It is amazing how much faith the consumers put into their zestimates and Redfin estimates. In spite of them obviously being ginned up, people just want to believe!
As long as automated valuations are carrying so much weight, let’s include a few more!
There are three more estimates at the bottom of realtor.com listings.
Take the Average? Median? Highest? Lowest?
Sellers will find out what their home is worth when they put it on the open market, so any pricing error will be temporary, and easy to fix.
It’s the buyers who should be concerned about putting too much faith and confidence into the accuracy. Look how it turned out for Zillow’s ibuying venture – they lost between $500M and $800M!
Get Good Help!