We are going to have an assessment on our house next week. The redfin estimate shows up 35k less than what we got the house for. How good are the redfin estimates for pending houses?
House details:
Bothell area, 2007 built, 2700 sqft.
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comments
They call it appraisal (assessment). Redfin's "estimate" is nothing.
They basically use listing price +-1% as estimate before sold, and use sold price +-1% as estimate after sold. Bullshit.
Redfin proudly claims their "estimate" has 99.x% accuracy. It is cheating.
I do not see any effort they put behind the estimate. They are simply using the house's own price (listing or sold price). No interpolation or expolation is used, let alone machine learning, or complicated pricing model.
After doing research for a week or so, you can do it yourself.
It is as funny as Apple brands it's privacy while icloud scans you private data.
If I paid 35k over aprisal value, I was fine, it would be ok for me to cover 20% of that value give or take 35k on the total.