Which realty site is most accurate? (2023)

FAQs

Which real estate site has the most accurate estimates? ›

1. Redfin. The most accurate home value estimator is Redfin as it uses historical pricing data and also considers real-time demand and market trends. Redfin estimates are more accurate than Zillow and the interface is intuitive making it easy to find exactly what you're looking for.

Zillow is the largest real estate website in the United States, ranked by visitor traffic. In the last year, Zillow averaged 68 million monthly visitors.

While Zillow provides the best overall home value estimation and Redfin provides the best for overall accuracy on pricing, they are ultimately just automated models.

Realtor.com is linked to the National Association of Realtors. It has 800 regional Multiple Listing Services, making it by far the most accurate home website. On top of fantastic accuracy, Realtor.com has a lot of statistics and data available to home buyers.

Zillow's Zestimate has been found to have a nationwide error rate of 1.9 percent for on-market homes. When it comes to estimating home values for off-market housing, the error rate jumps to 6.9 percent. Overall, the accuracy of Zestimate is approximately 4 to 5 percent.

Redfin's home value estimator is more accurate than Zillow's when it comes to pinpointing the sales price. According to Redfin, its estimates are approximately 74% accurate within 5% of the sales price for listed homes. By comparison, Zillow is only 67% accurate within 5% of the sale price for listed homes.

For most major markets, the Zestimate for on-market homes is within 10% of the final sale price more than 95% of the time. The nationwide median error rate for the Zestimate for on-market homes is 1.9%, while the Zestimate for off-market homes has a median error rate of 6.9%.

Agents pay extra for an exclusive realtor spot in your ZIP code. Considerably less traffic to Realtor.com than other real estate platforms: Zillow typically has 3x more traffic than Realtor.com.

Like other home value estimator tools, Zillow and Trulia's estimates are useful for getting a general idea of your home's worth — but they might not be completely accurate. We recommend getting multiple quotes from different home value estimator tools to get a better idea of your home's true market value.

The Zestimate is often less accurate than your Realtor's estimate and can be thousands of dollars off. According to Zillow's Zestimate page, “The nationwide median error rate for the Zestimate for on-market homes is 1.9%, while the Zestimate for off-market homes has a median error rate of 7.5%.

Why are Redfin and Zillow estimates different? ›

Redfin and Zillow rely on public, MLS, and user-submitted data to estimate property value. While they operate similarly, they may use different information to calculate their estimates. Redfin and Zillow may also choose different comparable home sales or “comps” to determine your home's estimated value.

The Redfin Estimate is highly accurate, with a current median error rate of just 2.24% for homes that are for sale, and 7.42% for off market homes. This means that when a home that is currently on the market sells, the Redfin Estimate will be within 2.24% of the sales price half of the time.

For core listing services, Realtor.com is their biggest competitor. What site is better than Zillow? Zillow's real estate offerings are some of the most comprehensive, but Redfin and Realtor.com offer some comparable services, especially in terms of home valuation.

With a business model similar to Zillow's, Trulia was acquired by Zillow Group in 2015 for $3.5 billion. 2 The resulting entity is considered the most prominent online real estate company operating in the United States.

LandWatch is part of the Land.com Network, representing the 3 largest rural property listing sites on the Web. When you list with our network, you'll reach the most land buyers and receive the most exposure for your land.

A Realtor estimate, or a Comparative Market Analysis, should be more accurate and more detailed than an online valuation tool like a Zestimate. There are several reasons for this. First, real estate agents who know a particular area will be intimately familiar with the comparable sales.

In addition, Realtor.com does not provide any local sales information, so you can't see which comparable home sales it chose to determine your home value estimate. Until Realtor.com provides home sales data and a median error rate as Zillow and Redfin do, we give its estimator a lower rating (three out of five stars).

Zillow is the most popular home buying website because it's available throughout the U.S. and includes lots of details on off market properties, while the Redfin app only displays listings in select markets. However, better options exist if you're looking for a low cost realtor or want to earn a home buyer rebate.

