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What Is a Zestimate? Understanding the Meaning and Accuracy of Zillow’s Home Valuation Tool
"For anyone browsing real estate listings, the term "Zestimate" has become nearly synonymous with home value. Introduced by the real estate platform Zillow in 2006, the Zestimate is a proprietary algorithmic estimate of a property's market value. It is not an appraisal, nor is it a formal broker price opinion, but rather a starting point for buyers and sellers to gauge where a property stands within the current market. Understanding the meaning of a Zestimate requires peeling back the layers of data science that drive it. At its core, the Zestimate is calculated using a sophisticated machine-learning model. This model synthesizes millions of d..."
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