Motley Fool: Why Online Home Valuations Are Often Wrong
You can't count on an online valuation tool alone to know how much your home is worth.
With all the talk about the red-hot housing market, you may be curious about the value of your property. You may even have checked out one of the most popular valuation estimators. Whether you turned to Zillow, Redfin, Realtor.com, or Trulia, the estimate you found there may or may not be accurate.
As Trulia says on its website, its estimate can give you a good idea of a home's value, but it is not an official appraisal. It is simply a starting point.
Can I Trust the ‘Zestimate’ for My Home on Zillow? | New York Times Real Estate Q&A Pretty remarkable statement in the middle of this short article: A Sotheby's agent is quoted as saying, "He has never heard of a tax assessor relying on a Zestimate." Don't rely on algorithmic valuations for your property's value. These estimates are interesting, but anything but the final word. Read the paywalled article on NYTimes.com >
Why Your Zillow Estimate is Wrong | What Your Home is Actually Worth | Pauly Campanaro Discover the 3 reasons online home value estimates fail: they can't account for condition (your $40K kitchen remodel), they lag behind the market (using 60-90 day old data), and they don't know your competition (what's hitting the market this week). Learn why pricing right matters: homes priced correctly sell 19 days faster and for 3.8% more ($15K+ on a $400K home). Excerpted from this video posted by Pauly Campanaro:
@SacAppraiser | Ryan Lundquist Zestimate history. This property in Roseville listed at $349K, and the Zestimate matched the list price at $349K despite comps being above $600K. After 11 days the price went to $699K (sold $638K). Today's Zestimate shows no history of $349K. Maybe a brief Zestimate gets erased?
