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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. A home’s Zillow listing is often the first impression for prospective buyers, and accurate information helps attract interest. 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. 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.
Use your home's assessed value as a rough estimate
For an accurate estimate, however, you would still be better off with a free no-obligation consultation with a real estate agent. Knowing the value of your home is critical when deciding if it’s a good time to sell, and negotiating a sale. But even if you’re not interested in selling, it’s important to know how much your home is worth because it impacts your ability to get financing, such as a refinance mortgage or a home equity line of credit (HELOC). It will also help you to calculate (or dispute) your property taxes when it’s time to pay your taxes. One factor often quoted when thinking about how a home’s value goes up (or down) is the fundamental concept of supply and demand. In short, when there are more buyers than available homes, buyers will find themselves competing amongst one another, bringing home prices up.
Instant online valuation
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For example, a Zestimate may be $260,503, while the Estimated Sale Range is $226,638 to $307,394. 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. It’s important to consider the size of the Estimated Sale Range because it offers important context about the Zestimate’s anticipated accuracy. 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. The Zestimate® home valuation model is Zillow’s estimate of a home’s market value. The Zestimate incorporates public and user-submitted data, taking into account home facts, location and market conditions.
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Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. As a real estate brokerage, Redfin has complete access to Multiple Listing Services (MLSs), the databases that real estate agents use to list properties.
Canada Real Estate Market Overview for All Property Types
You can start by entering your address into Pennymac’s Home Value Estimator tool. You’ll receive a detailed report of your home, including estimated home value and price per square foot, property specifics, a sales history of your home and nearby homes, along with the corresponding values at the times of sale. If you need help finding a top local real estate agent, you can get help from Pennymac Home Connect and possibly earn a reward when you buy or sell with that agent.
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The real estate market is always changing and we don’t want your estimate to become outdated. The Home Value Estimator provides you with valuable market information to help you weigh your potential options for a home purchase, sale or refinance. Yes — Zillow’s team of researchers and engineers work every day to make the Zestimate more accurate.
Have your home value estimate ready before starting the cash-out refinance process. Get a home value estimate to see how much you could sell for and how fast based on key trends happening in your area. This is the percentage of transactions for which the Zestimate was within 20% of the transaction price.
This may differ slightly from the Redfin Estimate displayed in the Home Report email, which shows a point-in-time value for a given day rather than a monthly average. Also, you can contact a Redfin Agent to discuss what your home is worth. Speaking to a Redfin Agent about your home’s value is free of charge, with no obligation.
Since Zillow’s founding in 2006, we have deployed multiple major Zestimate algorithm updates and other incremental improvements are consistently released between major upgrades. The amount of data we have for your home and homes in your area directly affects the Zestimate’s accuracy. If the data is incorrect or incomplete, update your home facts — this may affect your Zestimate.
Typically, national AVMs are not a good representation of a home's actual value and have a large margin of error. The values generated by AVMs are based on automated computer modeling from public records and may not represent the true value of the home as they cannot take into account the nuances of our local market. The Zestimate is based on a complex and proprietary algorithm that incorporates millions of data points.
In what is considered a sustainable market, home values are generally expected to rise slowly and incrementally over time. When we consider the fluctuating personality of the market, one can also say that home value changes are perhaps as predictable as interest rates — we never quite know precisely what direction they will go. What you can do is keep watch on current sales and prices in your neighborhood — which the Home Value Estimator can provide. And this helpful tool is updated regularly to factor in the latest fluctuations of the market, providing you with the most accurate, up-to-date information.
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. The most accurate home valuations are done by locally licensed, certified professionals. There is a charge for these and they take longer to complete, but they are able to account for a variety of different factors that can affect a specific property individually.
To ensure the most accurate Zestimate, report all home updates to your local tax assessor. Unreported additions, updates and remodels aren’t reflected in the Zestimate. The Zestimate’s accuracy depends on location and the availability of data in an area.
The Jefferson County Property Valuation Administration is tasked with assessing the “fair-market” value, or the price your home would fetch on the open market, of properties. Chase's website and/or mobile terms, privacy and security policies don't apply to the site or app you're about to visit. Please review its terms, privacy and security policies to see how they apply to you.
In these instances, we do not publish the Zestimate until more data can be obtained. The Zestimate should not be used as the basis of any specific financial transaction because data sources may be incomplete or incorrect. The Zestimate is a starting point and does not consider all the market intricacies that can determine the actual price a home will sell for. Check that your tax history and price history (the sale price and date you bought your home) are accurate on Zillow.
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