Home values are determined through a complicated series of calculations roughly based on the cost of actual construction plus value-adds like proximity to shopping and other conveniences. The prices that other nearby homes have sold for in the past are also taken into consideration. Formulas are applied, mysterious algorithms are run.Read More
Zillow’s property-value estimates, called Zestimates, are a popular consumer tool for seeing how much homes are worth. They offer information for more than 100 million U.S. homes. But there are several reasons these numbers may not be as accurate as you’d like them to be.