"what does www.zillow.com base their property estimates on?"

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Asked by CAhypergirl 23 months ago

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i'm looking to buy a house and one of my friends directed me to www.zillow.com. seems likes a great site, but i can't figure out what they base their estimates on. when you go and look at a house, the estimates don't always seem to take owner upgrades into consideration owner upgrades, therefore making some estimates seem low and others high

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"They base their estimates on comparable sales, price trends, and neighborhood factors"

by royloomis on Feb 25 2008 (23 months ago)

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Zillow bases their estimates on comparable sales and other public information. They have their own "proprietary formula" that uses available data to come up with the estimate. The exact formula is their secret, as is their modeling.

They do allow you to edit your home data to get a more accurate estimate that includes things that aren't public information, i.e. remodeling. Some regions are more accurate than others, depending on the availability of public records and user participation.

See these two links to find out more about Zillow's estimates:

http://www.zillow.com/howto/Zestimate.htm

http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm

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"Asessments"

by JBENZ on Feb 24 2008 (23 months ago)

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They use the property tax assessment appraisals which are public records, easily accessible and just about as accurate as anything else the government does. Which is to say, not very.

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They don't, unless you tell them. If you register you can "claim your house" and tell them about any extras or upgrades, but in general if your county auditor doesn't know about it then zillow probably doesn't either.