Redfin sudden decrease of 25%

[Anonymous]

We bought our home a couple years ago and at the time, the redfin value was $1.5M. Now, when we go back to look at the Redfin value, it says that it was only worth $1.2M when we bought it.

This sudden decrease just happened within the last month. Did anyone else notice?

[Anonymous]

It sounds like MOCO is in recession and housing prices are crashing. No surprise there. NoVA is so much better. Real estate in Virginia is headed for the stratosphere because of the great job market and ultra low taxes. No one wants to live in MOCO.

[Anonymous]

Our Redfin estimate just plummeted as well. I think the winter market is a factor as well.

[Anonymous]

Those estimates are a hot mess. We paid $750k two years ago. One of them says our house is currently worth $700k, another says $800k. They’re pretty useless, and yes, I’ve seen other complaints about them retroactively changing the numbers.

[Anonymous]

They probably changed the formula to create the estimate.

[Anonymous]

I would only trust local comps. Not a Redfin or Zillow estimate. Those are never really accurate.

[Anonymous]

Anonymous wrote:I would only trust local comps. Not a Redfin or Zillow estimate. Those are never really accurate.

This. The Redfin guesstimates don't mean much.

[Anonymous]

Redfin is always about 20% lower than the rest for our house. (Trulia, Realtor, Zillow)

[Anonymous]

Anonymous wrote:It sounds like MOCO is in recession and housing prices are crashing. No surprise there. NoVA is so much better. Real estate in Virginia is headed for the stratosphere because of the great job market and ultra low taxes. No one wants to live in MOCO.

Where did OP say they were in MoCo?

[Anonymous]

Are you in MoCo, OP? We bought in MoCo in 2017, I just went to Redfin and it shows a value that is up 12%.

[Anonymous]

If it was a new construction when you bought, after 5 years I believe the value may drop with whatever Redfin's cost estimate formular.

[Anonymous]

I wouldn't worry about the Redfin estimate.

[Anonymous]

Zillow will also retroactively change the price.

[Anonymous]

Anonymous wrote:It sounds like MOCO is in recession and housing prices are crashing. No surprise there. NoVA is so much better. Real estate in Virginia is headed for the stratosphere because of the great job market and ultra low taxes. No one wants to live in MOCO.

Please get lost.

Signed, someone who doesn’t live in MoCo but is tired of this trolling

[Anonymous]

Redfin is usually lower than Zillow for our house. I just looked at ours and it recently went up by about 50k after holding steady for a while. The Zillow went up by a crazy amount near the beginning of the year, but that has come back down to a more believable number.

A while back I was on Redfin and noticed that they had two numbers for our single family home, one under the regular address and one for a "Unit 1A" at our address. This Unit 1A also had a different estimated value. There is no apartment or extra unit on the property, just a regular house. I sent in an email, they responded and removed the Unit 1A thing. It really doesn't foster confidence in whatever they are doing, though.