New Zestimate Tool No Longer a Wild Guesstimate of Home Values
✉️ Want to forward this article? Click here.
Zillow has released a new version of its much-debated Zestimate home valuation tool.
Yesterday, Zillow announced an update to Zestimate which empowers the tool to estimate the value of homes within a less-than two percent margin of error. As UrbanTurf reported, Zillow concluded a contest earlier this year to improve the tool's accuracy, selecting a team which had developed an algorithm 13 percent better than the Zestimate benchmark.
Zestimate offers visitors to Zillow's website an estimate of a home's value based on a variety of public data, yielding results which many homeowners complained undervalued their properties. Prior to the contest, 66 percent of the 1.8 million homes with Zestimates in the DC area were valued within 5 percent of their sale price and 93.8 percent were valued within 20 percent, leaving a 3.1 percent margin of error which was negligible compared to Zestimate's lackluster accuracy in other metro areas.
story continues below
loading...story continues above
The updated tool now uses a variety of additional factors to assess value, including photographs, quality of finishes and curb appeal. Zestimate also takes real-time data, like listing price and days on market, into account.
“The new Zestimate was inspired by the way the human brain interprets scenes, objects, and images,” Stan Humphries, Chief Analytics Officer and creator of the Zestimate, said in a statement. “It’s a big leap forward, because it means the Zestimate can now understand not just a home’s facts and figures, but its quality and curb appeal. By training neural networks using the millions of home photos on Zillow, the Zestimate now values the features people are most proud of.”
See other articles related to: home values, zestimate, zestimates, zillow
This article originally published at https://dc.urbanturf.com/articles/blog/new-zestimate-tool-no-longer-a-wild-guesstimate-of-home-values/15601.
Most Popular... This Week • Last 30 Days • Ever
The high-end properties are set between the Potomac River/C&O Towpath and multiple pa... read »
In this edition of First-Timer Primer, we look at the ins and outs of the 203k loan.... read »
The largest residential conversion planned in the neighborhood is continuing to move ... read »
Plans for the large new residential project are looking to get started again after mo... read »
The residential pipeline in Adams Morgan has slowed in recent years, and now there ar... read »
- Two Stylish Single-Family Homes Debut in Walkable MacArthur Boulevard Location
- First-Timer Primer: What is a 203K Loan?
- 300-Unit Office-To-Residential Conversion in Georgetown Files Updated Design
- Plans Filed For 230-Unit Development At Brookland Metro Station
- The 4 Developments In The Works In Adams Morgan
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro