While plugging in an address in Zillow’s website has become commonplace in recent years for those curious about the potential worth of their home, or better yet their neighbors’ and friends’ homes, it still pays to get a price quote from a real estate agents, says Zillow CEO Spencer Rascoff.
MarketWatch editor Amy Hoak reports that Zillow was originally built around automated valuations (or “Zestimates”)—in 2006. At that time, not a single for-sale listing was posted on the site. Now it has millions of listings and agent reviews, among other features.
Zestimates are meant to give people a general sense of a home’s worth, but that’s it. “We call it a Zestimate and not a zeppraisal and not a zeprice. It’s meant to be a starting point,” Rascoff said. “To determine a more accurate opinion of a home’s value you should hire a real-estate agent, or more to the point, you should sell the house and then you will know how much it’s worth.”