Automated Home Values

Calculate Your Home ValueCheck your home value, or one that you are considering!  Which one do you think is most accurate?  Are there others worth looking at?

Zillow 

Cyberhomes 

RealEstateABC 

Paper Economy Calculator

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3 responses to “Automated Home Values

  1. Hi Vicki, I saw you post something on Trulia (which I normally don’t frequent) and popped over here because I recently drove by a few lake forest townhomes that I liked (I’m shoppin!)

    The RealEstateABC site is ridiculously high. Zillow was closest. Interestingly, the Paper Economy Calculator was much closer than the RealestateABC, PURELY by doing a calculation which appears to be based on the percentage that prices have dropped around here since the time of sale. Funnily enough, if you go on Zillow’s forums you’ll see a TON of people screaming about how BAD zillow’s calculators are because zillow has DEEPLY undervalued their home (these are all homeowners screaming this). And yet I find that on the properties I’m looking at, Zillow is STILL clocking in at a LOT higher value than the properties are even listing for. The other one that redfin lists is eappraisal.com. It also clocks in pretty high.

    I am not a realtor, but it terms of general economics, my mama always taught me that everything in life is only worth as much as someone is willing to pay for it (or sentimental value to the owner who is keeping it). So to me, the owner may feel that their home is beautiful and perfect and worth a million bucks, but if no one will buy it for more than 250k, then its worth 250k. Right? Is there some magical law of real estate that stops the normal rules from applying?

  2. Hi Tameko –

    I think your mama is brilliant! Any “magical law of real estate” would have been written by some of today’s sellers who are still holding out for what their neighbor’s house sold for in 2005!

    I just checked the stats for the past 3 months, and the largest % of homes that have sold have been either short sales, or foreclosures. Most of the rest are getting rejected by today’s buyers.

  3. Vicki, what fun calculators! Just plugged in my home info and it’s interesting to see all four sites giving totally different values with a variance of $200K.

    RealEstateABC is totally outdated – sq. ftg, etc. Hmm… wonder where they get their data.

    Again, a very fun post.

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