Accuracy of Redfin/zillow/realtor
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Anonymous
| Which of these e-estimates reliably comes closest to what houses actually sell for? Mine bounces around a lot and am curious which if any is actually reliably accurate. |
Anonymous
| None. Get an appraisal if you’re seriously trying to find market value. |
Anonymous
| If you want even more estimates, homes.com will show you four additional valuation models. |
Anonymous
| They’re not useful for individual houses. |
Anonymous
| You can Adjust the estimate on the website as owner.If you think it is wrong. |
Anonymous
|
They’re more useful for neighborhoods built by big corporate Homebuilders, where you have 350 nearly identical houses in a row and at least one sells every month.
They’re also pretty useful in large condo buildings. Far less useful in neighborhoods where each house is somewhat unique and there have been a range of different renovations over the years. |
Anonymous
| Accuracy is astonishingly bad. I live in a townhouse, and two other townhouses in my community that are virtually identical to mine (including in the degree of renovations) sold about a month ago for identical prices. All the models say that my townhouse is worth $150K to $200K below that. If ever there was a situation where the models should be able to get it somewhat right, this would be it. |
Anonymous
| All Redfin’s comps for my house seem to be on a really, really busy street about three blocks from me. I guess their algorithm doesn’t include things like traffic and noise. |
Anonymous
If the owner can adjust the estimate, another reason how they are completely useless. |
Anonymous
| If you're u bought your house recently and made no changes to it, then the estimates are probably pretty close. If you have owned your home a long time or made any changes to it, then it is probably going to be way off. |
Anonymous
No you can't. You can correct things like the square footage and the number of beds/baths (if they are wrong), but you can't just invent your own estimate. |
Anonymous
| Redfin is consistently low. Like very low. Not sure why. Zillow seems to be the most accurate but still off a little. |
Anonymous
Intangibles like that and schools etc don’t factor into home appraisals at all. They care about number of bedrooms and bathrooms etc |
Anonymous
+10 |