Have you ever gone to Zillow’s website, looked up your home and wondered if the estimate you’re seeing is accurate?
You're probably not alone in wondering just how accurate those estimates are. We decided to take the question to a real estate expert who heleped us explain how Zillow does their Zestimates.
According to Zillow’s website, Zestimate is Zillow’s estimated market value for a home, computed using a proprietary formula including public and user-submitted data.
They also say their median error rate of value is 7.5%, meaning half of their values are within 7.5% of actual market value and half of them have an error rate higher than 7.5%, sometimes much higher.
Find out more on how this works and if what you're seeing from Zillow is overblown click this article.