What is a Zillow Zestimate home value?

Answer

A Zillow Zestimate is a free way for prospective home buyers and sellers, as well as curious homeowners, to estimate a home's market value. Zillow states that its Zestimates have a median error rate of 6.9 percent. The error rate varies by market, with homes in larger markets tending to have more accurate Zestimates.

By pulling from user updates and public records such as county tax data and officially recorded sales prices, Zillow's proprietary algorithm helps fill in parts of the real estate market puzzle. Zillow reports that nationally, 38.3 percent of the time its Zestimates are within 5 percent of a home's final sale price. Additionally, 84.7 percent of the time Zestimates are within 20 percent of the final sales prices for homes across all markets.

While Zestimates boast an impressive accuracy rate overall, Zillow cautions against using these values as a replacement for a professional appraisal. Sometimes Zestimates are inaccurate due to unreported updates or remodels, incorrect user-supplied data and incomplete public records. Because there is always a risk that a Zestimate is inflated or far too low, they are best used as a starting point for Zillow users attempting to price a home or explore local market trends.

Reference:
Q&A Related to "What is a Zillow Zestimate home value?"
1. Navigate to the Zillow website (link in Resources) 2. Type the address, ZIP code or the name of the neighborhood or city in which you are interested in researching home values,
http://www.ehow.com/how_4711481_use-zillow-researc...
Zestimates are numbers calculated with a statistical model using home size, location, lot size, number of rooms vs comps in the area. Zestimates do not take into account a number
http://www.zillow.com/advice-thread/how-does-zillo...
Not much. Zillow has no feet on the ground looking at real estate anywhere. In some areas they do better than others. In my area Chapel Hill/Durham/Raleigh NC they claim to be with
http://www.trulia.com/voices/Home_Buying/How_much_...
Not very, since the data those values are based on are usually inaccurate themselves. That is why they are called estimates. My house for example has a range of over $500k between
http://answers.yahoo.com/question/index?qid=201303...
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