zestimate: Estimating the Value of Zillow’s Zestimate - 04/12/08 06:04 AM
It seems like the popularity of Zillow.com is rapidly growing. I’ve heard a few times lately, “Oh, I’ll just check my home’s worth on Zillow!”
These people are referring to Zillow’s Zestimate. The Zestimate provides an estimated market value of a home. This is done by entering data on the subject home and comparable homes into an algorithm. Unfortunately, the resulting estimate is oftentimes very inaccurate. See this table from Zillow’s Zestimate Accuracy page. Find the line for El Dorado County, which includes South Lake Tahoe. Homes here sell within 20% of their Zestimate only 75% of the time! This means … (1 comments)