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Real Estate
Reply to "Redfin sudden decrease of 25%"
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[quote=Anonymous][quote=Anonymous]Live in NW DC. Noticed this same thing because it's part of my Wealthfront summary, which suddenly was $200K less one day than the day before. I emailed Redfin and told them that this seemed like something odd was going on with their algorithm, and they said "sorry, the algorithm does what it does. It's infallible." Where I'd challenge that was a house on my street that sold two days prior for $793K, Redfin said was worth $702K. I don't really understand that. If someone bought it for $793K, then it's worth $793K. [/quote] I think Redfin has an incentive to show lower values in their algorithm when trying to convince a selling client to price the house low. Redfin selling agents price for bidding wars, rather than top dollar. That's their strategy - low price, bidding war, quick sale, and a client who is psychologically happy since they got to pick from a couple of competing offers. [/quote]
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