What is the Redfin Estimate and how is it calculated?

The Redfin Estimate is an automated home valuation tool provided by Redfin. It uses a combination of public record data, MLS information, and user-submitted data to estimate the current market value of a property. The estimate is updated regularly and takes into consideration various factors such as recent sales of similar homes in the area, property characteristics, neighborhood trends, and market conditions. Redfin also incorporates machine learning algorithms to improve the accuracy of the estimate over time. It is important to note that the Redfin Estimate is not an appraisal and should not be considered as a guarantee or a substitute for a professional evaluation. However, it can be a helpful starting point for homeowners, buyers, and sellers to understand the potential value of a property.