Can A Robot Accurately Predict Your Manhattan Beach Home Value?Aug 12, 2022 09:49AM ● By Mb News Staff
Can a robot accurately predict the value of your Manhattan Beach home? In other words, are those estimated home values generated by Zillow, Redfin, and Realtor.com accurate - or way off base?
That's the question that our sister blog, Manhattan Beach Confidential, put to the test with a six-month test of online automated home valuations.
MB Confidential tracked 14 Manhattan Beach real estate listings between January and June and compared the automated valuations given on Zillow, Redfin, and Realtor.com with the final sale price.
The results were, well, all over the map. In the best case scenarios, estimates were within 2% and 5% of the sales price. In the worse case scenario, one Realtor.com estimate was off by more than 50%.
So on a scale of A through F, what letter grade did each valuation model get for its performance? Read the whole story here.
Disclaimer: Both Redfin and Zillow operate brokerages, but the study was not focused on either brokerage's business practices; it aimed to examine the reliability of their publicly displayed property valuations.
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