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Online home valuation estimator tools like the Redfin Estimate and the Zillow Zestimate can be useful for buyers and sellers alike, and both claim to be highly accurate. If you find inaccurate information about your home, you can correct it yourself or submit documentation to the companies so they can update your listing. Errors do happen, so your value also may be low because of outdated or incorrect information about its previous sales prices or tax history.
Can a real estate agent help me get an accurate home valuation?
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To do this, they'll conduct a walk-through, comparing the house's features against a checklist. They'll look for visible defects, but they won't look for potential issues in the same way as a home inspector would.
Type of home loans to consider
But you can receive a pre-qualification and rate estimate with just a soft credit inquiry. Nonetheless, it remains important to compare any offer you receive with mortgage offers from several other lenders to confirm you find the best deal available for you. Zillow acquires data from tax assessor and county records, real estate brokerages, and multiple listing services (MLS). For example, a homeowner may contact Zillow to update information about their property's features.
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However, if the updates are not significant enough to affect the home’s value, your Zestimate may not change. Zestimates for all homes update daily, but on rare occasions this schedule is interrupted by algorithmic changes or new analytical features. The Zestimate® home valuation model is Zillow’s estimate of a home’s market value. The Zestimate incorporates public and user-submitted data, taking into account home facts, location and market conditions. Conforming loans have maximum loan amounts that are set by the government and conform to other rules set by Fannie Mae or Freddie Mac, the companies that provide backing for conforming loans.
Plus, the pre-qualification process with the online lender only requires a soft credit inquiry—a credit check that causes no damage to your credit score. For example, a Zestimate may be $260,503, while the Estimated Sale Range is $226,638 to $307,394. A wider range generally indicates a more uncertain Zestimate, which might be the result of unique home factors or less data available for the region or that particular home. It’s important to consider the size of the Estimated Sale Range because it offers important context about the Zestimate’s anticipated accuracy. An FHA loan is government-backed, insured by the Federal Housing Administration. FHA loans have looser requirements around credit scores and allow for low down payments.
More resources for homeowners
The Redfin Estimate is a calculation of how much an individual home is worth on the open housing market. According to Redfin, the tool is highly accurate, with a median error rate of 2.28% for on-market homes as of April 6, 2022. The Zestimate was created to give consumers more information about homes and the housing market. It is intended to provide user-friendly data to promote transparent real estate markets and allow people to make more informed decisions — it should not be used to drive up the price of a home. It is not an appraisal and it should be used as a starting point.
As far as Zillow Home Loans closing costs are concerned, they tend to range between 3% to 5% of the loan amount. It is worth noting that Rocket Mortgage requires you to agree to a hard credit inquiry to receive a customized rate quote. Therefore, it may be a bit more difficult to compare offers from Rocket Mortgage to those from Zillow Home Loans or other mortgage lenders. As an online lender, Zillow allows much of the loan application process to be completed via your computer or mobile device. The good news is Zillow Home Loans will assign you a dedicated loan officer to guide you and your real estate agent through the home loan process.
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If your loan requires other types of insurance like private mortgage insurance (PMI) or homeowner's association dues (HOA), these premiums may also be included in your total mortgage payment. Zillow Home Loans could be worth considering if you have at least a fair credit score and you prefer a convenient, online mortgage experience. The online lender requires a minimum FICO Score of 620 or higher from its borrowers—criteria that’s slightly stricter compared to some competitors.
When you start the pre-qualification process, be prepared to provide the lender with details about your home loan, including the following. Only residents of the state of New York are ineligible to take out a mortgage loan from the online lender at this time. Mary Beth is a freelance writer for Newsweek’s personal finance team. She specializes in explaining the ins and outs of mortgages and other loans, helping people to use debt wisely and build their credit. Based in Pittsburgh, Pa., Mary Beth is a proud alumna of Bowling Green State University, where she volunteers on the board of the Falcon Media alumni group.
While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. Our models can find neighborhoods similar to yours and use sales in those areas to extrapolate trends in your housing market. Our estimating method differs from that of a comparative market analysis completed by a real estate agent. We use data from a geographical area that is much larger than your neighborhood — in fact, we often use all the data in a county to help calculate the Zestimate.
If the data is incorrect or incomplete, update your home facts — this may affect your Zestimate. Most understand that the Zestimate is an estimate of the value of a home, and that it should be used as a starting point. When combined with the guidance of real estate professionals, the Zestimate can help consumers make more informed financial decisions about their homes. When the price is to their advantage, they might use it as evidence for their client. At least for now, Zillow can't predict how a buyer will feel when they enter a home. Real estate agents and appraisers use any number of factors when they know the neighborhood and have inspected the home in person.
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