What is a Zestimate?
Samuel Collins • February 18, 2020
How accurate are online pricing computers?
While looking at homes online you may notice sites that feature an estimated value. Zillow's proprietary automatic valuation module (avm) is called Zestimate.
Another popular AVM, like zestimate, is CoreLogic's Realist RealAVM that is used by many banking, financial institutions when evaluating foreclosures. Often these numbers give a quick computer generated guess at a home's value based on the data available from the local market and sold homes.
How accurate is an AVM? Zillow publishes their Zestimate
accuracy for many metropolitan cities like Charlotte, NC. With over 13 thousand homes sold the sales price was within 5% of the sales price for 87.5% of homes. Boston was listed at 77.8%. Several factors could impact the likelihood that a particular zestimate is accurate including uniqueness of the property, availability of comparables, and condition.
We have found computer valuations of homes more accurate in homogeneous neighborhoods with houses sharing the same floor-plans, builder, year, etc. Often in older neighborhoods with custom homes or further out in the country with few houses to compare the zestimate or AVM may become skewed due to lack of data. One of the great features of CoreLogic's RealAVM is that it also provides a range that it expects the house to fall into and a self score on how well it believes it did based on available data.
While these computer systems have been impacting the real estate market for over ten years, the best way to find out what your home is worth is to talk with a great agent. Pro Realty Group maintains high standards for accurately pricing homes with sellers before listing them to sell. If you would like help pricing your home and getting it ready for the market give us a call/text: 336-265-7253
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