From left: Redfin’s Glen Kelman and Zillow’s Spencer Rascoff Can a machine — even one loaded with sophisticated algorithms, cloud-computing technology and real-estate market data — accurately estimate the value of your home? No way, you might say, it takes trained, professional appraisers to inspect and value houses, and even the best of them don’t always get it right. But real estate and technology entrepreneurs strongly believe that relatively accurate automated estimations of value are achievable, and they have been working for years to create systems that do just that. You’ve probably heard of or used the best known — and most controversial — version to date: Zillow’s “Zestimate” model. (more…)
Source: The Real Deal
