Listing Agent Price vs Redfin Estimate vs Zillow Estimate (for sale, rental)

[sshs]

I have been looking around homes for last 2 months figuring out this price calculation.. Listing Agent just looked at price / sqft of last sold home in that neighborhood and just set a price for this home. I believe listing agent not considering factors (like floor plan, lighting, staging, backyard, appliances etc.) on why that home sold at that price point and escalations before final offer.. This sets higher expectation for seller and motivated to sell at that price or more than that..

Are there any ideal method for a realtor to price a home before listing in market?

I have no idea how Redfin and zillow estimates a home without looking any major factors (like structure, floor plan) but just trying to bubble up price even more than a home actually worth for. I wish these websites to stop their estimates and focus on other aspects for buying/selling homes.

[Canamlian]

Don't know what the ideal is, but my anecdotal observation from following 100+ houses while trying to buy one is that Zillow's estimates are typically waaaay under what a house in this market will end up selling for

[slowlanes]

Zillow/Redfin multi input algorithms that establish predictive house price have done much to influence the buying public and **** off local realtors.
The public thinks their seeing fair valuation, the realtors think they are clueless, because house sales, aside from odd ball outliers, always come down to what are homes currently selling for, not what they are projected to sell for.

We just put a rental we're selling into escrow. During a 30 day period, Zillow valued the house from a high of 365 to a low of 348. And there were zero changes in local conditions, selling prices or available inventory that would explain the swing.

I use Zillow a lot, does an excellent job of showcasing the homes. I also take it's projected home valuations as just that, projected, not actual.

[homesinseattle]

Yes ss, those website estimates are often considerably off. In our work, we use the actual evidence (recently closed nearby similar sales), factoring in adjustments for market momentum, square footage, upgrades, challenges, adding a dose of intuition. Even with all these, better to wait a week to review offers and let the open market exposure tell you what the value is.

[sshs]

Will Redfin listing agent be able to tamper/alter Redfin estimate for a home before posting for sale? I was tracking a home I knew coming to market but estimate changed drastically (about 75K dollars) when actually opened up. All this happened with in few mins.

[Seattler123]

Originally Posted by sshs

Will Redfin listing agent be able to tamper/alter Redfin estimate for a home before posting for sale? I was tracking a home I knew coming to market but estimate changed drastically (about 75K dollars) when actually opened up. All this happened with in few mins.

From what I have noticed redfin estimates are always near listing price.
I have seen some instances where similar homes in similar neighborhoods were priced differently. I assumed their redfin estimates would be similar since redfin would base its price only on neighborhood values/size/date built, etc and not things like floor plan, remodeling, street noise. But to my surprise, the redfin estimates are generally closer to listing price . Looks like they include listing price in their estimate to improve their accuracy

[Chilkoot]

Originally Posted by sshs

Will Redfin listing agent be able to tamper/alter Redfin estimate for a home before posting for sale? I was tracking a home I knew coming to market but estimate changed drastically (about 75K dollars) when actually opened up. All this happened with in few mins.

A Redfin agent contacted me about possibly selling our Belltown condo. The Redfin estimate for our unit is $398,000. The Zillow estimate is $474,000. Realtor.com-$462,000. There are several comparables that have sold for $450+. I asked her why the Refin estimate was so low. She said she’d forward my information to their analytics team. Nothing has change and I never heard from her again.

Maybe they can tamper with it but they did squat in this case.

[homesinseattle]

Analytics don't mean a whole lot until a warm, independently thinking body visits your home, learns about it and spends time researching it, combining the numbers with what they saw and felt. Sometimes, a segmented "team" approach misses some real human elements.

[cmswazey]

Agreed. A realtor who knows his stuff and who gets to know the clients can do so much more.

[Hacker1234]

I just looked up my house to see the numbers, Redfin is about 20k more then the price I paid, Zillow is 90k more.