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Zestimate methods
If the data is incorrect or incomplete, update your home facts — this may affect your Zestimate. This is what your property taxes are based on — the dollar value of your property as determined by your area’s local tax assessors. It can go up as your home appreciates in value, but it is typically lower than the amount the home could actually sell for.
How do our free home value estimates work?
The Zestimate’s accuracy depends on the amount of data we have for the home. 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. The Redfin Estimate is highly accurate, with a current median error rate of just 2.02% for homes that are for sale, and 6.29% for off market homes.
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Can I create an Owner Estimate for a home that is on the market?
To calculate the Redfin Estimate the algorithm considers hundreds of data points about the market, the neighborhood, and the home itself, like whether it has a water view or is located on a busy street. When all of this data meets the massive computing power of our proprietary machine-learning software and today’s best cloud technology, you get the Redfin Estimate. It is always important to remember that these are not universal suggestions and do not guarantee specific outcomes. Decisions are better taken in consultation with a real estate professional, while factoring in your unique situation like your budget and local housing market conditions.
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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. It is a computer-generated estimate of the value of a home today, given the available data. Stay up to date on market changes and find out how much homes like yours have sold in the past year. Please check your spelling and use the common location formats listed below. Once created, you can keep the estimate private or choose to post it publicly on your home’s details page on Redfin.com.
Here is a guide to help you establish a baseline for what your house is worth. The tool provides a selection of 25 homes that have recently sold nearby. From that selection, you can select five or more homes that are most similar to your own. We refresh Zestimates for all homes daily, but on rare occasions this schedule is interrupted by algorithmic changes or new analytical features.
How are the comparable homes selected? Can I choose another home that is not among the options Redfin shows?
This report is personally prepared to give you a clear understanding of competing properties, market trends, and recent sales in your area. To get a federally guaranteed loan, a law called FIRREA (the Federal Institutions Reform, Recovery and Enforcement Act) requires you to get an appraisal from a professional appraiser. Lending professionals and institutions are prohibited from using other services when making any loan-related decisions. The Zestimate is intended to provide an estimate of the price that a home would fetch if sold for its full value, where the sale isn’t for partial ownership of the property or between family members. Our extensive analysis of foreclosure resale transactions supports the conclusion that these sales are generally made at substantial discounts compared to non-foreclosure sales.
Or if you're buying, it can indicate how much competition you'll face when you make an offer. Compare Redfin CompeteScores in Raleigh, Philadelphia, Houston, and Sacramento, or check your own neighborhood's score on Redfin.com. You can hire a professional appraiser to provide an evaluation of the property’s value, which in turn should help you price your home accurately. The appraisal report also can be used to identify home improvements and repairs that will increase its value, which is helpful if you do want to sell eventually. The Zestimate® home valuation model is Zillow’s estimate of a home’s market value.
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For example, knowing about how much your home has appreciated in value can help you determine how much equity you’ve built or whether you’re being overcharged for property taxes. The Redfin Estimate is updated daily for homes that are for sale, and weekly for those that are off the market. See our current mortgage rates, low down payment options, and jumbo mortgage loans. Rates, program terms and conditions are subject to change without notice. Typically, national AVMs are not a good representation of a home's actual value and have a large margin of error.
When major improvements to the algorithm are made, we may recalculate historical Zestimates for affected homes. This provides you with the best estimate of historical property valuations. Most understand that the Zestimate is an estimate of the value of a home, and that it should be used as a starting point. When combined with the guidance of real estate professionals, the Zestimate can help consumers make more informed financial decisions about their homes.
The Zestimate incorporates public and user-submitted data, taking into account home facts, location and market conditions. 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. These tools use computer algorithms to analyze publicly available data and come up with an approximate value for your property. Professional home appraisals consider various factors to determine a home’s value, including size, location, condition, upgrades and local comps (or what other, similar homes nearby have sold for). Mortgage lenders require an appraisal before they will approve your loan.
This will prevent automated valuations from showing on all third-party real estate sites. If you have the time and prefer researching things yourself, scouring the internet can provide a cheap and fairly quick way to determine how much your house is worth. This approach will not yield a completely accurate number, but should give you a ballpark figure to guide your decisions. If you're thinking about selling your home, a local Redfin agent can give you the best estimate of how much you'll put in your pocket after the sale. Setting up a consultation with a Redfin agent is totally free and in most markets we only charge a 1% listing fee when you sell your home. For the most accurate estimate, contact us to request a Comparable Market Analysis (CMA).
Impact on your credit may vary, as credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations. The Owner Estimate gives homeowners more control over determining what their home is worth. The Redfin Estimate is the most accurate online home-value estimate for on-market homes, but it doesn’t replace the first-hand knowledge that a homeowner has about their own home when it isn’t on the market. The Owner Estimate combines the best of both human insight and machine learning.
If you officially combine parcels, the county will send us updated information. Yes — Zillow’s team of researchers and engineers work every day to make the Zestimate more accurate. Since Zillow’s founding in 2006, we have deployed multiple major Zestimate algorithm updates and other incremental improvements are consistently released between major upgrades. However, if the updates are not significant enough to affect the home’s value, your Zestimate may not change.
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. Bankrate.com is an independent, advertising-supported publisher and comparison service.
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. 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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