Interesting phenomenon. A home was valued between 1.2-1.3M on zillow, redfin prior to listing their home. The home was subsequently listed for 2 million. All of a sudden redfin, zillow estimates immediately jumps to 2M, even though there are no prior comps that would justify the price.
I don’t recall which but one of the sites claim they trust the re agent because perhaps the agent knows something about the property that the website does not. But most re will list the home at whatever price the owner wants.
Appears to be an easy way to increase the “estimate” of one’s home. List it for a price that’s sky high.
Are there valuation websites that doesn’t fall prey to this tactic?
[quote=pinkflamingo]Interesting phenomenon. A home was valued between 1.2-1.3M on zillow, redfin prior to listing their home. The home was subsequently listed for 2 million. All of a sudden redfin, zillow estimates immediately jumps to 2M[/quote]
I found the most outrageous behavior is that Redfin would also modify their historical price estimate to show a gradual increase of estimate from 1.3M to 2M, further to justify the current valuation.
yep, this was proven a couple of years back when a realtor entered an extra zero in the asking price of a home.
I believe it was Zestimate confirmed the faulty value was fair price for the home and the value history graph showed the sky high valuation over past time periods.
.
