Accuracy of zillow/trulia (2014, mortgage, credit)

[KatieAP3883]

Can anyone offer any insights on the accuracy of zillow/trulia property valuations? We bought our home in Mt. Tabor in the spring of 2014. These websites both show or property value rising $150,000 to 200,000 in that short amount of time. We currently have no intention to move, but my husband is in a very mobile field. The possibility of selling and moving somewhere where we could buy a house almost outright is somewhat tempting... Just wondering if someone could give an idea of if these run high, low, or somewhat accurate.

[Ms_Christina]

Our realtor says zillow and Trulia estimates are with 20%. You won't know for sure unless you pay for an appraisal. If you get a home equity loan or line of credit the bank will do a drive by appraisal and you can ask for a free copy. It won't be as detailed but better than $400 for a full appraisal just to appease curiosity.

[KatieAP3883]

Thanks for the info! 20% is still a pretty big window, but it gives me a better idea!

[VelouriaPDX]

We are up $100,000 according to a bank appraisal from what we paid in 2009. Realtor we spoke with actually would want us to list $125,000 over what we paid. We are in inner SE. I just checked Trulia and it's estimating a bit lower.

[take57]

Generally speaking Realtors consider Zillow and the like useless if it doesn't play to their interests and wonderful if it does.

Just consider it another data point among many in determining value.

[cyberous]

I would not spend money on a Bank Appraisals until its a part of the closing process. They always seem to come in just a few hundred dollars more than what you’re selling/buying for. This is because if it’s too low the house will not get financed, if it’s too high then the bank will ask what’s wrong with the house (why are you getting it so cheap) and it will not get financed.

Super simple solution: Use the sold feature on any real-estate websites to see what similar homes in your area have recently sold for, that will give you a picture of the true value and costs nothing.

[ccjarider]

Originally Posted by cyberous

I would not spend money on a Bank Appraisals until its a part of the closing process. They always seem to come in just a few hundred dollars more than what you’re selling/buying for. This is because if it’s too low the house will not get financed, if it’s too high then the bank will ask what’s wrong with the house (why are you getting it so cheap) and it will not get financed.

Super simple solution: Use the sold feature on any real-estate websites to see what similar homes in your area have recently sold for, that will give you a picture of the true value and costs nothing.

Agree - the appraisal business is a scam designed to take $500-$1000 from purchaser. I am sure mortgage company makes a profit on these.

Over the years we have purchased probably 8/9 primary home and investment properties in 3 different states.

It always amazes me how I have had to fork over my $ only to get a document showing the place I want to buy is "amazingly," worth about what I am willing to pay for it.

Scam, scam, scam.