SEATTLE, Feb. 27, 2015 /PRNewswire/ -- Zillow®, the
leading real estate information and home-related marketplace, now
allows homeowners to see an immediate change to their Zestimate®
home value when they edit facts about their home on Zillow.
Previously, it took as long as several weeks for the Zestimate to
update.
Zillow calculates Zestimates for 100 million U.S. homes using a
sophisticated and proprietary algorithm that incorporates millions
of data points from public record and user-submitted data. Since
2006, Zillow's community of users has updated more than 50 million
homes, significantly enhancing Zillow's living database of all U.S.
homes and adding rich data beyond what is available anywhere
else.
Today, when a homeowner updates the number of bedrooms,
bathrooms, square footage, lot size, year built or structural
remodel yeari, the algorithm will immediately recognize
those changes and update the Zestimate accordingly. The change in
estimated value will depend on several factors, including the
home's location and the breadth of changes to a home's facts.
"We created the Zestimate because we think giving people a
starting point for determining a home's worth is incredibly
important and useful," said Stan
Humphries, Zillow chief economist. "However, our algorithm
has no way of knowing as much about a given property as the people
that own it, which is why we enable homeowners to provide the most
up-to-date information about their home, and why it is important to
have the Zestimate reflect that information in real time."
Editing home facts is easy. Homeowners first need to claim their
home on Zillow.com or a Zillow mobile app by clicking "edit" on
their home details page, and follow the simple prompts. Once a home
is claimed and confirmed, homeowners can update their home
facts.
Zillow
Zillow® is the leading real estate and rental marketplace
dedicated to empowering consumers with data, inspiration and
knowledge around the place they call home, and connecting them with
the best local professionals who can help. Zillow serves the full
lifecycle of owning and living in a home: buying, selling, renting,
financing, remodeling and more. In addition to Zillow.com®, Zillow
operates the most popular suite of mobile real estate apps, with
more than two dozen apps across all major platforms. Launched in
2006, Zillow is owned and operated by Zillow Group (NASDAQ:Z), and
headquartered in Seattle.
Zillow, Zestimate and Zillow.com are registered trademarks of
Zillow, Inc.
i A structural remodel is when a change in the home
is significant enough to change your home facts such as bedrooms,
bathrooms or square footage and adds at least 10% to the home's
square footage.
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SOURCE Zillow