What is an Owner Estimate?
The Owner Estimate tool allows you as the homeowner to calculate the value of your home by giving you the opportunity to select your own comps based on the recently sold homes in your neighborhood. This takes the best of our machine learning model that powers the Redfin Estimate and lets you add in what you know about your home and neighborhood.
How do you create an Owner Estimate?
If you’re searching your home on Redfin, the “Create an Owner Estimate” link is above the graph on the listing details page:
If you are trying to access this feature on the Owner Dashboard, hover the arrow over your name and click on "Owner Dashboard" The "Create an Owner Estimate" link will be located under your home's picture.
You will need to verify you are the owner. From here, you’ll be asked to review your home facts and make edits if you have not done so already.
The final step is picking comparable homes and you'll be sent to a map page to make your choices.
Select five comparable homes and click the red "Save" Button.
It will generate your Owner Estimate and will prompt you to save the Redfin Estimate and give you the option to make it public or private. If you choose to make the Owner Estimate public, it will display underneath the "About This Home" section on the listings details page.
**Currently, the Owner Estimate is not available on the app. Only the mobile web and desktop**
How do you calculate the Owner Estimate?
The Owner Estimate uses the same core machine learning engine that powers the Redfin Estimate.
The model then calculates an Owner Estimate in real-time based on these comparable homes (‘comps’) you select. It does so by estimating an ‘adjusted price’ for each comparable home, which is our guess of what that home would have sold for if it were the same size and location as yours.
What homes are eligible to be comparable homes?
You can choose comparable homes (‘comps’) from among the 25 homes most similar to yours that have sold in the last 6 months.
We pick these 25 homes based on which recent sales are close to your home, have a similar size, and similar home facts. If you have edited the home facts, we use these as the basis for picking comparable homes. If you haven’t, we use data from the local MLS, or from public records.
We update comparable homes once per week and if a recently sold home isn’t showing up for you, check back in a week and it should be available then.
What is “Adjusted Price"?
Adjusted Price is our guess of what a comparable home would have sold for if it were the same size and location as yours. For instance:
- If a home across the street sold for $250,000 but is a little larger than yours, the adjusted price might be $225,000. This reflects that it would have sold for less if it were the same size as yours.
- If an identical home sold for $250,000 but is further away from a popular shopping area or metro stop, it’s adjusted price might be $275,000. This reflects that it would have sold for more if it were closer to these amenities.
Does the value update over time?
No, the Owner Estimate remains the same until you choose new comparable homes and will expire after 1 year.
Why can’t I create an Owner Estimate?
If your home does not have a Redfin Estimate visible, this feature will not be available. We do not show the Redfin Estimate for multi-family homes, co-ops, or for homes that do not have sufficient data available. However, once a Redfin Estimate becomes available for your home, you are able to create one at that time.