Now “Zestimates” Are More Accurate Than Ever
The same day that Inman News published a “perspective”by David Charron, President of MRIS, the largest multiple listing service in the U.S.A., on the superfluity of broad market based statistics and trend analysis, Zillow announcedthat its database now has information on more than 100 million homes, representing more than 75 percent of all the homes in the country.
By adding more than 25 million Zestimate Home Valuations, Zillowhas reduced the margin of error on those estimates to 8.5 percent across the country, and to less than 6 percent in such major metropolitan markets as Denver and San Diego.
This is good news to owners, buyers and sellers alike, as Mr. Charron points out in his article, “considering the critical role that real estate statistics play in just about every housing-related decision, it is time for our industry to rally around better data.”
In addition to increasing accuracy overall, Zillow’s expansion means that such states as Iowa and New Hampshire now have access to Zestimates that wasn’t available before. Zillow sees Zestimates as a tool or starting point when trying to assess a home’s value, along with comparable recent sales and current listings.
Zillow’s increased accuracy and expanded database couldn’t come at a better time, as industry leaders begin to shift the focus from broad market reports and analysis to timely local data.