Redfin vs Zillow home price estimates
Home buyers/sellers - I generally see Redfin estimates as higher than Zillow for my apartment in SF. Anyone have any idea what’s the most accurate of these price estimates?
Basically neither. Depending on where you live whichever site is popular with buyers is probably closest to the price people are willing to pay since if you list that’s the “value” that most buyers will see. I assume Redfin in SF? If you’re thinking of selling just ask a realtor. Let them pull comps for you. These sites sometimes mis-categorize homes (e.g list townhouse instead of condo) which affects estimates.
I am assuming that Redfin has a higher price estimate to incentivize me to sell with them. Since I purchased at the beginning of this year, there’s been a $30k difference between Zillow and RF
They are just estimates. JFYI.
Do NOT rely on either estimate in any capacity except relative comparison and price trajectory. Even in those cases, they’re still bad.
CEO of Zillow sold for 40% less than zestimate. https://www.google.com/amp/s/www.inman.com/2016/05/18/zillow-ceo-spencer-rascoff-sold-home-for-much-less-than-zestimate/amp/
Damn this is gold
Neither. It’s usually more close to Redfin + 10%
Do you know if it varies around the country?
Yes. It’s wrong mostly in SF Bay Area. Tbh everywhere else the estimate is pretty spot on
Zillow publishes their error range, not sure if Redfin does.
Whatever is list price, Redfin will almost certainly show higher estimate. And after couple weeks on market estimate will start falling, overriding 5 years of previous history. So Redfin estimate is not trustworthy. Zillow estimate is not trustworthy either, but at least they have 3 different estimates based on different methodologies.
So Zillow has used lots of ML to calculate the Zestimate and it turns out to be crap? No wonder they are seeking help on Kaggle
Redfin. Zillow estimates are awful
How so?
Redfin's estimate is a number. Zillow's estimate is a "wide" range.