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Real Estate Pop Appraisal Values?

Posted 12-02-2017 at 06:14 AM by MikeJaquish


I am always interested in pop appraisals, for-profit "Estimates of Value," "What's my home Worth?" and other teasers utilized to bring traffic and sales leads to websites.
I just talk to too many people who put some level of faith in these numbers, both Buyers and Sellers.
These pop appraisals are generated from "AVM" technologies.
"Automated Valuation Models."
It is the technology used by your local property tax assessors and some insurance companies to arrive at generalized figures with little current connection to any accurate market valuation.

In North Carolina, "Value" is the province of professional appraisers, who have license and accountability.
Real Estate agents are barred from offering "Market Value" calculations to folks for a fee.
Yet, using the AVM for commercial purposes, to generate business clearly indicates that the end game IS a "fee." Collection of revenue, with pop appraisal as part of the value proposition of the agent or site may well be considered a fee, albeit a bit indirect.

Instead of posting bogus figures from secretive derivative software and misleading the public, I would propose that firms, agents, and ad sites be regulated with some accountability for the "valuations" they post and offer to drive profits.
Any licensed appraiser, or professional appraiser trade group should be on board with that approach.

Quote:
Originally Posted by LeavingMA View Post
These work pretty well if you are in a homogeneous neighborhood. As soon as you have a completely different property or in a more rural area, forget it. The values will vary widely.
All of the below are fairly cookie-cutter, exclusive single tract-builder neighborhoods, with homes of the same age, and very similar repetitive styles.
When some in the public place their faith in these pop appraisals, I think it reasonable to think they don't really work much better than a stopped clock being right twice a day.



Likely Sale at about $360,000:
Quote:
Originally Posted by MikeJaquish View Post
Realtor.com....$377,000

Redfin.....$331,493

Remax....$354,783

Zillow....$375,503

Added later in edit:
eppraisal...$286,802
Get a Free Estimated Home Value Report | Eppraisal
YES! eppraisal is a worthy addition, indeed!
Likely sale about $240,000-$245,000:
Quote:
Originally Posted by MikeJaquish View Post
eppraisal.com....$195,017

Realtor.com....$229,700

Redfin.....$236,261

Remax....$208,799

Zillow....$232,961

Likely sale $410,000--$420,000:
Quote:
Originally Posted by MikeJaquish View Post
eppraisal.com....$373,008

Realtor.com....$399,400

Redfin.....$272,763

Remax....$382,696

Zillow....$406,626
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