The real estate information marketplace ""Zillow"":http://www.zillow.com has expanded its database of homes, leveraging user-submitted data to add more than 25 million new home valuations generated from the company's proprietary Zestimate algorithms, which are Zillow's own market value estimates based on various details available about individual properties.[IMAGE]
The Seattle-based company says it now has data, Zestimates, and Rent Zestimates on more than three-quarters of all homes in the United States.
Zillow notes that it has also improved ""Zestimate accuracy"":http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm nationwide. In the past five years, Zillow users have submitted information on more than 28 million homes, adding updates, such as remodel or home fact information, that are not reflected in public records.
Zillow explained that this interexchange gives the company ""an inimitable database of nearly every home in the country, and creates unique home profiles that allow[COLUMN_BREAK]
Zillow to calculate more accurate Zestimates on more homes.""
The company says the Zestimate median margin of error is now 8.5 percent nationwide, and below 6 percent in major metropolitan areas such as Denver, San Diego, and Washington D.C.
In addition, the expansion brings Zestimates to homeowners, buyers, and sellers in states like Iowa and New Hampshire, where Zestimates were not widely available.
""We've spent six years cultivating our database of nearly all homes, creating a unique and living entity that combines public record data with information submitted by Zillow users,"" said Stan Humphries, Zillow chief economist. ""By expanding the Zestimate algorithm to include more data points and new modeling approaches, we have been able to expand Zillow's footprint and improve accuracy.""
Zillow launched Zillow.com in 2006, with Zestimates on approximately 40 million U.S. homes. Since then, Zillow has more than doubled Zestimate coverage nationwide and added 100 million Rent Zestimates.
The company explained that Zestimates are a starting point in determining a home's value. That, taken together with a home's value range, comparable recent sales, and current listings, Zillow says its information, which is available for free, helps consumers gain an edge in real estate and make more informed decisions.
Zestimates and other home information can be found on ""Zillow.com"":http://www.zillow.com and on Zillow Mobile for the iPhone, iPad, Android and Blackberry.