Seattle, WA – Plagued by recent legal battles and public criticism, online real estate database company Zillow has decided to add the suffix “-ish” to all future Zestimates.
Since its debut, the Zestimate has led many potential homeowners to believe their home is worth more than it is by providing an estimated property value to website users. It also serves to make homebuyers think they can afford the monthly payments on certain homes, referencing the calculation that assumes they would put 20% down and have perfect credit scores.
Despite a recent campaign designed to handsomely reward anyone who could improve the accuracy of the Zestimate, the proprietary algorithm remains somewhat flawed and misleading to almost everyone who encounters it.
“I suggested we rebrand it as the Guesstimate, which sounds pretty casual and chill,” said Brice Renold, 34, who works in the marketing department of Zillow. “But the ‘-ish’ thing is really an elegant solution to this challenge that stays true to the story of our brand.”
Zillow visitors now have the ability to search for any property and see a slightly informed guess (for example, “$325,000-ish”) at how much it would sell for (maybe).
The site even takes a stab in the dark at how much a home would sort of cost in like a year or something.
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