Don't trust those estimates. None of the estimates are accurate. Redfin estimate is lie. As soon as property is listed estimate is reset to be close to the list price. If property is not sold quick enough it will start falling. And that's fine except they adjust _all_ the estimate history along with an estimate to conveniently show growth chart ending precisely at current estimate value.
Yes. Accurate.
Neither. Go to open houses and see what they sell at
How do you project it to the one you’re interested in? Each is different.
Redfin estimate is a lie. Redfin lies that their estimate is the most accurate. They adjust price ones the house is listed, if house sits they adjust down, they adjust history and trends even after the fact, for the past history. Then claim that it is the most accurate when it is actually a piece of cr*p. I bought the house for 800k when the estimate was a little bit higher. One year later they adjusted past history estimate to 760k, now the adjusted estimate for the same date to 710k. Looks like some idiot (me) bought the house for 800k when the estimate at that time was 710k. But the estimate at that time was 820k.
Yes I observe this which very idiotic... why they hell curve need to fit back and manipulate to past values.. but indeed people are making offer based on these estimate and that is frustrating.
This happened for my property as well. The historical estimate curve is useless.
Neither
If neither is not fine than what is the yard stick to sense the market ... even comp done by reals estate agents are based on past sale in 1 mile radius ... where outlier can bias it either of way. I am wondering how the appraisal will done if offer is made and waiting for loan approval.
If the property doesn't appraise, the buying agent will note comps the appraiser should consider for revaluation. It is at the appraisers prerogative to change the value or not.
Zillow is more acceptable
Take the average mean and median of price/sq ft for houses nearby. You will get fair idea. Then decide what you wanna pay. Redfin sucks for their behavior but is sadly most accurate price you will end up paying in sellers market. Any website that shows one price instead of range has something to sell and make money of you.
What resources would you recommend available to research mean and median of houses nearby?
You can use Redfin or Zillow for that. They usually don’t jack up the price by that much for Neighbour’s houses. Note I do not recommend seeing recently sold houses.
All estimates are shit. Do your own research because near by comps are the best estimate.
Add up all 3 (including Trulia) then divide by 3.
Redfin is more accurate