So what is a zestimate anyway? I think that it’s fair to say that at some point we have all asked this question. A zestimate is a compilation of computer generated information and numbers used to guestimate a home’s value.
A Zestimate is supposed to give you an idea of a home’s value by showing you recent and not so recent sales history of the property. Zillow’s website does an excellent job of explaining this.
It is also important to note that Zillow’s website may show that a home is ‘for sale’ when it in reality it is pending (under contract) or already sold. Since listings advertised on Zillow and Trulia (a Zillow owned company) is automatically generated from the MLS, there is usually a delay in status update.
A home’s true value can be determined by obtaining a list of recently sold homes that is similar to the home in question from a real estate professional.