Why did all the bots underestimate this Clearlake home's value?
This home at 3158 14th St in Clearlake is a 3 bedroom, 2 bathroom single-family home that was built in 2006. It has a total square footage of 1,200 square feet. The home was last sold in December 2022 for $122,000. Some of the features of the home include a large living room, a spacious kitchen, along with a large backyard that includes a deck and a pool. It also has a two-car garage.
What do the bots think about this property's value? Here are screenshots of what we found:
Every bot underestimated the value of this property.
Redfin was close, but on average the bots underestimated by over $21,000.
What was the expert's list price? Timothy Toye and Associates listed this property for $275,000 in June of 2023.
Let's see how the expert's price compares with each of the bot estimates:
Remax /Smartzip, Bank of America and Rocket were way off, as much as $55,000 under the expert's list price.
Why are all the bots underestimating this home's value?
We think it's a local phenomena. In general, property values have been challenged of late, from rising interest rates. The bots just indiscriminately assumed this pressure would apply here.
This is why you cannot trust bots. A local real estate expert knows what homes are selling for, and prices accordingly.
In this case, we believe the expert knew that while there is negative pressure from rising interest rates,
it will not affect this property in this particular area. It will be really interesting to see what this home ends up selling for!
Thinking about selling? Don't trust bots to estimate your home's value. Request a property value report from Damon Schoeffler, your Lake County expert. It's free and without obligation.
