Redfin seems to be changing historical estimates to make it seem like the prices are still stable. We saw a house in Feb 2020 and it's estimate was 1.615 million and the house was listed at 1.598 when I go back to check the estimate in Feb it's 1.49 million.
But how can they change the historical estimates they showed on their website for a property. Seems like they are trying to manipulate the market.
How? By changing them to better reflect reality. No one uses redfin (or any other online estimation) to measure the market lol
No one? Come on, half of the realtors and buyers/sellers do in my state (not CA). Retroactive changes erode trust. More than manipulating the market it’s trying to survive. Competition is fierce in that market.
Their historical estimate is bullshit. It's been like that forever.
Exactly. Zillow doesn’t change their historical estimates. But no one should rely on Redfin or Zillow estimates to be accurate.
Not really! It’s a common practice to backfill/correct your previous data when you have a better ai model. Although I could see it might look as manipulating..
AI? 😂 Their model is garbage, they change historical data all the time.
Never go by the Redfin estimate . Always work with a good agent who can provide accurate comps for properties you are interested in . I have seen homes sell for 60-70k less than their estimates on Redfin . Some areas do not have transparent pricing . In that case your agent is the person who is going to save you $$$$. Also if the home has been on the market for more than 2 weeks , you can lowball the offers .
Never trust estimate given by Realtor also blindly. It happened with me in Bay area, he told me to put maximum amount which I can afford to get the house. But somehow I thought price was much higher and did’t put offer and that house was sold $150k below asking price after 5 months in 2019. Do not trust realtors blindly
Estimates by anyone that isn't a realator are useless lol. Of course they change overtime as they get better data and try to bigger match reality. They aren't going to lock the estimate in stone if they were wrong lol
Price estimates are all bullshit. All of them been doing that forever. Instead Just look at median sales price and price per square foot in the redfin data center. That one is pretty great. Paragon also had some nice historical sales data. Focus on actual sales.
Yup I had this issue when selling my house. It estimated it way to high and we argued with out agent to list it that high. House didn’t sell and checking few months later the estimate graph changed to look like it never went that high . All this ML/ AI models r shit
Haha. This^ . It always estimates around 150k higher than what it would sell for
If you don’t trust the Zillow and Redfin estimates, $/sqft, why do you trust the MLS ? The agent just runs comps on MLS to find recent sales and estimates based on that. Not sure Zillow and Redfin takes the historical data from MLS and uses its own ML models to predict current value ?
Estimate are not always accurate in any forecast, Housing or oil, soy beans or orange juice. The only accurate thing is historical data.
It could be the result of a new version AI model they have trained/used for the estimates.