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I stumbled upon this site, which seems similar to trulia and zillow, but the property values are much higher. I want to hope that it is an accurate and trustworthy site, because it gives my home's value at where I think it should be.
Call me confused. Here are the particulars....
Cost in 2010, $245000
Cost of improvements, about $10000.
Zillow value, $237000.
Bank appraisal, $244000
Homes.com, $260000.
See what I mean?
Last edited by gentlearts; 12-28-2016 at 06:35 AM..
"AVM?"
Automated Valuation Model. https://en.wikipedia.org/wiki/Automated_valuation_model "The disadvantages are that they do not take into account the property condition, as a physical inspection of the property does not occur and therefore the valuation produced assumes an average condition which may not reflect reality. Purchasers relying on an AVM-backed mortgage application will need to get separate advice to establish the true condition of the property."
"If you give a roomful of monkeys a truckload of darts, in time, they will hit a bullseye?"
Or, produce the perfect cup of coffee?
Confidence is low.
"Great coffee (valuation) is not borne of luck. It takes time and training to be an expert barista (value calculator). Not all coffees (appraisers, agents, AVMs, etc) are created equal."
How old is the bank appraisal? If recent, that's the number.
All those sites develop a 'value' (guesstimate) using public records and algorithms. How accurate that 'value' is will be somewhat dependent on your local housing market (do you live in a tract home development with a lot of recent, very similar sales). But mostly, it's just a lucky guess based on generalized, non specific information.
The old adage about the stopped clock being correct twice a day applies.
This is not a tract house neighborhood. It's considered one of the most desirable neighborhoods in town, and the town itself is perhaps the fastest growing in GA. Very few houses turn over, but if they do, they tend to sell in a few days or weeks. Lately, 2 houses sold by sticking FSBO signs in the yard and the houses were bought by word of mouth within 2 weeks. Have not seen the transfers published, so I don't know what they sold for.
We just refinanced, so that's why we got the appraisal, and we were pretty disappointed. Plans to remodel a bathroom are on hold, since our other improvements haven't increased the value. Not putting any more money in, except for maintenance.
Zillow is a algorithm. Two houses side by side, same builder, same floor plan. One is full of mold and has fire damage, the other is perfect. Zillow will price them the same. The bank appraisal is probably the closest of the 3. If you are planning to refinance, use the bank value. If you are planning to sell, call a Realtor.
How old is the bank appraisal? If recent, that's the number.
Although an appraisal may very likely be the best estimate of value of the three, and appraisal is still just an opinion of value. Not all appraisers are created equal.
Although an appraisal may very likely be the best estimate of value of the three, and appraisal is still just an opinion of value. Not all appraisers are created equal.
Right.
But the appraiser is the only one with any accountability for their work.
The others are just scamming the public for sales leads.
Of course. My reaction was more to the comment of "the number", as if an appraisal is sacrosanct.
Oh, yes.
I caught that, for sure.
I meant to expand on that with the point that the only accountability the AVM pop appraisers have is to their bosses, measured in traffic, stickiness, and sales leads from naive consumers.
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