Redfin wants to tell you how much your home is worth — just like Zillow. The Seattle online real estate company today rolled out what it’s dubbing Redfin Home Value Tool, a service that relies on “up-to-the-minute” data to tell home buyers and sellers the values of homes.
Sounds familiar, doesn’t it?
Of course, Zillow has built its business around the Zestimate, which offers valuations on homes across the country.
How is Redfin’s tool different?
“Redfin engineers and designers focused on building a tool that gives homeowners the ability to choose the best comparables from a list based on things machines can’t calculate,” Bridget Frey, vice president of engineering for Redfin, said in a release. “Price is a key factor in selling a home faster and for more money, so having a more accurate starting point can be of real value for homeowners.”
Zillow has taken heat over the years that its automated valuations are inaccurate, though it publishes data on the error rates. (The national median error rate is 8.7 percent). Zillow also is locked in a legal battle with Trulia right now over home valuation tools, alleging patent infringement against its rival.
Interestingly, Redfin last year launched its home valuation tool under the name Home Price Tool. Redfin’s Rachel Musiker notes that the Home Value Tool is completely redesigned, including a new comparison grid. The new tool also focuses on a single estimate rather than a range.
Redfin continues to run Zillow’s Zestimates on its Web site.
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