The short answer is that neither one is quite accurate. Your most accurate home value estimate will come from a licensed realtor or appraiser. These real estate pros perform a visual inspection of your property, value its upgrades and renovations, and compare it to the most recent sales in the area.
But if you’re not yet ready to talk or meet with an agent yet and just need a general idea of what your house is worth, a home value estimator can provide you with a ballpark estimate of your home’s value.
I recommend trying several online home value tools to compare pricing estimates. This will help you get a more accurate home value estimate – especially if tools like Redfin and Zillow contain inaccurate or outdated information.
Redfin or Zillow: Who is more accurate?
If you're thinking about listing your home for sale, you might be wondering which site is more accurate: Zillow or Redfin. I've done the research and found that both sites have their strengths and weaknesses when it comes to estimating the value of your home.
To put Redfin's 7.67% error rate in perspective, a home with a $300,000 value estimate could really be worth between $277,000 to $323,000. Zillow's will be marginally better off as its error rate is 6.9%. Many home sellers look at Zillow or Redfin for their home value before refinancing or listing it for sale. Both companies are relatively poor at evaluating these “off-market” homes. To make things worse, Zillow doesn’t adjust for renovations, age of the roof or HVAC, and possible impediments such as busy roads, power lines, and unpopular floor plans or views. In addition, Zillow Zestimate accuracy varies widely by location. For example, its off-market Zestimates in California has a median error rate of 6.4%, compared to 11.2% in Maine.
Redfin and Zillow are much better at estimating the value of homes already listed for sale—but they're still not perfect! For these on-market homes, Zillow's national median error rate is 1.90% and Redfin’s is 2.61%.
Zillow's median error rate is 1.90%, while Redfin's is 2.61%. That means if you see a listing on Zillow with an asking price of $350,000, there's only a 2% chance that it will sell for less than $343,350 or more than $356,650.
Redfin and Zillow are much better at estimating the value of homes already listed for sale—but they're still not perfect! For these on-market homes, Zillow's national median error rate is 1.90% and Redfin’s is 2.61%.
If you're trying to decide whether you should list your home on one site or another, keep in mind that active listings are more accurate than off-market estimates from either site.
How to fix an incorrect Redfin or Zillow estimate
If you believe your Redfin Estimate or Zillow Zestimate is inaccurate, you can change the facts listed about your home on either site. If an estimate has outdated information or contains mistakes, updating those details should improve its accuracy. On Redfin, go to the page of your property and click on "Edit Home Facts". If you want to sell your home quickly, updating your information online and then selling your property is the most sensible thing to do.
The other site you should check out?
But how do you get the most accurate estimate?
By hiring me for a professional home evaluation. Not only will I as a local realtor help you find your perfect home, but also make the entire process hassle-free, cost-effective, and utmost convenient to you.