U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 01-03-2018, 06:15 AM
 
Location: NC
6,052 posts, read 6,766,483 times
Reputation: 11872

Advertisements

Hope you were representing the buyers.
Quick reply to this message

 
Old 01-03-2018, 06:18 AM
 
Location: Cary, NC
31,018 posts, read 54,276,279 times
Reputation: 29515
Quote:
Originally Posted by luv4horses View Post
Hope you were representing the buyers.
Yup.
Quick reply to this message
 
Old 01-03-2018, 10:52 AM
 
5,572 posts, read 7,099,873 times
Reputation: 3099
So what’s the consensus? Which site is the best (or least bad)? I’m partial to Redfin, at least it tells you which properties it’s comparing to
Quick reply to this message
 
Old 01-03-2018, 11:36 AM
 
Location: Cary, NC
31,018 posts, read 54,276,279 times
Reputation: 29515
Quote:
Originally Posted by GoPhils View Post
So what’s the consensus? Which site is the best (or least bad)? I’m partial to Redfin, at least it tells you which properties it’s comparing to
They are all misleading. They are all poor substitutes for a boots on the ground analysis.
None is "best."
eAppraisal looks like they are from another galaxy, however, where most of the rest appear to be from Mars to Uranus...

I hate to invoke the Godless Commies at CFPB, but pop appraisals for commercial purposes call out for regulation.
Currently, there is none, and your query, just like those of many other consumers, justifies the generation of requirements and regulations due to confusion caused by using AVMs for sales lead generation.
Quick reply to this message
 
Old 01-03-2018, 03:32 PM
 
Location: Worcester MA
174 posts, read 73,379 times
Reputation: 373
Quote:
Originally Posted by Taffee72 View Post
As of 12/3/2017, here are my small home estimates:

Realtor.com $131,500
Redfin $133,410
Re/Max $128,936
Zillow $130,876


As of 1/3/2018:

Realtor.com $131,100
Redfin $134,197
Re/Max $133,140
Zillow $131,617
Quick reply to this message
 
Old 01-03-2018, 03:47 PM
 
Location: Cary, NC
31,018 posts, read 54,276,279 times
Reputation: 29515
Quote:
Originally Posted by Taffee72 View Post
As of 1/3/2018:

Realtor.com $131,100
Redfin $134,197
Re/Max $133,140
Zillow $131,617
Redfin must be "The Best," as they have the highest value?

Or maybe Remax, as they chart the quickest appreciation over the last month?

Quick reply to this message
 
Old 01-03-2018, 03:55 PM
 
Location: Worcester MA
174 posts, read 73,379 times
Reputation: 373
I'm gonna keep tracking the estimates until I sell and move to Florida!
Quick reply to this message
 
Old 01-03-2018, 03:57 PM
 
Location: Cary, NC
31,018 posts, read 54,276,279 times
Reputation: 29515
Quote:
Originally Posted by Taffee72 View Post
I'm gonna keep tracking the estimates until I sell and move to Florida!
What do YOU think it is worth?
Quick reply to this message
 
Old 01-03-2018, 05:53 PM
 
5,572 posts, read 7,099,873 times
Reputation: 3099
Quote:
Originally Posted by MikeJaquish View Post
They are all misleading. They are all poor substitutes for a boots on the ground analysis.
None is "best."
eAppraisal looks like they are from another galaxy, however, where most of the rest appear to be from Mars to Uranus...

I hate to invoke the Godless Commies at CFPB, but pop appraisals for commercial purposes call out for regulation.
Currently, there is none, and your query, just like those of many other consumers, justifies the generation of requirements and regulations due to confusion caused by using AVMs for sales lead generation.
I get that but I feel like their “badness” is being exaggerated judging by some of the numbers posted. As far as I can tell, in many cases if you take out the high and low numbers posted then the rest tend to be pretty close. As you know even a “boots on the ground” analysis is not foolproof either.
Quick reply to this message
 
Old 01-04-2018, 04:23 AM
 
Location: Cary, NC
31,018 posts, read 54,276,279 times
Reputation: 29515
Quote:
Originally Posted by GoPhils View Post
I get that but I feel like their “badness” is being exaggerated judging by some of the numbers posted. As far as I can tell, in many cases if you take out the high and low numbers posted then the rest tend to be pretty close. As you know even a “boots on the ground” analysis is not foolproof either.
Well, sure.
But, we can discuss 1000 monkeys with typewriters producing the Great Works in time, or the stopped clock being right twice a day.
The magic is to guess which pop appraisal is "best" for a given property at a given time. Or, "best" for most properties at any time.
Boots on the ground will win every time in accuracy over many properties, even though a real appraisal is also an opinion, not a fact.

What isn't displayed, or really able to be displayed, are the AVMs being sold directly to agents to use to garner sales leads.
https://www.tribusgroup.com/products/idx-vow/avm/
https://www.onboardinformatics.com/myavm
Or, where agents pay for the opportunity to be a provider, to get sales leads by providing a valuation:
http://www.eppraisal.com/
https://www.homesnap.com/

Those AVMs are no more accurate, and also provide no accountability.
"What's my home's value," or "What's my home worth?" on an agent site are clearly in violation of terminology supported by NC standards (can't speak to other states' rules).
Yet, they are clearly valuations performed for a fee and becoming widespread to snake sales leads.
And, too often, they can be used to "buy" listings from homeowners who bite on the highest valuation provided. Just like when an agent inflates their CMA to get the listing.

I talk to people, and see people here trying to apply these pop appraisals to valuation of their properties.
Some even call them "appraisals."
That is enough to support better, clearer, comprehensive rules development and enforcement.

Last edited by MikeJaquish; 01-04-2018 at 05:24 AM..
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2017, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top