You probably want to know the value of your home. Usually, people will try to get to know their house value when they will sell their house. But, actually it is good for you to know the value of your house now even though you do not have a plan to sell it.
You may be familiar with Zillow. As we know that Zillow is a website where we are able to find property for being sold, bought or even rented. In that site, we are able to find a wide variety of residences such as bungalow, house, apartments and more which are completed by photos, videos and the detail information of the house including price, features, estimate mortgage, tax and more. Then, some of you may want to know whether this website can help you in deciding your house value. The answer is yes. Zillow has a feature that can appraise your home value. The name of the feature is Zestimate.
Based on the Zillow website, Zestimate can be defined as Zillow’s estimated market value for an individual home and it is calculated for about 100 million homes nationwide. It is a starting point in determining the value of a home and it is not an official appraisal. It is important to know that Zestimate is automatically computed daily based on millions of public and also user-submitted data points. Buyers, sellers and homeowners are encouraged to supplement the information of Zillow by doing other research like getting a comparative market analysis (CMA) from an agent of real estate, getting an appraisal from an appraiser which is professional and also visiting the house whenever possible. Besides, this company also produces a Zestimate forecast.
What is it? It is a prediction of Zillow about a home’s zestimate one year from now and it is based on current home and market information. Also, Zillow has a Rent Zestimate that is estimated monthly rental price. You may be curious whether Zestimate is an appraisal. The answer is no. The Zestimate is not an appraisal and you will not able to use it in place of an appraisal even though you are able to share it with professionals of real estate. You need to note that it is a computer-generated estimate of the worth of a house today and it is given the available data. You need to know that Zillow does not offer the Zestimate as the basis of any financial transaction which is specific real-estate-related. The source of data may be incomplete or incorrect. Then, they have not physically inspected a specific home. Note that Zestimate is starting point and it does not consider all the market intricacies which can determine the actual price a house will sell for.
If we change the home facts, when will the zestimate update? Updates about the facts of your home will be factored into the zestimate of your home immediately. If the updates are not important enough to impact the value of home, your Zestimate may not change. They will refresh Zestimates for all homes daily. On some occasions, this schedule is interrupted by operations related to algorithmic changes or the deployment of new analytical features.