Homeowner knowledge, machine learning technology will combine to calculate estimates
Redfin has launched Redfin Owner Estimate, a tool that allows homeowners to create an estimate for their home's value based on their own knowledge about their property.
In combination with the core machine-learning engine that powers the Redfin Estimate, the Owner Estimate enables homeowners to provide input for an even more accurate estimate.
"The Redfin Estimate is the most accurate online estimate for on-market homes, but no amount of cloud-computing power can replace a homeowner's firsthand knowledge about their own home and neighborhood," said Matt Lerner, senior vice president of product and design at Redfin. "By combining the best of both human insight and machine learning, the Redfin Owner Estimate gives homeowners more say in determining their home's estimated value."
An owner of any off-market or recently sold home can create an estimate using the tool through a step-by-step process to update home facts and provide input on completed renovations, such as whether the homeowner has added any bedrooms or bathrooms. The tool then allows the homeowner to select at least five comparable homes from a list of 25 recently sold homes in the area.
Once Redfin calculates the Owner Estimate based on the inputs, the homeowner has the choice to keep the estimate private or to post it publicly above the Redfin Estimate on their home's details page on Redfin.com.
"One of the most frequent requests we get from homeowners is to be able to provide their own input and additional information that could impact the estimated market value of their home," said Karen Krupsaw, senior vice president of real estate operations who oversees the home-selling business at Redfin. "The Redfin Owner Estimate puts the power of our proven machine-learning algorithm into the hands of consumers, so they can have a more accurate picture of their home's value whether they are preparing to sell or simply want a better understanding of their equity."
