Zillow took steps to quiet the critics of its long-embattled Zestimate on Friday.
A new Zestimate feature lets homeowners update details about their house, including square footage, that are then immediately factored into their home value estimate. Though homeowners have already been able to update the specifics of a house on the listing service, it previously took weeks for the home’s Zestimate to reflect any changes to those details.
The company has admitted its Zestimates are just estimates and may vary widely — 8-10 percent — from the home’s actual value. But that number is an average, and locally it can vary much more, as real estate columnist Kenneth Harney recently pointed out. That local variation can amount to a difference of tens of thousands of dollars between a home’s Zestimate and its approximate market value.
In a news release, Zillow said it would factor in changes a homeowner made to a home’s number of bedrooms or baths, square footage, year built or remodel year and immediately change the Zestimate to reflect those changes. How much the Zestimate would change will depend on where the home is located and the edits themselves.
“Our algorithm has no way of knowing as much about a given property as the people that own it,” Zillow economist Stan Humphries said, “which is why we enable homeowners to provide the most up-to-date information about their home, and why it is important to have the Zestimate reflect that information in real time.”
This article originally published at https://dc.urbanturf.com/articles/blog/zillow_moves_to_make_zestimate_more_accurate/9587.
Most Popular... This Week • Last 30 Days • Ever
The development will be located a few blocks south of the Takoma Metro station.... read »
The new development along South Capitol Street includes a new amenity for UrbanTurf: ... read »
DC's Office of Planning recently looked at DC's migration patterns in 2022. Today, Ur... read »
A new plan is on the boards for a group of five townhouses in the middle of DC's Chin... read »
Crescent Communities has filed a site plan application with the county for a 467-unit... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
Dupont Circle’s Swann House, a former 15-bedroom bed and breakfast, will be listed ... read »
The two-building project will include approximately 825 residential units, 151 lodgin... read »
There are two new proposals to redevelop the center at 14th and U Streets NW that are... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro