Seattle is home to Zillow, the real-estate technology company founded there in 2006.
Zillow was established by Rich Barton and Lloyd Frink, who had previously helped create Expedia. The company launched with a large database of property information and introduced “Zestimates,” automated estimates of home values intended to help consumers understand market prices.
The company’s name combines “zillions” with “pillow,” reflecting its original focus on helping people compare and imagine homes. Zillow became part of the growing property-technology, or proptech, sector, alongside online brokerage, listing, mortgage, rental, and data businesses.
A Zillow estimate is not the same thing as an appraisal, inspection, or accepted offer. Automated estimates use models and available data, while a formal appraisal is prepared for a specific lending or transaction purpose. Property records, renovations, market shifts, and unusual homes can all affect the accuracy of an online estimate.