Recently Zillow announced enhancements to the Zestimate® home value that allow homeowners to edit their home facts on Zillow and, depending on the new information they provide, potentially see an immediate impact on their Zestimate. For years, real estate agents, brokers, home buyers and sellers have questioned the accuracy of the Zestimate and its benefit for buyers and sellers.
According to Zillow's website, the Zestimate was created to give people a starting point for determining a home’s worth. Zestimates are currently based on an algorithm that combines millions of data points from public record and user-submitted data to provide an estimated property value.
But, the algorithm isn't perfect, and Zillow is recognizing that.
If your home facts are incorrect or missing, you can edit your facts, which may affect your Zestimate value. Changes in your Zestimate will show instantly. Previously, it took up to several weeks for the Zestimate to update. However, if the updates are not significant enough to impact the home's value, your Zestimate may not change.
For more information on the Zestimate, and how to update your home's details, click here.