Zillow and Redfin
Zillow and Redfin estimates on my house are within 2 percentage points. Does this make those estimates reliable? Bay Area. (Zillow is 2% lower than RF)
Honestly contract a real estate agent, they will pull comps just like an appraiser would. Let them know you are curious, a good agent will do it and not pester if you tell them you’re not looking to sell yet. Doesn’t cost them anything but a little time.
James thinks that the martians will attack on Saturday. But billy strongly disagrees, instead insisting that the martians will attack on Sunday. But…. F this is a dumb question.
You are in an intevriew and asked to design Google property estimate service how would you go about it? It's pretty much the same thing with parameters tweaked by different product managers working with RE agents? Its always going to be an estimate with certain variances and those variances will be huge. When you look at the detail of the estimate it's going to be a range. Even your RE doesn't know the actual value.
They adjust immediately when someone puts their house on sale nearby 😂😂 its an overfitted estimate. Appraisals come out almost 10-20% less than those estimates.
Zestimate on-market model also uses list price as an input. I have mixed feelings about this, on one hand it seems easy to game, on the other hand, generally the list price is a strong signal, given the listing agent did their homework.
Not really. Listing agents are those who spent 2 weeks to study to get the license. Its in their interest to not lower the price even if appraisals will come out lower
How do you define accuracy in this case? What would you be trying to predict? What your home would sell for if you needed to sell it within a week? Factors like mortgage rates can increase or decrease the value of a home overnight. Median days to sale can be driven be regional trends. Answer is no, it's a hard question to quantify, let alone solve "reliably".
Just look at other comparable homes recently sold in your area yourself.