Zillow has launched a new updated Zestimate home valuation platform, which identifies and values home improvements in real time.
Launched in 2006, Zestimate uses facts from public records to estimate a home’s value. With the update, the platform now utilizes real-time data from for-sale homes, including list price and the home’s time on the market.
Additionally, the new Zestimate also provides photos of features such as natural light to help users visualize the home through Zillow. Sellers, listing agents, and homeowners provide photos for Zestimate to analyze and evaluate, which they can edit, add or remove at any time.
"The new Zestimate was inspired by the way the human brain interprets scenes, objects, and images," said Stan Humphries, chief analytics officer and creator of the Zestimate. "It's a big leap forward because it means the Zestimate can now understand not just a home's facts and figures, but its quality and curb appeal. By training neural networks using the millions of home photos on Zillow, the Zestimate now values the features people are most proud of – like new granite countertops, a remodeled bathroom, or a meticulously landscaped backyard."