Why they don't have similar value, Zillow is mostly lower than Redfin estimated sells price #mortgage #housing
From what I noticed , Zillow follows Redfin estimates after a few months.
Redfin is a broker - higher prices will induce ppl to sell (and representing sellers is better than being a buyer’s agent)
Both are meaningless other than maybe plus or minus a million
Both can be gamed. If you list the house too high/low, Zillow/Redfin also start showing the estimate around the same.
I believe Zillow is somewhat responsible for current home prices.
Just tracks around sale price. Bought home under list price, and the appreciation shows lowers than comparable homes sold at list price.
Just look at comparable sold houses in your neighborhood in the past month. Easy.
I usually track the property value reported by the banks (for example bofa has a portal for property values). My observation is that they are always lower than what redfin or zillow reports. I was told that they are more closer to the appraisal value than valuation from redfin/zillow.
Zillow almost went bankrupt because they bought houses using their own estimate… I assume Redfin is also very wrong.
Can we buy those houses that Zillow bought? Is there a way to do it? Or they already sold all of them
I assume they were auctioned old what the progress is.