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The online sites are not accurate right now. The market is moving too fast. Up until around Jan-Feb everything was dropping in price in most markets. Now prices are rising a bit due to temporarily decreased supply. You have to use comps to get a reasonable range....and current ones at that....within the last couple months.
Zillow has my home listed $40,000 above cyberhomes. When I went to BofA to refiance my home, they used cyberhomes.
I think you muct have missunderstood if someone told you that BOFA used a cyberhome site to come up with a value for your home. The banks only use certified appraisors. Those sites that state home values are not reliable, appraisors are the only ones that can put a legitment value on a home. Those other places are just guestimates.
Between these online pricing sites my house varies by over 120k. They are sort of a fun tool, but not very reliable.
Absolutely NOT reliable! For one thing, Cyberhomes.com has my house listed as 7 rooms (there are 10 - not including the basement which in itself is 3000 square feet). It has my home listed as 4 bedrooms and 2 baths. There are 5 FULL bedrooms and 4.5 baths.
Also, just because a home is in the same neighborhood, (which can range in prices) it does not take into consideration whether your stainless steel appliances are top of the line or not. Also whether you have granite, new baths, etc.
I agree that you need to have a realtor come by with a list of homes similar to your - within a close distance, that have SOLD in the past year.
I just received a email newsletter from Zillow sayinng:
Quote:
Home values in Austin increased 8.7%
According to the latest Zillow Real Estate Market Reports, home values in Austin increased 8.7% in the first quarter of 2009, compared to the first quarter of 2008. Nationally, home values decreased 14.2% during this same period.
This is so incorrect that it confirms to me that Zillow prices are a joke. The Zillow CEO should be embarrassed and they probably should hire someone to proof read and reality check their market claims before mailing them out. Zillow values have Zero credibility. Cyberhomes and the others are no better.
Remember though that Texas is a non-disclosure state. In the states where all sales data is reported to the County Assessor, they are probably more accurate.
Steve
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