Friday, June 10, 2016

Zillow Updates Zestimate Algorithm

Seattle-based Zillow said this week that it has updated its Zestimate Algorithm, the algorithm which determines the worth of properties, saying those improvements have improved its national median error rate from 8 percent to 6 percent. Zillow said that the updates include a new model for new construction, and that it has also applied increased computer power to improve the accuracy of its algorithm. Zillow started rolling out the new algorithm on Wednesday. The company's software uses a wide range of records--including county and tax records, multiple listing services information, brokerages, and user input--to determine what it thinks a home is worth.