Real Estate Site Pop Appraisal Values? (5%, agent, comparable, offers)
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As someone with a 600+ row spreadsheet of every house built in this century in my neighborhood, I can say that 3 have inhaled way too much weed. And, one is too low.
*should brokerages with a presence in a given market be providing valuation estimates on homes currently listed for sale? Whether that had any effect on any of the 4's value (other than R.com which seems to = asking price).
A nearby, and similar house that's not for sale, but was sold previously through the MLS. Info should be accurate, but all are using the tax records square footage, which is incorrect.
Zillow: 780,362 (incorrect sqftg)
Realtor:652,500
Redfin: 757,845 (incorrect sqftg, same # as Z and ReMax)
ReMax: $665,499 (incorrect beds/baths)
[quote=MikeJaquish;50296812]Is it a fairly cookie-cutter neighborhood of very similar homes?
Many of the homes are small or medium sized in my blue collar neighborhood, but some are waterfront. There are also some run down looking places which might be hoarder homes.
My home is not right on the water and is possibly the smallest house in the area, but i have a driveway, garage, yard and view of the lake from my deck and it looks like a cute lake cottage.
The other side of the lake, which is another (richer)town, has what looks like McMansions lining the waterfront.
Recently a McMansion was built on my side of the lake and is listed for $1.4 million. When it sells, I'll check to see if the value of my home goes up on those sites.
If you follow these results with the same reactions of sellers, the 1.1M valuations are low, and a buyer thinks they are absurdly high. It will be curious to see where you think it will move.
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Quote:
Originally Posted by SmartMoney
Beach property?
If you follow these results with the same reactions of sellers, the 1.1M valuations are low, and a buyer thinks they are absurdly high. It will be curious to see where you think it will move.
Not beach.
Big subdivision with multiple phases, built from 1982 to present, and some of the pop appraisers recklessly mix older smaller houses with newer larger houses in their algorithms.
I would guess that Zillow was most accurate, if I were to list today, I'd likely do so for $360Kish and homes typically sell for very close to asking in my area (there's also a fairly severe shortage of inventory).
I would say Zillow is the most accurate, we have three closed sales in the past 12 months of the same model and square footage at $430,000, $429,900 and $432,000.
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