Zillow what is my house value

This range can vary for different homes and regions. 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. Millions of consumers visit Zillow every month. When combined with the guidance of real estate professionals, the Zestimate can help consumers make more informed financial decisions about their homes.

Real estate professionals can also help their clients claim their home on Zillow, update the home facts and account for any work they have done on the property.

This browser is no longer supported. Please switch to a supported browser or download one of our Mobile Apps. See Mobile Apps. What is a Zestimate? What changes are in the latest Zestimate? My Zestimate seems too low or too high. What gives? I just listed my home for sale. Why did my Zestimate change? My home is on the market. Why is the Zestimate so far off? I just changed my home facts. When will my Zestimate update? Is the Zestimate an appraisal? Why do I see home values for the past?

Do you ever change historical Zestimates? Does the Zestimate algorithm ever change? How often are Zestimates for homes updated? But if this information is inaccurate, it can throw off the Zestimate. The Zestimate also takes into account actual property taxes paid, exceptions to tax assessments , and other publicly available property tax data. Homeowners that see discrepancies can report incorrect sales data or tax records to Zillow online. Sometimes a homeowner makes improvements or upgrades to a property, which should increase the value of the home.

But, Zillow may not necessarily be aware of these factors. That is, unless the local property tax assessor has that information. If a homeowner takes out a permit from the city to make any upgrades, that information may be passed along to the property tax authorities and entered into the public record.

Zillow can only update its listings when this information is available. The more home sales there are in your area, the more data Zillow has about how much buyers think those homes are worth. This makes Zestimates more accurate.

So if you live in a hot market in the San Francisco Bay Area, your Zestimate might be more accurate than if you live in a rural town where people stay in their homes for decades and sales are rare. Zillow updates its algorithm as it comes up with more ways to improve its accuracy.

When this happens, Zestimates can change significantly even though nothing has changed about those homes or the real estate market. The team leveraged different factors affecting a home's value including public data, commute times, road noise, and other information to factor into its algorithm.

The company was the subject of a class-action lawsuit, filed in by Chicago homeowners who claimed it misled homebuyers by providing them with very low figures. The plaintiffs also stated most users treated Zestimates like appraisals. According to a report by MarketWatch, Zillow, said the lawsuit had no merit, denying that its Zestimates were appraisals. Instead, it called them a reference point where users can start their search for home values.

The point is for homeowners to use prices from Zestimates as a broad guideline, and contrast these figures against other sources. It should not, in any way, be considered an appraisal. A comparable market analysis from a local real estate agent and a professional appraisal of the home are the best ways to learn its value. Even these tools are imperfect: Sometimes there are no recent sales of similar homes, and appraisers —who are only human—may be somewhat subjective in their assessments.

Message and data rates apply. I agree to receive a one-time text message containing a link to download the Zillow 3D Home app at the mobile number I provide above, and I confirm that the mobile number is mine.

An iPhone 7 or newer is needed to use the app. Hiring a savvy agent is the best move you can make in selling your house. Just Ask Susan. This browser is no longer supported. Please switch to a supported browser or download one of our Mobile Apps. See Mobile Apps. Otherwise, you risk overpaying. Simply put, market value is what a fully informed, willing buyer would pay for a home. Comps short for comparables are similar, recently sold properties that agents and appraisers use to help determine the value of a home.

Comps are used for multiple purposes: to determine the listing price of a home about to list on the market, to help buyers determine a fair offer price and to help an existing homeowner find out the current value of their property and potential equity. Timeline: In a typical market, comps include homes sold in the past three to six months. Location: Comps should be pulled from the same neighborhood, and in close proximity to the home in question.

In an urban area, comps are usually within a mile or so. In rural areas, the radius comps are pulled from will be larger. Home size: Comps should have the same number of bedrooms and bathrooms, same number of stories and a similar square footage.

The lot size and presence of a garage or basement should be similar, too. Features: Comparable homes should have similar amenities and level of finishes and updates. Age: The homes being compared should be roughly the same age. Newer homes have newer designs, layouts, systems and appliances, which can increase value.

Then, a report is generated determining a market value, based on the sale prices and details of these homes. You could get two types of reports, based on who is doing the calculations:. Keep in mind that the market value you receive from your agent or an appraiser can differ depending on a few factors.