Redfin Improves Accuracy of the Redfin Estimate and Expands to an Additional 11 Million Properties
December 19, 2019
Among Redfin's most popular features, the Redfin Estimate gives homeowners, buyers, sellers and real estate agents insight into the value of more than 85 million homes. Homeowners can claim a home on Redfin to track its Redfin Estimate over time and edit facts about their property to further improve the accuracy. When it's time to sell, the Redfin Estimate is often the starting point in a conversation between a seller and her Redfin agent.
"Everyone wants to know what their home is worth, which is why the Redfin Estimate drives so many homeowners to visit our site and start a conversation with a Redfin agent," said Redfin CTO
A highly accurate estimate is also critical for RedfinNow, Redfin's instant-offer business. RedfinNow buys homes directly from homeowners for cash, fixes them up, if needed, and then quickly resells them.
"The new release not only improves the accuracy of the estimate, it includes back-office tools that show the confidence of the estimate and project the future sales price, so we can better assess the risk and opportunity of buying a particular home," said
Redfin has improved the accuracy of the Redfin Estimate for both off-market and on-market properties. For homes actively listed for sale, the Redfin Estimate error rate improved by 5 basis points, improving from 1.62% to 1.57%. These accuracy gains for both on- and off-market properties were measured by comparing the performance of the previous algorithm to the updated algorithm between February and
Redfin's engineers and data scientists improved the Redfin Estimate's accuracy by conducting hundreds of experiments, testing and retesting new models and incorporating new data. Because Redfin is a brokerage, the company has complete access to the Multiple Listing Services (MLS) used by real estate agents to describe properties in extensive detail, with each MLS tracking different attributes of a home that Redfin can use to calculate a more accurate estimate, such as whether a home is located on the water, has a view or faces a busy street.
Redfin also expanded the Redfin Estimate to five new markets:
For more information about the Redfin Estimate, visit: https://www.redfin.com/redfin-estimate
Redfin (www.redfin.com) is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the
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Redfin Journalist Services: Alina Ptaszynski, 206-588-6863, firstname.lastname@example.org