With a 4.26 out of 5 score, we've selected Realtor.com as the best Zillow alternative. It has a straightforward pricing structure that includes a flat advertising fee along with advertising costs varying by ZIP code. The platform has the highest monthly search volume out of the six Zillow competitors evaluated.

If your home has more value-factors (bigger square footage, better condition, more amenities, etc) than the comparables that are pulled, then your Zestimate is likely to be lower than actual value.

How accurate is Chase home value estimator? ›

Home value estimators like Chase's are usually not accurate or reliable enough to make a major financial decision like setting a list price on a home. But they can still be useful for an idea of what your property is worth.

The bottom line is that sometimes Zillow is accurate, sometimes Trulia is accurate and sometime both of them are way off. Technology still has not advanced to the point where an online appraisal can accurately report the estimated value of a home.

House appraisers also do not look at the Zillow value of your home either!

A home appraisal typically costs about $300 to $400, with a national average of $339, according to HomeAdvisor, a digital marketplace for home services. But home appraisal quotes can start at $600 in some metropolitan areas, and fees can exceed $1,000 for larger or more complex properties.

The main differences between Redfin vs. realtors at traditional brokerages come down to service and fees. Fees: If you're selling, Redfin is cheaper than a traditional realtor — charging 1.5% compared to the standard 2.5-3% that traditional agents charge. And if you sell and buy with Redfin, the listing fee is just 1%.

While Realtor.com only uses listings submitted by agents to the MLS, Zillow also includes FSBO listings on their site.

Redfin agents are generally good, yes. They have a vetting process in place and provide in-house training. However, since Redfin agents are paid a salary, instead of working for a percentage-based commission, they may be less incentivized than a traditional agent to get you the highest price possible for your home.

Factors That Affect Zestimate Accuracy

The tax assessor database also might have a mistake related to a property's basic information, causing the assessed value to be too high or too low. Homeowners who see discrepancies can report incorrect sales data or tax records to Zillow online.

Zillow is one of the biggest – and most popular – websites for monitoring your home's value. One financial advisor I spoke to, Joseph Carbone, says the best part about Zillow is the layout of the site and how easy it is to use.

CoreLogic gets its data from public sources and third-party data aggregators. Quantarium: The artificial intelligence company serves the real estate, banking, mortgage, and insurance industries. The company claims its Quantarium Valuation Model (QVM) provides the most accurate home value estimates.

What negatively affects home appraisal? ›

The home's location has the biggest impact on the valuation. The value will be negatively impacted if the home is in an undesirable neighborhood or situated next to a junkyard, power lines, or a busy street.

If a lender's appraisal comes in lower than the offer price, a buyer can withdraw their offer without any penalties. Contingencies are clauses in a home sale agreement that protect the buyer in case certain conditions are or aren't met.

What is a ZestimateⓇ? Zillow's Zestimate is an estimate of value using a proprietary formula created by the online real estate database company. Zestimates cover more than 100 million homes across the United States. A Zestimate is calculated from physical attributes, tax records, and user submitted data.

Are Redfin Estimates accurate? According to Redfin, their estimate has “a median error rate of 3.02% for on-market homes and 8.69% for off market homes.” In other words - if you're a potential seller who hasn't put your home on the market yet, the estimate may be off by many thousands of dollars.

Here are some potential reasons your home value is lower than you expect: Your house doesn't compare to others in your neighborhood. Your home is near undesirable landmarks. You overimproved your house.

An independent study showed Redfin had a median national error rate of just 1.77% for homes that are currently on the market, and a median national error rate of 6.66% for homes that are not currently on the market.

Why should I claim my home? When you claim your home, you get access your home's information on Zillow. When you claim, you activate your Owner Dashboard, which has tools for tracking your home value, pricing your home for sale, figuring out what time of year to sell and more.

Public records can be outdated or lag behind what homeowners and real estate agents know about a property, so it's best to update your home facts and fix any incorrect or incomplete information — this will help make your Zestimate as accurate as possible.

As homes appreciated at a rapid pace during the COVID-19 pandemic, Zillow's iBuying algorithms consistently and significantly underestimated market changes. That's what eventually led the company to shut down its instant-buying business for good.

