Homebay: Redfin vs. Zillow - Which Home Value Estimator Should You REALLY Trust?
Online home value estimators can be useful tools for estimating a home’s price, and both Zillow and Redfin offer very popular options. But just how accurate are they, and which one should you trust?
Zillow’s home value estimator (the Zestimate) relies on both public and user-submitted data for its own proprietary formula. So does the Redfin Estimate. As of 2022, Redfin is slightly more accurate — but both companies’ accuracy drops when estimating precise sale prices.
The big issue is that neither estimator is very accurate when it comes to pricing your home before it goes on the market — which is a vitally important part of selling your home...
Can I Trust the ‘Zestimate’ for My Home on Zillow? | New York Times Real Estate Q&A Pretty remarkable statement in the middle of this short article: A Sotheby's agent is quoted as saying, "He has never heard of a tax assessor relying on a Zestimate." Don't rely on algorithmic valuations for your property's value. These estimates are interesting, but anything but the final word. Read the paywalled article on NYTimes.com >
Why Your Zillow Estimate is Wrong | What Your Home is Actually Worth | Pauly Campanaro Discover the 3 reasons online home value estimates fail: they can't account for condition (your $40K kitchen remodel), they lag behind the market (using 60-90 day old data), and they don't know your competition (what's hitting the market this week). Learn why pricing right matters: homes priced correctly sell 19 days faster and for 3.8% more ($15K+ on a $400K home). Excerpted from this video posted by Pauly Campanaro:
@SacAppraiser | Ryan Lundquist Zestimate history. This property in Roseville listed at $349K, and the Zestimate matched the list price at $349K despite comps being above $600K. After 11 days the price went to $699K (sold $638K). Today's Zestimate shows no history of $349K. Maybe a brief Zestimate gets erased?
