New Feature Combines Machine Learning with Homeowner Input for a Smarter Home Value Estimate
Today we announced Redfin Owner Estimate, a tool for homeowners to create an estimate of their home’s value that combines the best of machine learning and human insight.
We created the Redfin Estimate to provide an instant answer to homeowners’ most important question: “What is my home worth?” We’re proud the Redfin Estimate is the most accurate online home-value estimate for on-market homes, but we also recognize the importance of the first-hand knowledge that a homeowner has about her own home when it’s not on the market.
That’s where the Redfin Owner Estimate comes in. The same machine-learning engine that powers the Redfin Estimate can now incorporate homeowner input, resulting in an even more accurate estimate of a home’s value.
This feature addresses one of our top requests from homeowners: to be able to provide their own input and additional information, such as renovations that have been completed, that could impact the estimated market value of their home.
How Does It Work?
An Owner Estimate can be created by the verified homeowner of any off-market or recently sold home. To create an Owner Estimate, the homeowner goes through a step-by-step process to update home facts. Have you added a bathroom or expanded? The Redfin Owner Estimate will incorporate these updates.
The homeowner then selects at least five nearby comparable homes (comps) from a list of 25 recently sold homes in the area. Redfin uses the homeowner’s comp selections to calculate the Owner Estimate.
Once created, the homeowner can keep the estimate private or choose to post it publicly above the Redfin Estimate on their home’s details page on Redfin.com.
The Redfin Owner Estimate puts the power of our proven machine-learning algorithm into the hands of consumers, so they can have a more accurate picture of their home’s value whether they are preparing to sell or simply want a better understanding of their equity. Not to mention, it’s fun!
To generate your Owner Estimate, search for your home’s address on Redfin.com. Then click Create Owner Estimate in the Redfin Estimate section.