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It is a computer-generated estimate of the value of a home today, given the available data. Once you’ve updated the information, the home value estimates will reflect the changes right away. Redfin only offers estimates for homes in areas where similar properties have sold within the past year. Using an updated version will help protect your accounts and provide a better experience. 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. If your home is not currently for sale, you can update facts about it online for both Redfin and Zillow.
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RE/MAX, one of the biggest real estate brokerages in the country, starts its estimation process by asking for the address of the property. Then it requests confirmation of a few details, including the number of bedrooms and bathrooms and the square footage of the home. One drawback of this tool is that you cannot include half-baths in the calculation — it only allows for whole numbers. Once you provide the details, the tool displays two automated estimates from two different companies. Bankrate’s easy-to-use home value estimator requires only your street address.
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Errors do happen, so your value also may be low because of outdated or incorrect information about its previous sales prices or tax history. Using MLS information, user-submitted data, and market trends, Zillow’s proprietary algorithm generates the Zestimate. For questions or concerns, please contact Chase customer service or let us know at Chase complaints and feedback. Refinance your existing mortgage to lower your monthly payments, pay off your loan sooner, or access cash for a large purchase. Use our home value estimator to estimate the current value of your home.
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How can real estate professionals work with the Zestimate?
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. While these tools can be a useful starting point, they may not provide the most accurate pricing.
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Track the RealValueTM of your home with multiple estimates
If you find inaccurate information about your home, you can correct it yourself or submit documentation to the companies so they can update your listing. According to Zillow, the Zestimate is highly accurate, with a median error rate of 1.9% for on-market homes and 6.9% for off-market ones as of April 6, 2022. To get the most accurate figure, hire a professional home appraiser, who will perform an expert assessment to help you understand your home’s worth.
Comparing the best home value estimators
It’s important to consider the size of the Estimated Sale Range because it offers important context about the Zestimate’s anticipated accuracy. Automated home value estimators are useful, but they can’t replace the human expertise of a real estate agent or professional appraiser. Whether you’re looking to buy a new home or sell your current home, work with an agent who knows your local market well to get a better understanding of the home’s value. There are no guarantees that you’ll sell for the amount you see, but the results can give you a solid ballpark idea of your home’s approximate value. An online home valuation tool such as this one (sometimes called an automated valuation model, or AVM) is a useful starting point for figuring out how much your house is worth.
Can Redfin and Zillow Home Value Estimates Replace Appraisals?
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This will help them explain to their clients why the Zestimate is a good starting point and historical reference, but should not be used for the final pricing of a home. The Zestimate’s accuracy depends on the amount of data we have for the home. The Zestimate also incorporates a home’s facts and features, which homeowners have the ability to update. Redfin uses multiple listing service (MLS) data on recently sold homes to determine its value estimates. The Redfin Estimate employs a proprietary algorithm that evaluates hundreds of data points about the market, specific neighborhood, and home features. Realtor.com also doesn’t require any information beyond the home address for its RealEstimate.
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Though there may not be any recent sales in your neighborhood, even a few sales in the area allow us to extrapolate trends in the local housing market. 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. For most major markets, the Zestimate for on-market homes is within 10% of the final sale price more than 95% of the time.
Online real estate platform Ownerly offers a home value estimator, but you must set up an account — and pay for a subscription. However, you can sign up for a seven-day trial membership for $1 or a premium trial for $5. Once you enter the home’s address, you’ll have to answer a few questions, such as whether you own the home in question and details of your ownership and its sales history. When the search completes, you’ll have the chance to create an account, and only then will you be able to see the estimate. We recommend that real estate agents and other professionals gain a basic understanding of how the Zestimate is calculated and how to read the Zestimate data accuracy table.
Our Learning Center provides easy-to-use mortgage calculators, educational articles and more. Our ultimate guide for first-time homebuyers gives an overview of the process from start to finish. And from applying for a loan to managing your mortgage, Chase MyHome has everything you need.
It’s a question every homeowner wants to know the answer to, especially if you’re thinking about selling. It’s not possible to manually alter the Zestimate for a specific property. This allows you to see how a home (or an area) has changed in value over time. The Zestimate is not an appraisal and can’t be used in place of an appraisal.
This is the percentage of transactions for which the Zestimate was within 5% of the transaction price. Note, however, that you cannot update any information if your home is currently on the market. In that case, you’ll need to contact the Redfin and Zillow customer service teams. With either the Redfin Estimate or the Zillow Zestimate, the estimated value of any given home is only as accurate as the available data.
If your home has additions or renovations that don’t show up in the data, then its estimated value will not reflect those changes. Neither Zillow’s Zestimate nor the Redfin Estimate is designed to replace or serve as an appraisal. The estimates are calculated by a computer based on available data and are not the same as a professional appraisal.
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