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A wider range generally indicates a more uncertain Zestimate, which might be the result of unique home factors or less data available for the region or that particular home. It’s important to consider the size of the Estimated Sale Range because it offers important context about the Zestimate’s anticipated accuracy. To calculate a Zestimate, Zillow uses a sophisticated and proprietary algorithm that incorporates data from county and tax assessor records and direct feeds from hundreds of multiple listing services and brokerages.
See local market trends
The Zestimate’s accuracy depends on the amount of data we have for the home. Many factors can affect your home's value, including buyer demand and prices of neighboring homes. The Redfin CompeteScore can give you an idea whether market competition in your area could boost your home's sale price.
How Accurate Is It?
The more data available, the more accurate the Zestimate value will be. Make a mortgage payment, get info on your escrow, submit an insurance claim, request a payoff quote or sign in to your account. Checking a home valuation tool periodically can be helpful even if you’re not thinking of selling.
What information is used to calculate the Redfin Estimate?
Lending professionals and institutions are prohibited from using other services when making any loan-related decisions. However, we never allow future information to influence a historical Zestimate (for example, a sale in 2019 could not influence a 2018 Zestimate valuation). Historical Zestimates only use information known prior to the date of that Zestimate. The Zestimate’s accuracy depends on location and the availability of data in an area. Some areas have more detailed home information available — such as square footage and number of bedrooms or bathrooms — and other areas do not.
This is the percentage of transactions for which the Zestimate was within 5% of the transaction price. Chase's website and/or mobile terms, privacy and security policies don't apply to the site or app you're about to visit. Please review its terms, privacy and security policies to see how they apply to you. Chase isn’t responsible for (and doesn't provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the Chase name.
How can real estate professionals work with the Zestimate?
Pennymac leverages a best-in-class AVM often used by mortgage lenders and other real estate professionals for forecasting, as well as initial loan estimates. Note that there are many factors that may have an effect on home value. While tools like this can account for neighborhood comps, trends in real estate markets, and other factors, there is some information that no estimation tool can always account for. We offer the Redfin Estimate where we have enough local and home-specific data to maintain our accuracy levels. While we can’t give any specific information on expansion, we hope to provide the Redfin Estimate for as many homes as possible over time.
For your current home, you’ll have a good estimate of how much you may receive from a buyer, or how much equity you may be able to borrow against after an appraisal. If you’re shopping for a home, you’ll be able to estimate your homebuying budget and find great prospects to match. It will also be useful to check other similar homes in the area to make sure your offer is competitive. Like other estimates, the Redfin Estimate is not a formal appraisal or substitute for the in-person expertise of a real estate agent or professional appraiser. If you’re thinking about selling your home, or just want to talk more about what it’s worth, we encourage you to contact a Redfin real estate agent at any time.
This allows you to see how a home (or an area) has changed in value over time. This is the percentage of transactions for which the Zestimate was within 20% of the transaction price. This is the percentage of transactions for which the Zestimate was within 10% of the transaction price.
Want a professional estimate?
Check out our affordability calculator, and look for homebuyer grants in your area. And from applying for a loan to managing your mortgage, Chase MyHome has you covered. This, ultimately, is the amount a buyer would be willing to pay for the home.
You can start by entering your address into Pennymac’s Home Value Estimator tool. You’ll receive a detailed report of your home, including estimated home value and price per square foot, property specifics, a sales history of your home and nearby homes, along with the corresponding values at the times of sale. If you need help finding a top local real estate agent, you can get help from Pennymac Home Connect and possibly earn a reward when you buy or sell with that agent. Pennymac’s online estimator is powered by a best-in-class Real Estate Automated Valuation Model (AVM). Despite this fact, our Home Value Estimator is not a substitute for an appraisal.
The Zestimate also incorporates a home’s facts and features, which homeowners have the ability to update. The nationwide median error rate for the Zestimate for on-market homes is 1.9%, while the Zestimate for off-market homes has a median error rate of 7.5%. This means that the Zestimates for half of all on-market homes are within 2% of the selling price, and half are not.
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Fair market value is heavily dependent on the state of your local housing market, in addition to the factors listed above. We’ll walk you through the loan qualification requirements, various first-time homebuyer programs, and loan options available. The Home Value Estimator provides you with valuable market information to help you weigh your potential options for a home purchase, sale or refinance. If you see two Zestimates for the same property, please let us know by visiting Zillow Help Center and selecting Submit a request.
It is a computer-generated estimate of the value of a home today, given the available data. There are three main types of home valuation, and all might assign slightly different dollar amounts to the same house. For example, the same home may have an assessed value of $300K, an appraised value of $395K and a fair market value of $400K. Any use of Consumer AVM reports by End User shall be at End User's own risk, and End User hereby indemnifies and holds harmless Licensee and its licensors with respect thereto. End User is a customer of Licensee who intends to use the Consumer AVM reports for his/her own non-commercial purposes.
This means that when a home that is currently on the market sells, the Redfin Estimate will be within 2.02% of the sales price half of the time. For off-market homes, the Redfin Estimate will be within 6.28% of the eventual sales price half the time. The Redfin Estimate is more accurate for homes that are for sale because there is more data available about those homes. The Zestimate was created to give consumers more information about homes and the housing market. It is intended to provide user-friendly data to promote transparent real estate markets and allow people to make more informed decisions — it should not be used to drive up the price of a home. The Zestimate is designed to be a neutral estimate of the fair market value of a home, based on publicly available and user-submitted data.
The Redfin Estimate History graph provides a look back at how a home's value changes over time. The Redfin Estimate value each month represents the Redfin Estimate average of all the days in that month. This may differ slightly from the Redfin Estimate displayed in the Home Report email, which shows a point-in-time value for a given day rather than a monthly average. In some parts of the country, we may have basic information on some homes — but not enough information about enough homes to compute a Zestimate. Stay up to date on market changes and find out how much homes like yours have sold in the past year.
For most major markets, the Zestimate for on-market homes is within 10% of the final sale price more than 95% of the time. When a home goes on the market, new data can be incorporated into the Zestimate algorithm. In the simplest terms, the Zestimate for on-market homes includes listing data that provides valuable signals about the home’s eventual sale price.
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