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Old 02-26-2021, 05:36 PM
Status: "WE Can Do Better!" (set 2 days ago)
 
Location: Cary, NC
37,227 posts, read 64,627,649 times
Reputation: 37334

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Quote:
Originally Posted by TimtheGuy View Post
You think a $20k value difference on a $580k home is a large difference??

$20,000 is not chump change for most people.
Yes, it is no small deal when people are justifying pricing based on those appraisal values.
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Old 02-26-2021, 05:36 PM
 
4,642 posts, read 3,947,362 times
Reputation: 15639
When they went to your house to look at it, what did they tell you?
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Old 02-26-2021, 06:24 PM
 
3,145 posts, read 6,225,560 times
Reputation: 7155
Quote:
Originally Posted by MikeJaquish View Post
OP,
You are looking at unregulated online appraisals.

Are you sure you want to call it an appraisal?

noun
noun: appraisal; plural noun: appraisals
...
2. an expert estimate of the value of something.
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Old 02-26-2021, 06:55 PM
 
Location: Littleton, CO
24 posts, read 20,220 times
Reputation: 90
Zillow $472,177 > bought for $325,000
Redfin $470,876 > bought for $325,000
Xome $425,258 > bought for $325,000

It seems to be the only one that is incorrect and Xome seems a little low. We bought the home six years ago for $325,000 and every home on the block is selling for around $500k+ we also finished our basement last year, so they are all incorrect about the square footage. Interesting to see though.

Last edited by Yac; Today at 12:57 AM..
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Old 02-26-2021, 07:26 PM
Status: "WE Can Do Better!" (set 2 days ago)
 
Location: Cary, NC
37,227 posts, read 64,627,649 times
Reputation: 37334
Quote:
Originally Posted by rational1 View Post
Are you sure you want to call it an appraisal?

noun
noun: appraisal; plural noun: appraisals
...
2. an expert estimate of the value of something.
I'm certain that I am talking about appraisals. Your definition is off the mark.
You do make a reasonable point: only experts should be doing appraisals.

I prefer the Wikipedia definition of appraisal, as online appraisers don't have a free pass.

"Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property (usually market value)."

https://en.m.wikipedia.org/wiki/Real_estate_appraisal
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Old 02-26-2021, 07:49 PM
 
Location: Bloomington IN
7,479 posts, read 9,295,174 times
Reputation: 19397
I'm liking the estimate from homes.com. It says $1.4 million. It wouldn't sell for anything close to that, but if someone wanted to buy it at that price I'd definitely sell it.
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Old 02-26-2021, 09:27 PM
 
Location: Phoenix, AZ
3,332 posts, read 1,688,006 times
Reputation: 8777
Me again. Added Xome. Extreme at both ends.



Xome 264,354
Zillow 293,267
Homes.com 300,080
Redfin 311,241

Last edited by Yac; Today at 12:57 AM..
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Old 02-26-2021, 09:44 PM
 
10,228 posts, read 6,300,873 times
Reputation: 26915
Oh, this could be fun! I only ever look at Zillow, so let's try the other sites:

Xome: $665k
Redfin: $678k
Homes.com $679k
Zillow: $736k

Wow, I expected some variation, but a range of $113k is a lot more than I expected.

Last edited by Yac; Today at 12:57 AM..
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Old 02-27-2021, 08:44 AM
 
Location: On the wind
1,061 posts, read 498,903 times
Reputation: 2250
Zillow claims that their Zestimate will represent their cash offer to the seller for the property!
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Old 02-27-2021, 09:09 AM
 
Location: Phoenix, AZ
3,332 posts, read 1,688,006 times
Reputation: 8777
Quote:
Originally Posted by atlguy44 View Post
Zillow claims that their Zestimate will represent their cash offer to the seller for the property!
Less 7.5% commission on the "adjusted" price.

You can bet that there will be some flim flam on the "adjusted" price or Zestimates will come down across the board.
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