a completely accurate number, but should give you a ballpark figure to guide your decisions.
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It could be because there are too many similar homes for sale with far less demand, creating a buyer’s market. Poor economic conditions, rising crime rates or nearby foreclosures also could drive down your home’s value. Any number of factors might affect the value of your home, including the neighborhood you’re located in, the size of your lot and the age and condition of the structure itself. If you see two Zestimates for the same property, please let us know by visiting Zillow Help Center and selecting Submit a request.
Stay up to date on market changes and find out how much homes like yours have sold in the past year.
It’s important to consider the size of the Estimated Sale Range because it offers important context about the Zestimate’s anticipated accuracy. When a home goes on the market, new data can be incorporated into the Zestimate algorithm. In the simplest terms, the Zestimate for on-market homes includes listing data that provides valuable signals about the home’s eventual sale price. It is always important to remember that these are not universal suggestions and do not guarantee specific outcomes. Decisions are better taken in consultation with a real estate professional, while factoring in your unique situation like your budget and local housing market conditions.
For this reason, the Zestimate does not incorporate data about these sales. Yes — Zillow’s team of researchers and engineers work every day to make the Zestimate more accurate. Since Zillow’s founding in 2006, we have deployed multiple major Zestimate algorithm updates and other incremental improvements are consistently released between major upgrades. However, if the updates are not significant enough to affect the home’s value, your Zestimate may not change.
While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. Professional home appraisals consider various factors to determine a home’s value, including size, location, condition, upgrades and local comps (or what other, similar homes nearby have sold for). Mortgage lenders require an appraisal before they will approve your loan.
We can only calculate Zestimates for homes and regions where we have certain data, including historical transactions. This column indicates the number of homes in an area that have Zestimates. Use Redfin's home value estimator to get a free, instant home-value estimate, see nearby sales and market trends, and update your home facts and photos. We offer the Redfin Estimate where we have enough local and home-specific data to maintain our accuracy levels. While we can’t give any specific information on expansion, we hope to provide the Redfin Estimate for as many homes as possible over time.
When all of this data meets the massive computing power of our proprietary machine-learning software and today’s best cloud technology, you get the Redfin Estimate. There are no guarantees that you’ll sell for the amount you see, but the results can give you a solid ballpark idea of your home’s approximate value. While the Zestimate is the estimated market value for an individual home, the Estimated Sale Range describes the range in which a sale price is predicted to fall, including low and high estimated values. For example, a Zestimate may be $260,503, while the Estimated Sale Range is $226,638 to $307,394. A wider range generally indicates a more uncertain Zestimate, which might be the result of unique home factors or less data available for the region or that particular home.
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Zestimates for all homes update daily, but on rare occasions this schedule is interrupted by algorithmic changes or new analytical features. Check that your tax history and price history (the sale price and date you bought your home) are accurate on Zillow. Most understand that the Zestimate is an estimate of the value of a home, and that it should be used as a starting point. When combined with the guidance of real estate professionals, the Zestimate can help consumers make more informed financial decisions about their homes.
Lenders and Realtors often work with property appraisers and might have a list of recommendations to help you in your search. There are a variety of ways to get the information you need, depending on how much time and effort you are willing to put in, as well as cost if you seek professional help. Also, you can contact a Redfin Agent to discuss what your home is worth. Speaking to a Redfin Agent about your home’s value is free of charge, with no obligation. For the last several years, I've monitored my home's value using the Zestimate. In some parts of the country, we may have basic information on some homes — but not enough information about enough homes to compute a Zestimate.
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