NASHVILLE, TN (WSMV) - Real estate giant Zillow is making cash offers to Nashville homeowners based on "Zestimate" score.
Zillow introduced their "Zestimate" feature back in 2006 as a way to provide a rough estimate of a home's current value to homeowners.
While it was a rough estimate back then, Home Trends Expert for Zillow Amanda Pendleton says, "The Zestimate has become so accurate, that it’s now within a margin of error of less than 2% on on-market homes."
With accuracy this high, Zillow is putting their money where their mouth is and offering cash for homes in Nashville and 19 cities across America.
How it works is Zillow will offer cash based on their estimate and allow the seller to pick their closing date. Meanwhile, Zillow handles any repairs that a homeowner would otherwise do themselves to get their home ready for sale.
Zillow will also market the home for you and handle all the showings to sell the home, eliminating the need for open houses.
Nashville being one of the cities Zillow offers this service to is a strong indicator of how hot the Music City's housing market is.
"We are expecting that Nashville is going to be one of the hottest markets in 2021. We’re seeing that already in our data," said Pendleton. "We’re seeing that homes are selling 10 days faster than they were a year ago. We know that home values are up 9% year over year. And our team of economists is expecting that Nashville is going to outperform the nation market."
Many real estate experts believe that the pandemic has helped expedite the already booming market in Nashville because people want more space and homes with offices and yards.
Younger generations are also apart of the boom. As Millennials continue to enter their home-buying years, many are eager to move to cultural hotspots like Nashville.