Online valuation analysis of a home - how accurate are they?

Hey Joan, You're so correct. I had someone tell me he used Z to list his house. I was speechless! Even they would tell you not to do that!

I am always curious to see the value Z gives the house, but in a fast changing market, it is off more often than not. Condition and recent renovations sometimes play more of a part than sales in the neighborhood. 

I find it interesting to see what Z says. My own house is off by $80,000. It makes no sense, I cannot even find any homes near mine to justify that value.

This is an excellent selection for a reblog. Current comps in the community will tell the real story.

Joan: Very good re-blog choice. These online tools are occasionally right but more often than not in my area they do not hit the mark.

Hi Joan Cox This is an issue that just won't go away. As a matter-of-fact, it will probably get worse over time.

Bill Roberts

I don't put much stock into them, as they rarely seem accurate.  I heard that the owner of Zillow sold his home for 40% less than what the Zestimate was, haha.

Joan, I don't think I've seen an estimate that's correct yet. I do see a lot of sellers referencing them but, then when they see the real comps they realize how off they are. It should be a red flag when the website itself says they could be way off!

Want to make a mistake in selling a home. Take the advice of "Z" and know what NOT to sell it for!

All these site now provide an AVM, Joan. They all provide different numbers. And usually all the numbers aren't quite right!

Joan

I was just discussing online home valuations with someone the other day and how wrong they can be. Zillow is just one example. I did my own study a couple of years ago and looked at sales prices - Z was off, often bigtime, in almost all the cases, and by thousands of dollars. Despite that their Zestimate is viewed by consumers as a cool tool

Jeff

I love th epost. Thank you for reblogging . I will bookmark it.

Great choice for a re-blog, Joan.  If only more people would understand the limitations of on-line valuations.

Joan, I only like them when they are showing higher zestimates than what I list it for...