Zillow is making cash offers on homes using its ‘Zestimate’ home value tool

Zillow uses its “Zestimate” to make cash offers on homes.

The real estate listing website announced Thursday that its Zestimate – Zillow’s home valuation tool – could be considered an initial cash offer on “qualifying homes” in 20 US cities.

The tool will be associated with the company’s Zillow offerings program, where people in certain markets can sell their homes directly to the company.

“This exciting breakthrough demonstrates the confidence we have in Zestimate and the effort we are willing to put into making selling your home truly seamless and easy,” said Jeremy Wacksman, Zillow COO, in a comment. communicated.

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“Zillow is transforming the way people sell and buy homes,” Wacksman added. “Presenting Zestimate as a cash offer to qualifying homes will save time, reduce friction and provide greater transparency – moving us closer to our vision of helping customers complete transactions with one click.

Zillow has announced that its Zestimates can be considered an initial cash offer on qualifying homes in 20 US cities. (iStock)

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Homes eligible for Zillow’s initial cash offer using the Zestimate valuation will see the offer displayed at the top of their real estate information on the real estate website, according to the announcement.

However, the initial cash offer displayed is “before taxes and fees are factored in and are also subject to eligibility and accuracy of property information,” the ad says.

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According to Zillow’s announcement, Zestimates on qualifying homes can be viewed as an initial cash offering from Zillow in 20 major cities, including locations in Arizona, North Carolina, Florida, Oregon, Colorado, in Tennessee, California, Texas, Nevada, Georgia and Minnesota.

Zillow said it plans to expand its service as its Zillow offerings grow.

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Zillow first launched its Zestimate tool in 2006. Today, the tool is used to estimate the value of a home of nearly 100 million homes. According to the ad, it has a “nationwide median error rate for homes in the market of 1.9%.”

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The tool calculates the home’s value using “data from public records, feeds from several listing and brokerage services,” the ad says. Zestimates also uses artificial intelligence such as computer vision and a deep learning neural network to include information from photographs, according to Zillow.