Are Zillow and Redfin Estimates Accurate?
Filed under: Home Tips
Whether you are looking to buy a home or wondering about the value of your current home, you might be wondering whether the current Zillow or Redfin estimate is accurate.
As a general rule of thumb, these numbers are pretty close: within about 10% (higher or lower) of the real value of your property.
Zillow and Redfin Estimates Match Listing Prices
Here’s something interesting that I’ve noticed lately: when a new home is listed, the Zillow and Redfin numbers tend to jump to the listing price. So, even if the number was different before the home was listed, these sites tend to default to what the Realtor puts in the MLS.
This phenomenon can cause a few issues, especially because you aren’t actually getting an independent value from the site. Since the websites are just defaulting to someone else’s information, there isn’t a built-in quality check to ensure the information is correct.
Why would Zillow and Redfin do this? Because it makes the accuracy of their information seem more predictable and reliable. For example, they can say that their number was close to the final sale price, especially since most homes will sell within about 3% of the list price.
Your Realtor Will Share the Most Accurate Information
Keep in mind that the list price is coming from a Realtor, who goes through a full comparable analysis report to determine the value of the property. So, if you want the most accurate information, then it’s best to talk to a Realtor instead of trying to figure it out online.
Our team is here to help. We’re happy to assist with your comparable analysis report, as well as nuances of the current market that might affect your sale. Our goal is to help you get the most accurate idea of what your home is actually worth.
If you have questions or need additional information about the value of your property, then we are always just a phone call away. Call or text me any time: (951) 473-0390 or [email protected]