SEATTLE, Feb. 25, 2021 /PRNewswire/ -- The Zestimate
is now an initial cash offer for eligible homes in more than 20
cities nationwide. This ushers in a new era for the Zestimate, the
company's proprietary home value estimation tool, which celebrates
its 15th anniversary this month.
When Zillow introduced the Zestimate in 2006, it was the first
time people had instant access to an estimated value of millions of
homes across America, for free. Today's announcement highlights the
growth in the reliability of the Zestimate with Zillow standing
behind its valuations to provide an initial cash offer on
qualifying homes through its Zillow Offers service.
Pairing the Zestimate with Zillow Offers is the latest way the
company is using technology to simplify and streamline real estate
transactions from beginning to end. Zillow Offers customers can
already use Zillow-affiliated mortgage, title and escrow services
through Zillow Home Loans and Zillow Closing Services.
"For 15 years, homeowners and home shoppers have come to rely on
the Zestimate as an essential first step. This exciting advancement
demonstrates the confidence we have in the Zestimate and the
lengths we are willing to go to make selling your home truly
seamless and easy," said Zillow Chief Operating Officer
Jeremy Wacksman. "This is a proud
moment for Zillow's tech team and speaks to the advancements
they've made in machine learning and AI technology. Zillow is
transforming the way people sell and buy homes. Presenting the
Zestimate as a cash offer to qualifying homes up front will save
time, reduce friction and provide greater transparency - getting us
closer to our vision of helping customers transact with the click
of a button."
Zillow Offers is the company's home-buying service through which
customers can sell their home directly to Zillow. Choosing Zillow
Offers gives customers a more hassle-free experience by eliminating
the time and resources required to prepare and list a home,
including open houses and showings. Selling to Zillow Offers also
minimizes in-person interaction. The service aims to provide
certainty about price and the convenience of selecting a closing
date.
Today, the Zestimate is published for nearly 100 million homes
with a nationwide median error rate for on-market homes of 1.9%. To
determine the Zestimate, Zillow uses data from public records,
feeds from multiple listing services and brokerages as well as
artificial intelligence, including advanced technologies such as
computer vision and a deep-learning neural network to incorporate
data from photographs.
Over the last decade and a half, Zillow has released more than
half a dozen updates to the Zestimate to improve its accuracy,
speed, transparency and availability. The most recent version of
the Zestimate was released in mid-2019, and incorporated winning
ideas developed out of a two-year, $1
million data science competition that included more than
3,800 teams from 91 countries.
The initial offer equal to the Zestimate valuation is currently
available on a limited subset of homes in markets where Zillow
Offers operates. Homeowners with qualifying homes will see the
initial cash offer prominently displayed at the top of their
property information on Zillow. The company will continue expanding
the number of eligible homes as Zillow Offers grows. This initial
offer is before taxes and fees are factored in and is also subject
to eligibility and accuracy of property information.
Markets with homes eligible for this program include:
Phoenix, Tucson, Ariz., Charlotte, N.C., Raleigh, N.C., Miami, Jacksonville,
Fla., Orlando, Fla.,
Tampa, Fla., Portland, Ore., Denver, Colorado Springs, Colo., Fort Collins, Colo., Nashville, Tenn., San Diego, Los
Angeles, Riverside, Calif.,
Sacramento, Calif, Dallas, Houston, San
Antonio, Las Vegas,
Atlanta, Minneapolis.
About Zillow Group
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate
to make it easier to unlock life's next chapter.
As the most-visited real estate website in the U.S., Zillow® and
its affiliates offer customers an on-demand experience for selling,
buying, renting or financing with transparency and nearly seamless
end-to-end service. Zillow Offers® buys and sells homes directly in
dozens of markets across the country, allowing sellers control over
their timeline. Zillow Home Loans™, our affiliate lender, provides
our customers with an easy option to get pre-approved and secure
financing for their next home purchase. Zillow recently launched
Zillow Homes, Inc., a licensed brokerage entity, to streamline
Zillow Offers transactions.
Zillow Group's affiliates and subsidiaries include Zillow®,
Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow
Closing Services™, Zillow Homes, Inc., Trulia®, Out East®,
StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal
Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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SOURCE Zillow