Understanding Zillow’s Zestimates and Home Values

It is not uncommon for clients to approach me with a value for a home based on an “zestimate” given by Zillow.  As a real estate professional, sometimes I have agreed with Zillow’s estimate and sometimes I have not.  It can be challenging to explain to a client why the Zillow number is different than my assessment but now Zillow has come forward with a good video explaining the zestimate system.  Kudos to Zillow for this information.  I would also add that I use Zillow’s IPhone application a great deal.  It is one of the better applications for getting a big picture view of the neighborhood and currently is the fastest to load.  Take a look at the video from Zillow’s Sara Bonert.  I think it is a great overview and points out some key information on the site that many may have overlooked.