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Zillow is using its “Zestimate” to make offers of houses in cash.
The property listing website announced on Thursday that its Zestimate – Zillow’s home value estimation tool – could be considered an initial cash offer on “qualified homes” in 20 U.S. cities.
The tool will be paired with the company’s Zillow offer program, where people in selected markets can sell their homes directly to the company.
“This exciting advance demonstrates the confidence we have in Zestimate and how far we are willing to go to make selling your home really simple and easy,” said Jeremy Wacksman, chief operating officer at Zillow, in a statement.
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“Zillow is transforming the way people sell and buy houses,” added Wacksman. “Introducing Zestimate as a cash offer for qualified homes early will save time, reduce friction and provide greater transparency – moving closer to our vision of helping customers transact with the click of a button.”
Zillow has announced that its Zestimates can be considered an initial cash offer in eligible homes in 20 U.S. cities. (iStock)
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Homes that are eligible for Zillow’s initial cash offer using the Zestimate valuation will have the offer displayed at the top of their property information on the real estate website, according to the announcement.
However, the initial cash offer displayed is “before taxes and fees are accounted for and is also subject to the eligibility and accuracy of ownership information,” the announcement said.
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According to the Zillow announcement, Zestimates in eligible homes can be considered an initial cash offer from Zillow in 20 major cities, including locations in Arizona, North Carolina, Florida, Oregon, Colorado, Tennessee, California, Texas, Nevada, Georgia and Minnesota.
Zillow said it plans to expand its services as its Zillow Offerings increase.
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Zillow launched its Zestimate tool for the first time in 2006. Today, the tool is being used to estimate the residential value of nearly 100 million homes. According to the announcement, it has a “national median error rate for homes in the market of 1.9%”.
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The tool calculates the value of the home using “data from public records, feeds from various listing services and brokers,” the ad said. Zestimates also uses artificial intelligence, such as computer vision and a deep learning neural network to include photo information, according to Zillow.
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| ZG | ZILLOW GROUP INC | 159.33 | -12.89 | -7.48% |