Artificial Intelligence...?

Zillow Zestimate.....Don't Rely On It!!!

As a real estate agent with now over 40 years of experience I have struggled with the Zillow Zestimate that so many tend to rely on, in today's real estate market.

Let me say this first, and let be Capitalize it: NOBODY REALLY KNOWS WHAT YOUR HOME IS WORTH UNTIL A WILLING BUYER MAKES AN OFFER A WILLING SELLER IS READY TO ACCEPT. PERIOD!

There are ways we in the real estate market try to formulate market value on a home. There are Opinions of Market Value, Competitive Market Analysis, and the most respected is the Appraisal by a certified appraiser.

Each one views the subject property, then gathers comparable sale data, and comparable listing data, to formulate what the current market value may be. All the data is gathered in the local market of the subject property.

  Zillow recently updated the Zestimate algorithm to incorporate new enhancements and even more data. To calculate a Zestimate, Zillow uses a sophisticated neural network-based model that incorporates data from county and tax assessor records and direct feeds from hundreds of multiple listing services and brokerages.

Neural networks are artificial intelligence systems that imitate how the human brain works. They are able to map hundreds of millions of data points efficiently, drawing connections between inputs and using the relationships formed to produce or predict an output. In the case of the Zestimate algorithm, the neural network model correlates home facts, location, housing market trends and home values.  

Did your read all that (above) it is artificial intelligence and Zillow has no real clue on what your local market is like or even what your home may be like. So, I suggest you not relay on what Zillow Zestimate says about your home value and use it as an indicator but don't "Hang your hat on it"!

Trust what a local experience agent says or the local appraisers, however, again the value of any home is not really determined until a willing buyer gives a willing seller an offer that is accepted and executed.

Trust what a local experience agent says or the local appraisers, however, again the value of any home is not really determined until a willing buyer gives a willing seller an offer that is accepted and executed.