Does redfin estimate and zestimate update after closing?
Does redfin estimate and zestimate increase after you buy a home for above listing price and estimates?
Wait so if I bought at a high price, it raises my neighbor's houses too!
Zestimate updates daily for off market houses, Redfin estimate weekly.
The redfin estimate will very likely be lower than your sale price just fyi.
I can confirm that both redfin and Zestimate cheat. I keep a close eye on the house market and bookmarked several houses. Once the house is sold, they change the estimate trying to make themselves look good. Not only for the recent sold, but for the past 10 year line chart trend, they adjusted the line chart to be close to the actual sold prices.
Can confirm it’s true
I hear ya, but I feel "cheat" is a bit strong of a word. Shouldn't they adjust their estimate with more data points? That is, if a house sold above or below its estimate in a particular neighborhood, I would fully expect that this event would drive the estimate up or down in that neighborhood.
Redfin estimates seem artificially inflated; Zillow values seem more realistic (albeit slightly inflated).
It can go up or down. I have seen houses drop in price by 100-200k after closing as well. The estimate is kinda stupid anyways. Check if the per sqft rate is within range of comps around you. Add 100-200k for if already remodeled, yard size, etc.
Also don’t let the redfin estimate affect ur happiness. Most ppl go thru buyer’s remorse after a home purchase. Think about the countless others who are slogging on weekends at open houses and missing out on buying a house beaten by an all cash offer or a 50k difference. You obviously factored in several things to make your decision. Don’t second guess it. The price will always go up in the long term.
Within the week, the algorithm will recompute the price. Although one sale in a neighborhood is probably not going to have a drastic effect on the Zestimate. Unless it’s the only other home of remotely comparable stats and there are few homes within a sizable radius.
Thank you all for your feedback
How else would Redfin estimate work? Future Comps are based on last sale price in the neighborhood
Just wanted validation that the estimates for my newly bought home will be adjusted and rise 😊
Not quite... The estimate won't or shouldn't rise immediately just due to your sale alone. The overall market dynamics will have the greatest impact on your estimate as time goes on. Also, help me understand why your illiquid asset's value increasing in a way you cannot benefit much from (in the short term) and actively causes your expenses to rise is a good thing