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Real Estate
Reply to "Zillow - Make Me Move to the rescue"
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[quote=Anonymous][quote=Anonymous]Can someone please explain to me how Zillow gets its "Zestimates"? I happened to look at our house today and it's showing up as at least 100k more than it should and I just wonder how they even come up with it. [/quote] Zillow is a West Coast company and their algorithms tend to be more accurate there. They use comparable sold properties to determine Zestimates and estimate themselves that they have a nation wide margin of error of about 8%. In more urban areas, the margin of error is even greater. There are lots of variables in Zestimates that impact them (negatively and positively), including owners making adjustments to their own properties to increase the values and tax records that are not up to date. In general, I don't think the real estate community puts much value on them, they are just a ball park figure and are more accurate in some areas than others. Many are off significantly in the DMV.[/quote]
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