Zillow vs Redfin; Which is more accurate?

By | February 22, 2019

VaCAP President Pat Turner was quoted in a syndicated article by Ken Harney. The article  compares the accuracy of Zillow and Redfin’s automated valuation models.  Now we all know a licensed appraiser is the best source of an accurate value, but we must be honest, AVM’s are being used each and every day.

VaCAP encourages all licensed appraisers to talk with consumers and agents. Educate them on the shortcomings of relying on algorithms. We have sent out numerous pieces recently on the possible bias that is “programmed” into these models.  We have also shared articles written by appraisers published on AppraisersBlogs concerning automated valuation models.

This is our future. If appraisers are not willing to step up and secure their future, who will?

Read Ken Harney’s article here.

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One thought on “Zillow vs Redfin; Which is more accurate?

  1. Nike Ford, AGA

    Glad to hear Pat found a willing set of ears for this. Good job!

    There IS no accurate AVM. None.
    To ALL AVM hucksters:
    I am challenging you right now to prove the accuracy of your product. I’ll supply 10 addresses and your apply your phony products to see if you can come within 5% on nine out of ten. I’ll be amazed if you can come remotely close on even half, let alone 90%. Hit nine out of ten addresses I supply (in or near large urban L.A. area) and I will rescind all my criticism of AVMs and never post another negative comment about them. You have 90 days from 02/24/2019 for this offer.

    VaCAP is right. Tell your consumer clients how unreliable AVM are and how they are at increased risk of being defrauded on refinances as well as purchases. In fact, write to Clear Caps ‘clients’ and let them know how flawed these systems are and that no self respecting appraiser will ever respond to AVM originated revision requests or inquiries.

    Reply

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