Comments on: Can Homebuyers Trust Online Real Estate Valuators?

By: M. Boyd - GetMyHomesValue.com

M. Boyd - GetMyHomesValue.com — Tue, 26 Aug 2008 20:06:44 +0000

Totally agree with what you are saying. I always find it interesting when people try to avoid professionals to get a “professional” opinion. Not to say that CyberHomes and Zillow don’t do a professional job at trying to put together a quick home value estimate, but it surprises me when people look for information like that without consulting someone “in the business.” At the same time, shouldn’t agents and appraisers be more vocal about encouraging people to use their services for an accurate home value report?

By: NewHomesGuy

NewHomesGuy — Tue, 01 Jul 2008 16:36:52 +0000

Thank you for clarifying, Brett.

It’s important for users of home valuation websites to know and understand that the values given are estimates… as Brett stated.

So use these sites to give yourself an idea of how much a home is worth, and use professional appraisal services to more accurately valuate your home or prospective home.

By: Brett

Brett — Tue, 01 Jul 2008 15:53:39 +0000

Brett Shaw from Cyberhomes:

Thanks for addressing Cyberhomes. Just wanted to weigh in on the accuracy of home valuations. It is difficult for any valuation site to be completely accurate, as recent additions, renovations, etc. aren’t reflected in the current public tax data that many sites solely rely on for their info.

Cyberhomes.com is owned by Fidelity National Financial so we fundamentally have more content from which to aggregate our data. We have more than 100 million records (adding 575,000 new records each month), verified from the original source.

That being said, the estimate is just that, an estimate. I recommend that this just be used as a starting point for buyers/sellers. In Cyberhomes, you can edit a specific home’s facts (fixing the BR BA discrepancy) for a more accurate estimate. Apart from that, you may even adjust the market conditions to reflect the local market. I did my home and found the same problems. Once fixed, the estimate was $400 off of the home that sold next door (same model).

I am a real estate agent myself and still urge people to talk to a professional about the pricing/value of a home. Cyberhomes.com is rich with other information such as listings, full neighborhood analysis, and economic statistics for the area. Just type in an address or zip code and take a look around.

By: NewHomesGuy

NewHomesGuy — Mon, 30 Jun 2008 17:42:33 +0000

Perhaps someone can better answer your question… But it is my understanding that prices are derived from public records of a home’s recent activity (purchase / sale) along with neighboring houses. Lot size, square footage, beds / baths, etc., are likely taken into consideration by computer generated applications too.

By: Safety Protection Technology

Safety Protection Technology — Sun, 29 Jun 2008 12:32:28 +0000

Does it mean that different sites and different stats. That is very weird to know. How they keep their databases and from where they are gathering different figures?

By: NewHomesGuy

NewHomesGuy — Thu, 26 Jun 2008 16:28:56 +0000

Thanks for the great advice, Collene!

By: Collene DeAses

Collene DeAses — Wed, 25 Jun 2008 19:01:11 +0000

As a REALTOR I will tell you that when I do a CMA comparative market analysis for a listing…I use information from the tax records and from the client…then if the client is not sure that the tax records are correct I advise them to get an appraiser to do a professional appraisal….I would not rely on the computer driven sites that say they can give you an accurate evaluation.

By: Building Muscle

Building Muscle — Tue, 24 Jun 2008 20:16:18 +0000

This is a good post. My dad keeps using these online calculators for his home value, but I tell them its probably not accurate.