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Are Zestimate and Redfin Estimates artificially inflated?

Why are the Zestimate and Redfin Estimate for every single house that gets sold in my local market consistently above the sale price? And not by a small margin, but consistently anywhere from 5-15%! You'd think that when a house closes at a certain price, the pricing models would automatically readjust to account for the new sale. But it feels like Zillow and Redfin are artificially inflating their estimates to keep prices elevated. Redfin is also consistently worse than Zillow. The problem is, home sellers see these inflated estimates and think that this is what their homes are worth. So their overpriced houses end up sitting for weeks or months and they refuse to drop the price to match recent comps.

submitted by /u/NotTaken2022
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1xbsvga/are_zestimate_and_redfin_estimates_artificially/
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