Zillow Can Keep Zestimating
If you have had even an inkling of interest in real estate in the last few years, you have probably heard of Zillow, the online real estate website. It’s one of many online financial services shaking up the game like the Acorns savings app, or the Digit app. Zillow built its audience on the concept of a Zestimate, and online, computer-based algorithm that provides an estimate of the value of your home. People love seeing what their house is “worth” today, this month, and over time. The Zestimate is updated as often as the algorithm gets new data. Are Zestimates Real Estimates? Zillow has had to fight off people from the real estate industry who don’t like the company giving people ideas that makes it harder to earn that real estate commission. Sometimes, it makes people think their house is worth too much, and sometimes it makes people think the house they want to buy is overpriced. Either way, that is a headache for realtors and real estate agents. According to a recent lawsuit, it also caused problems for home builders who accused Zillow of hurting their ability to get the proper sale price for their homes by publishing Zestimates …