Real Estate Site Pop Appraisal Values? (foreclosures, lender, interest rate, home)
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Very interesting exercise... I can't do it for my home because for some reason each site has a different bath amount - from 1.5 to 2.5. I have 3.5. I wonder how they messed this up consistently when the tax record and previous listing has it correct. I assume incorrect bath total will throw off the algorithm(s) and impact the poppraisal.
Reading through these I have to say it shows that these aren't generally off as bad as we once thought. Sure, there's an order of magnitude when it comes to "special" properties. However, whenever the various sites are close to each other, it appears that it is a reasonable indication of value. It certainly is way better than any broken clock analogies.
P.S. There is obvious slant to the posts from those in the business trying to find whacky valuations for funsies. Which I get.
Does the error in bathroom count prevent them from posting a pop appraisal for your house?
Probably not.
Z has my house at 1.5 baths instead of 2.5, and are the only place on the planet making that statement.
But, they still confidently and publicly post a valuation.
Does the error in bathroom count prevent them from posting a pop appraisal for your house?
Probably not.
Z has my house at 1.5 baths instead of 2.5, and are the only place on the planet making that statement.
But, they still confidently and publicly post a valuation.
No, they all post a "valuation" - Z shows 3.5 baths because I "claimed" the house and corrected it. They were also 1.5 originally before I played with it. I can't really tell if Z actually uses my correction. No clue how the others got 2 and 2.5 baths. I suspect that there is a direct correlation to number of baths in an actual real world appraisal. Maybe not as much as beds, but baths have to have a significant impact going from 1.5 to 3.5 baths.
In the end, it's probably a reasonable estimate overall - well under 10% top to bottom. Nothing I'm banking on, but based on tracking the local market it's most likely to fall between the high and low numbers.
No, they all post a "valuation" - Z shows 3.5 baths because I "claimed" the house and corrected it. They were also 1.5 originally before I played with it. I can't really tell if Z actually uses my correction. No clue how the others got 2 and 2.5 baths. I suspect that there is a direct correlation to number of baths in an actual real world appraisal. Maybe not as much as beds, but baths have to have a significant impact going from 1.5 to 3.5 baths.
In the end, it's probably a reasonable estimate overall - well under 10% top to bottom. Nothing I'm banking on, but based on tracking the local market it's most likely to fall between the high and low numbers.
What was the Z value prior to you doing their work for them?
I think it would be cool if someone hacked an API that would allow any legitimate site to pull all publicly posted pop appraisal values.
So you could see them all in one table.
It's actually quite a brilliant idea ... the trivago or kayak of poppraisals - pull it all, aggregate it, apply your own cool flair, etc. You could easily generate ad revenue. You could theoretically scrape it without an API, but it certainly won't be as clean. The API certainly exists for Z, I've seen pop appraisals pulled into other sites. I would guess the individual poppraisals are proprietary in some way? Seems reasonable to credit them or link for some type of usage license.
The range is understandable. It’s a 90 y.o. house in a 115 y.o neighborhood where every house is unique and wide variations in location desirability dependent on proximity to village center and canyons/Park- of which we are positioned just about perfectly.
The house next door which would comp to ours went pending after two days on the market at just under $1.3M so me thinks the Zestimate (surprisingly) is the closest.
Mine all came in within about $10k (between $180k and $190k) except for Re/Max. I don't know what those guys are smoking, but it came in $50k higher at $235k. None of the listed details are incorrect, but that isn't even in the ballpark on real value. $180-190k is pretty close to what I could actually sell for.
Oh, and Redfin didn't have me in the database, even though my house is right in the middle of town, and is 14 years old. Way to fail, Redfin.
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).
2/7 UPDATE:
eppraisal.com: Now behind a paywall
Realtor.com: $331,800
Redfin: $383,452
Remax: $336,705
Zillow: $359,203
Interesting that Realtor.com decreased by approximately $5K, when the others all increased by $5-$7K If I were to list today, I'd likely list for around $365Kish (so, once again, Zillow is the most accurate)-- and there's still a shortage of inventory, especially in the sub-$400K range.
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