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Reply to "Please answer my dumb questions about Zillow/Redfin estimates"
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[quote=Anonymous][quote=Anonymous]How does Zillow/Redfin come up with my home estimate? They obviously don't know the renovations I've made to my house since purchasing it -- so could my house potentially be worth [i]more[/i] than their estimate? In your experience, how accurate are the estimates anyway? [/quote] On the flip side, they also don't know if your neighbor's house is a complete teardown (which kind of sucks for me because my neighbor's house probably will sell at a "discount" as it is a complete teardown...but I assume a builder will buy it so hopefully it then adds a really nice comp when it is flipped). Their algorithm just looks at comps in the neighborhood and how large they house may be and applies to those metrics to your house. [/quote]
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