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Real Estate
Reply to "Redfin sudden decrease of 25%"
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[quote=Anonymous][quote=Anonymous]Redfin shows our estimate price to be $15K BELOW what we paid in 2017. However, we just refinanced and the bank appraised us at $85K higher than our purchase price. Don't believe the Redfin algorithms. It doesn't account for condition of the home or amenities - tear down vs. newly remodeled by the last owner, finished vs. unfinished basement, degree of flipper activity in the area, etc. It just looks at the tax records for square footage, # of beds and baths, and recent sales prices.[/quote] I bought in 2017, and mine just dropped a ton as well, about what I paid. As an example of how screwy it is, my neighbor's house is EXACTLY the same house, same lot, etc., except for some different flooring. It last sold in 2013. It is on Redfin as $88K more than mine. This likely has something to do with how they integrate recent sales price in the estimate.[/quote]
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