Dubbed Redfin Estimate, it taps into previously unavailable info provided by the National Realtors Association to get a tighter grasp on estimates. Redfin says with that information, it will know how many cars a garage can accommodate, or if the basement in a home is finished.
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For homes currently listed, Redfin Estimates has a 2 percent error rate. For those not on the market, Redfin says it can nail down an accurate price to within 6 percent. The company also says those are the lowest known error rates for this type of service.
Because Redfin is also a brokerage, it can use the estimate tool to open a dialogue with buyers and sellers. If a homeowner were to use the tool to find out the value of a home, they could also ask to speak with a Redfin agent about listing the home.
Similarly, buyers can more accurately fine-tune their search before viewing homes. If a buyer wants to keep tabs on a home, they can sign up for a Redfin Home Report to see when its value changes.
Redfin Estimate is currently rolling out to 35 markets in the United States, and is free to use.