Gee! unbelievable in these crazy days.  Takes a lot of guts to invest or "gamble" your life.

See, how much you will pay for this late 1980' beautiful house with 4 beds, 2.0 baths, 2,382 sq ft ?

First, let see the listing description:

4 BEDROOM HOME ON A CUL-DE-SAC
WITH A POOL DUG OUT AND PLUMBING. JUST NEEDS TO BE POURED. NO HOA.
UNIQUE FLOOR PLAN AND KITCHEN HAS ALL APPLIANCES EXCEPT FRIDGE AND ALSO
HAS GRANITE COUNTERTOPS. CEILING FANS THROUGHOUT HOME. HOME IS IN
DECENT SHAPE. GARAGE DOOR HAS MINOR COSMETIC DAMAGE AND ALL THE DOORS
HAVE BEEN REMOVED INSIDE HOME BUT MANY ARE STILL IN GARAGE. AT THIS NEW
PRICE THE HOME SHOULD GO QUICKLY. BUYER TO VERIFY SCHOOLS.

Now, you get a rough idea about the house.   How much are you willing to pay?   Guess it and write the number down and then, read on.

Next, let see what Zillow.com said.  Well, well-prepare yourself for the roller-coaster curve skyrocketing that the housing price is going through the roof in Arizona.  Trust our President Obama, we have to be optimistic about anything or something, right?   Everything would be okay like the stock gains last week.

4 beds, 2.0 baths, 2,382 sq ft

What is the realistic or true market value for this house?  

Is it all depends on what formula or module we use?  After the housing crash, so many people accused banks, brokers, appraisal firms of inflating house value.  However, everyone is just pointing at a scapegoat by making complaints or blaming someone else.  All blamed the current appraisal method.  Can we use "income approach" or "cost approach" to better a home's value? Did I hear anyone present a better solution other than"comparative market approach" to evaluate a home-owner occupied dwelling? 

None! 

Nothing at all, they are unable to come up a better way of performing it.  The only thing they keep doing is "blaming" others as Taiwanese did.  Ouch! I should say the only TWO things.  Sorry, they are bragging what they can do or achieve, even they are doing the same thing.   They are just good at "SWITCH AND CHEAT" tactics of a used car dealer.   (NOTE: please see my article "Keep going, folks! We can live on blaming? ")

Anyway, an appraisal is just an opinion, right?   Zillow.com gives it half million dollars, Eppraisal puts $50K price tag.   So you have your opinions; I have mine.  I will not be surprised this house would be sold for less than $45,000 even it is in a good neighborhood.  That's my opinion I should be able to get it for less than $50K.

We are in a free society to express an opinion, right?  Even you are in appraisal business with licence, nobody says your profession is a "science" as nobody says an attorney is doing a science.  You are probably unable to get a degree of science, but a bachelor of art instead.  All the academic students agree an appraisal report is a function of "art" by some rules.  So, bear that in mind, please just don't drag Zillow.com, eppraisal.com or me to a judge as some prosecutors did or intend to do recently once the housing price dives down or flies up in the sky later;

It is just a democratic way of "compromise" between Sellers and Buyers, under a free market mechanism.  Who says price is constant or can be fixed?  No student of economics or even an average person says so, except a stupid government?  

Everyone does have his right to do his judgment wildly, weirdly or wisely.  It is normal to have a housing up and down, if not bubble or burst, at any time.  It is natural as a cyclical activities as Four Seasons.   Don't be surprised!  Nothing strange!