Redfin pricing history
Was checking Redfin on my property valuation today. Was pretty surprised by the result. We bought the house last year for around 1.9m, now it’s worth 2.15m. But what we know is that price has been shooting up since beginning of the year. Whereas Redfin is showing price is peak in April 2020 and actually came down to 2.15m... Wondering if it’s Redfin trying to make people not in the know think that property price actually came down and it’s good time to buy lol. #housing
That is very not accurate
OP your address is visible in the screenshot btw
Redfin graph is broken
Redfin estimates are some of the fakest valuations out there. The biggest problem is that they retrofit the curve for past years based on current sales. So, a house in 2018 was worth 1.7M on Redfin estimate and sold for 1.74M. Now suddenly, the graph shows that in 2018, the house was actually worth 1.9M, and the current valuation in 2021 is 1.91M. This follows the basic trend that housing right now is about on par with 2018 peaks. Hence, if you are buying or selling, the only thing you should focus on for valuations is neighborhood comps of recent sales, and add a premium for any recent upgrades to the house. That’s it.
This is what happened with my house as well too
Their estimate is a joke. Period
How accurate is Zillow? They claim I overpaid 20%. Then suddenly in the last month my place shut up 50%.
That’s not how comps work! Did you pay 1.9m based on the Redfin estimate ? Or did you actually look at recently sold houses in the neighborhood ?
Looking at Redfin estimate, which was 1.9m back then. But also there wasn’t much comparables back then as market was just starting to open up after covid, so we just bidded at asking price and got lucky.
Usually the asking price is right around what the seller’s agent analysis tells them. So that’s not bad. But do tell your friends to rely on a good buyers agent who actually does the comps before recommending an offer.
At least in bay area, asking price is almost always lower than comps to have bidding wars.
I don’t understand Redfin algorithm to calculate estimate price