The Redfin Home Value Tool, the company explained, gets up-to-the-minute data directly from the same sources used by real estate agents; other sites supposedly rely mostly on public records that are often two to four weeks delayed.
Probably the most well known of those competitor sites is from
This tool allows users to select the homes that best compare to their own, which Redfin said is important because a home's actual value is often affected by factors that are difficult for computers to capture, such as a certain view, traffic noise or unique architectural features. It also generates two comp properties automatically.
"Redfin engineers and designers focused on building a tool that gives homeowners the ability to choose the best comparables from a list based on things machines can't calculate," said Bridget Frey, vice president of engineering.
"Price is a key factor in selling a home faster and for more money, so having a more accurate starting point can be of real value for homeowners."
