Investor · Chicago, IL · Member since 2009 · 1k+ posts · 1k+ votes
I have a real estate license, so I don't need these valuation tools to value my properties. But out of curiosity, I let these online companies value my properties. I found REDFIN valuations were fairly close. REDFIN also picked up that some of the properties were rentals. Zillow's Zestimate overvalued them significantly. I'm a seller at Zillow pricing.
What are other people's opinions of these programs? Like it or not, buyers and sellers are relying on these valuations. I have found that traditional appraisers have flaws too. Often they cover too many submarkets to be an expert and they certainly have not been inside the properties that they use as comps.
Flipper/Rehabber · Saint Paul, MN · Member since 2018 · 85 posts · 65 votes
8y
Hey Brian!
I have found that, surprisingly, both Zillow and Redfin undervalue a recently remodelled house. There is no good way to account for total home makeovers! Redfin valued our house at $106k, Zillow at $116k. A professional appraiser valued us at $128k. Thank goodness we did our due diligence.
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
8y
This varies by area. Where I invest I have found that Redfin is probably more accurate as it basically averages the comps. But it could still pick Bad comps or ones that are too far away