What is a "Zestimate"?
The Zestimate home valuation is Zillow's estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home's value. The Zestimate is calculated from public and user-submitted data, taking into account special features, location and market conditions. It is very easy for anyone to type in an address and be given a number. The problems occur when that number becomes the number that homeowners or buyers look to as the value of a property.
To see how accurate Zillow's Zestimate I decided to compare Zillow's Zestimates to some of our appraisals and see how accurate they were. Due to confidentiality, no addresses are given. Here are my findings:
1. Home: 1,971 Sq Ft 4 Bedrooms, 2 Bat…