Zillow recently announced that its Zestimate tool was optimized to offer more accurate "real-time data and computer vision" which is uses to value improvements to individual properties.
The company, that launched in 2006, makes it easy for home buyers to peruse houses on the market or off the market with tools that estimate home’s current values. The new update provides a look into home improvements and allows for more accurate, up-to-date home valuation through the Zesitmate tool. Although Zestimate is not an official appraisal, as stated by Zillow, it can give homebuyers an insight into what the home’s current valuation may fall near. The company calculates home values for more than 100 million homes nationwide, providing consumers map tools, sorting tools and ways to find their perfect new home.
“With (the) update, it can now, in a sense, ‘see’ in photographs features that humans would instantly understand, such as curb appeal and natural light,” Zillow wrote in a press release. “The new Zestimate uses neural networks and computer vision to distinguish between high and low-end finishes and to incorporate the value of features like updated bathroom fixtures, fireplaces, and remodeled kitchens. The Zestimate also now uses real-time data from for-sale homes, including list price and how long a home has been on the market.”
According to Zillow, the project idea came from Zillow prize, a two-year, $1 million data science competition. According to Zillow, the new Zestimate and for sale prices of homes falls within an error rate of less than 2 percent.
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