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Old 01-04-2011, 07:40 AM
 
69 posts, read 231,066 times
Reputation: 18

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Hey guys,

I was curious as to what people thought of cyberhomes.com as a home value estimator. Cyberhomes used to be fairly conservative but it seems defunct now. I always thought zillow and eppraisal gave inflated values and now they're the only game in town. Any thoughts?

SK
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Old 01-04-2011, 07:50 AM
 
10,875 posts, read 13,787,973 times
Reputation: 4896
all of those online home value websites are entertainment at best and almost always WAY off. The only true way to get your home's value is through a realtor or home appraisal.
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Old 01-04-2011, 08:07 AM
 
69 posts, read 231,066 times
Reputation: 18
The problem with a realtor is that there is a warped incentive to inflate the value to increase the size of the commission. The benefit of these automated valuations is that theoretically you get an unbiased evaluation based on objective metrics (crime stats, school stats, comps, etc.).

SK
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Old 01-04-2011, 08:43 AM
 
10,875 posts, read 13,787,973 times
Reputation: 4896
?? No realtor is going to falsely suggest a house is worth significantly more than it is unless they are an idiot. If the house is over priced it's not going to sell. If it doesn't sell the realtor doesn't make any commission. A quality realtor will give you an honest price that it should sell at. These computer generated online sites are not accurate.

Last edited by TempesT68; 01-04-2011 at 09:06 AM..
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Old 01-04-2011, 03:14 PM
 
1,096 posts, read 4,520,253 times
Reputation: 1097
Quote:
Originally Posted by TempesT68 View Post
all of those online home value websites are entertainment at best and almost always WAY off. The only true way to get your home's value is through a realtor or home appraisal.
The only true way to know your homes value is to succesfully sell your home. Obviously realtors and appraisers are going to be more accurate than a website using some strange forumula of tax figures and recent home sales to figure out but still they are just taking an educatd guess.
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Old 01-04-2011, 05:09 PM
 
28,455 posts, read 85,164,534 times
Reputation: 18726
Default Hahahahahahahahahahahahahahahahahahahahahahahahaha hah

Quote:
Originally Posted by skontoller View Post
The problem with a realtor is that there is a warped incentive to inflate the value to increase the size of the commission. The benefit of these automated valuations is that theoretically you get an unbiased evaluation based on objective metrics (crime stats, school stats, comps, etc.).

SK
The only "warped incentive" a real estate agent would have to give an unrealistic valuation is to NEVER GET PAID -- we only make money when a deal CLOSES and inflating listings have a nasty habit of lingering on the market basically forever...

Even on situations where "automated valuation" might theoretically work (like condos...) the variation in both how desperately sellers want to unload their units AND just how appealing EACH unit it is to buyers (funny how the units in condos that have remodeled sell for much more than the unintentially retro pads)will result in very real differences in valuations.

Fun parlor game, not much else.
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Old 01-05-2011, 07:20 PM
 
Location: Not where you ever lived
11,535 posts, read 30,184,594 times
Reputation: 6424
If you want to know the value of your home for no particular reason hire a licensed appraisor. If your house is worth less than what you paid for it and you want to reduce your taxes you will need an appraisal from a state licensed appraisor -- it's what I had to do.
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