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How Accurate Are Redfin Estimates for Ocala Homes?

How Accurate Are Redfin Estimates for Ocala Homes?

How accurate are Redfin estimates for Ocala homes? Whether you’re thinking of selling, are a current homeowner, or are planning to enter the housing market, you might be considering an online tool to see home valuations in your area.

In this post, our real estate experts at Your Home Sold Guaranteed Realty - Coldwell Real Estate Services will discuss the accuracy of Redfin estimates for homes in Florida. We’ll also cover what factors impact Redfin’s estimates and whether you should hire a realtor.

Key Takeaways:

  • Nationwide, Redfin has a median error rate of 1.99% for on-market homes and 6.3% for off-market homes. 
  • In Marion County specifically, where Ocala is located, there is a median error rate of 2.07% for on-market homes and 6.24% for off-market homes.
  • For on-market homes in Marion County, 76.27% of estimates are within 5% of the final sales price, 89.62% of estimates are within 10% of the final sales price, and 96.59% of estimates are within 20% of the final sales price.

How Accurate Are Redfin Estimates for Ocala Homes?

Nationwide, Redfin has a median error rate of 1.99% for on-market homes and 6.3% for off-market homes. In Marion County specifically, where Ocala is located, there is a median error rate of 2.07% for on-market homes and 6.24% for off-market homes. 

In Ocala, where the median home price is $270,000, this means a Redfin estimate for an on-market home could fall between $264,411 to $275,589. For an off-market home, Redfin’s estimate could fall between $253,152 to $286,848

For on-market homes in Marion County:

  • 76.27% of estimates are within 5% of the final sales price
  • 89.62% of estimates are within 10% of the final sales price
  • 96.59% of estimates are within 20% of the final sales price

For off-market homes in Marion County:

  • 44.21% of estimates are within 5% of the final sales price
  • 64.18% of estimates are within 10% of the final sales price
  • 81.48% of estimates are within 20% of the final sales price

These price variations show why Redfin estimates are best used as a rough indicator of your home’s value. Otherwise, planning your sale or purchase based on these estimates could give you unrealistic expectations about your sale profit or home-buying cost.

It’s important to keep in mind that these are only the median error rates, so the error rate for your situation could be higher or lower. 

Should You Use Redfin Estimates or Hire a Realtor?

Overall, Redfin can be considered slightly more accurate than Zillow and other online tools. However, it’s still best used as a starting point for your real estate journey. 

Redfin uses an algorithm-based method to come up with its estimates, which has significant limitations. The accuracy of Redfin’s estimates will also vary based on the local market conditions and availability of data in a particular neighborhood.

Ultimately, only a realtor can capture the complete value of a property based on the most up-to-date market data. A seasoned realtor brings expertise and personal experience that automated tools can’t provide. 

They’ll conduct a thorough analysis of a home by inspecting it in person and comparing it to recently sold homes in the area, which is the best way to get an accurate and comprehensive valuation.

Scott Coldwell is the Best Ocala Realtor to Find Your Home Value

How Accurate Are Redfin Estimates for Ocala Homes?
Scott Coldwell

While Redfin can be a helpful tool, it ultimately can’t replace the knowledge, experience, and guidance that a realtor provides. At Your Home Sold Guaranteed Realty - Coldwell Real Estate Services, Scott Coldwell and our team can easily help you find the market value of Ocala homes.

Our track record of success is proven through our data– on average, we sell homes 48% faster and for 2.4% more money than our competitors. Plus, with our buyer and seller guarantees such as our Guaranteed Sale Program and Buyer Protection Plan, you can ensure a risk-free real estate experience.

Contact us today at 352-290-3512, send a message to [javascript protected email address], or use the form on this page to learn more about working with our team. Buying or selling a home doesn’t have to be stressful when you work with the best realtor in Ocala and all of North Central Florida!

To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!

Scott Coldwell $ 223 SW Broadway St, Ocala, FL 34471 352-290-3512
Scott Coldwell, Broker/Owner
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