Who is Keller Williams biggest competitor? ›

Keller Williams competitors include Zillow, RE/MAX, Coldwell Banker, Realty ONE Group and KKR. Keller Williams ranks 1st in CEO Score on Comparably vs its competitors.

NAR's 'Three-Way Agreement'

To become a REALTOR®, a real estate licensee must join all three associations: local, state, and national. NAR refers to this as the three-way agreement.

Zillow is the largest real estate website in the United States, ranked by visitor traffic. In the last year, Zillow averaged 68 million monthly visitors.

What is a Hot Home? A Hot Home is a home that we think will sell within the first two weeks of being listed on the market.

Both Zillow and Trulia share the same corporate owner after Zillow acquired Trulia in 2015.

InMyArea.com performed a study that took a look at the median prices per acre in 2021 and found that Arizona had the cheapest median cost per acre, at $4,164. The data includes the price of land with existing homes and the cost of land designated as a homesite were also included so that you can have some comparison.

How big is 10 acres? - YouTube

A Realtor estimate, or a Comparative Market Analysis, should be more accurate and more detailed than an online valuation tool like a Zestimate. There are several reasons for this. First, real estate agents who know a particular area will be intimately familiar with the comparable sales.

For most major markets, the Zestimate for on-market homes is within 10% of the final sale price more than 95% of the time. The nationwide median error rate for the Zestimate for on-market homes is 1.9%, while the Zestimate for off-market homes has a median error rate of 6.9%.

Is Redfin estimate accurate? ›

Are Redfin Estimates accurate? According to Redfin, their estimate has “a median error rate of 3.02% for on-market homes and 8.69% for off market homes.” In other words - if you're a potential seller who hasn't put your home on the market yet, the estimate may be off by many thousands of dollars.

The fact that major online calculators may be working from incomplete data means that home value estimates may be off. But it isn't by much. Redfin strives to deliver estimates that are within 3% or less of a home's selling price. Zillow even goes as far as to list their median error for top housing markets.

Zillow is the most popular home buying website because it's available throughout the U.S. and includes lots of details on off market properties, while the Redfin app only displays listings in select markets. However, better options exist if you're looking for a low cost realtor or want to earn a home buyer rebate.

Redfin and Zillow rely on public, MLS, and user-submitted data to estimate property value. While they operate similarly, they may use different information to calculate their estimates. Redfin and Zillow may also choose different comparable home sales or “comps” to determine your home's estimated value.

The bottom line is that sometimes Zillow is accurate, sometimes Trulia is accurate and sometime both of them are way off. Technology still has not advanced to the point where an online appraisal can accurately report the estimated value of a home.

In addition, Realtor.com does not provide any local sales information, so you can't see which comparable home sales it chose to determine your home value estimate. Until Realtor.com provides home sales data and a median error rate as Zillow and Redfin do, we give its estimator a lower rating (three out of five stars).

House appraisers also do not look at the Zillow value of your home either!

If your home has more value-factors (bigger square footage, better condition, more amenities, etc) than the comparables that are pulled, then your Zestimate is likely to be lower than actual value.

The Zestimate is often less accurate than your Realtor's estimate and can be thousands of dollars off. According to Zillow's Zestimate page, “The nationwide median error rate for the Zestimate for on-market homes is 1.9%, while the Zestimate for off-market homes has a median error rate of 7.5%.

A common reason for inaccurate estimates is outdated information. For example, if you have made major additions or renovations that don't show up in the data that Redfin or Zillow have collected on your home, then their estimates may be too low.

Are Redfin estimates inflated? ›

Redfin claims their estimates are off by about 2% while Zillow is off by about 6%. Zillow says they're average error rate is more like 4%. Neither of them will be accurate for unique houses or ones without much to compare them to.

With a business model similar to Zillow's, Trulia was acquired by Zillow Group in 2015 for $3.5 billion. 2 The resulting entity is considered the most prominent online real estate company operating in the United States.

Quantarium Valuation Model (QVM) provides the most current and accurate property valuations to a broad spectrum of customers, including lenders, mortgage banks, brokers, originators, servicers, insurance agencies and appraisers.