Zillow, the real estate database, launched a new service last week predicting how much a home will be worth a year from now. The Zestimate Forecast focuses on 50 million homes, and forecasts are calculated three times a week.
The company uses a variety of variables to come up with the forecast, including the supply of homes, projected local unemployment rate, income growth, foreclosure data and so forth.
How accurate are the forecasts? Would a service like Zestimate Forecast help you make a decision on selling or buying a home?
Svenja Gudell, Director of Economic Research, Zillow, an online real estate database, who is working on the new Zestimate Forecast
Mark Schniepp, Director, California Economic Forecast, an economic consulting firm that forecasts real estate prices in Southern California based out of Santa Barbara; former Senior Economist for the California State Controller's Office, and consulting economist to the California Department of Transportation