Zillow Says My Home is $60k More Than Redfin: Who is Right?
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- Опубликовано: 7 фев 2024
- Zillow says my home outside Raleigh NC is worth $60,000 less than Redfin says Its worth! Why do Zillow and Redfin come up with such different estimated sales prices?? I dig into their algorithms to find out! We look at what they do right, what they do wrong and find out which one is actually correct!
#zillowhomevalues #redfin #zillow #ellenpitts
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My name is Ellen Pitts and I am a Raleigh NC Realtor, and founder of Harmony Realty powered by the Compass real estate platform. My team would love to help you with your move in the Raleigh area or we would be glad to refer you to one of our partner agents throughout North Carolina! Schedule your free home buying or selling consultation with me and my team here: ellen.pitts@compass.com
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Ellen Pitts
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Thinking of buying or selling a home?? I’d love to help! Contact me here: www.harmonyrealtytriangle.com/contact-harmony/
The video was very insightful, and I enjoyed the banter between the two of you. Your explanation of how agents use comps was clear and helped me understand the process better. Thank you.
So glad you enjoyed it!!
Great video!!!
1. Do more like these with actual properties in different areas (Apex, North Raleigh, WF, etc) showing us what comps YOU would have chosen
2. Can you do a video driving around North Raleigh? North hills. Millbrook, up to 540, 98? I heard it's a nice area
Great ideas!!! We can definitely incorporate those things!
Great job!
Glad you enjoyed it!
Loved this video!! I've always wondered how these two sites get their price estimates so I have that info now! Super interesting. I also loved the downtown drive with the streets named. Seeing different areas gives the viewer an idea of what its like there. When I was in Raleigh last time I didn't get to downtown at all so I really enjoyed this one. Also loved the relaxed banter between you two...so cute!!
I'd love a quick video about traffic...I'd like to see average traffic vs terrible traffic and highlights of easier parts of the area to live vs the areas that maybe are harder to get around in or get to. Not sure if that would be a good concept but I'm curious about the traffic there. 😊
Thanks for the hard work!
Lol!! I’ll have to head to the trafficky spots to find those snarls. Hard to get a lot of them though because you can’t do more than one in one day.
Thanks for another outdoor adventure video. Just love the view of driving around in the convertible under those bright blue skies up above. For no particular reason, I’ve always gravitated towards Zillow. Appreciate the good information with regards to the two real estate power houses. They have sure changed the dynamics of real estate marketing over the past couple decades. My kids generation has no idea what it was like to look for a home using the real estate ads in the local Sunday newspaper or spending hours of drive time with your local real estate agent searching for that perfect home. Crazy how things have changed. Thx Ellen.
When we bought our first home there was just starting to be some online options but Zillow didn’t exist yet and I remember being given printouts by a Realtor…who wasn’t very good mind you, but there were also no resources for Realtor reviews to find someone good. The world really has changed!!!
God this is great timing lol. I look at my props and am SO confused on why there is a difference between sites. THANK YOU! Helps quite a bit.
Glad it was so helpful!!
"Constructiony Stuff" ...love it!
I think the entire estimating strategy is going to be important for people who want to appeal their new tax value.
For sure!! I hadn’t even thought of that!!
Hi, I liked this.
Glad you enjoyed it!!
Ellen I love your videos. Very informative and analytical. Love seeing the streets you’re driving around in, the restaurants and other suggestions as you drive by and the subtle humor of other clips you sneak in here and there. I just want to go have coffee with you two and talk! Haha. That being said, my husband and I spoke with you in the phone and we are meeting with Liam when we go out there next month!
You have my cell phone number!! Call/text me ANYTIME!! 😃Seriously!! Would be glad to get together once you’re all settled here!
It's crucial to exercise caution when relying on Zillow for real estate insights. Their actions have contributed to the deepening housing affordability and inventory crisis. Their "Ibuy" initiative faltered, leading to the offloading of inventory to institutional investors who converted properties into rental units. Additionally, Zillow's utilization of Zestimate for market manipulation further compounds the issue. Given these concerns, it's prudent for prospective homebuyers and sellers to steer clear of Zillow's platform and instead seek guidance directly from trusted local real estate agents and brokers who can offer personalized assistance tailored to their specific needs and circumstances.
A neighborhood drive-thru allows potential buyers to get a feel for the area. The portions of Raleigh that you drove through often showed bike lanes (good for those of us who like to ride bikes). Since Apex is growing, maybe you can show a video about the new constructions being built & perhaps the differences between Apex and Holly Springs.
We can definitely work some Apex driving into the mix!! Thanks for the heads up on the bike lanes. I hadn’t thought of that and it’s really helpful to know what pops out to people so we can do more of it!
It is unfortunate that Zillow lacks nuance. Thank you.
The Zillow on my rental property, a townhome, now seems to match the new wake county tax appraisal value of my home. They are both probably about $8,000 over what I can sell for. Red fin is about $4,000 over what I’d price it for, if selling right now.
That’s interesting!! I think the county appraisals are done in batches so they probably do get things wrong at times. You can definitely appeal the value if you think it’s wrong. Here’s the link to do that www.wake.gov/departments-government/tax-administration/real-estate/revaluation
Your home is only worth what someone is willing to pay.. so to me.. neither are right. But you should go with the highest.. im sure your city will when they reassess your home for taxes, and I'm certain your insurance company will too. Enjoy :)
The point of the video is how to determine what someone will pay. So yes, it’s worth what someone will pay but the algorithms aren’t very good at estimating that. I have quite a bit of experience estimating probable sale price and my estimates are astronomically more accurate than both Zillow and Redfin. 100% of my homes sell within +\- less than 1% of the list price.
@@EllenPitts I'm just jaded. :p
@backrack01 I totally relate!! Lol