A Look at Appraisal Sites
September 8, 2010
I receive e mails from the California Association of Realtors which often have quotes from interesting newspaper articles. One such article quote a piece published in the Sacramento Bee that addressed the issue of appraisal sites on the net.
"Over the last five years, one of the newest developments in real estate is the ability for home buyers and sellers to search online for a home's value. Popular Web sites such as Zillow.com, Cyberhomes.com, and Eppraisal.com offer free home estimates, but some consumers and real estate professionals say the values calculated are inaccurate and misleading," To read the entire Sacramento Bee article you can visit http://www.sacbee.com/2010/08/13/2955920/online-appraisal,html. (You can't just click on it here. You would have to enter the URL in your computer.)
C.A.R. further commented:
"Online home appraisal Web sites assign home values without knowing the features or upgrades of a home or the neighborhood in which it is located...While some agents report that Web estimates can educate clients and provide a reasonable assessment of market conditions and the home-buying process, working with a local REALTOR is the best option"
Using the Web home valuation sites is a tool. It can be a good beginning place as an agent does a comparative market analysis. Many of the sites report sales gleaned from Assessor records which may not have been reported in the local MLS.
In the end, looking at sales of properties that the agent has seen and visited will give a more accurate comparison sales that are comparable to a subject property.
I receive e mails from the California Association of Realtors which often have quotes from interesting newspaper articles. One such article quote a piece published in the Sacramento Bee that addressed the issue of appraisal sites on the net.
"Over the last five years, one of the newest developments in real estate is the ability for home buyers and sellers to search online for a home's value. Popular Web sites such as Zillow.com, Cyberhomes.com, and Eppraisal.com offer free home estimates, but some consumers and real estate professionals say the values calculated are inaccurate and misleading," To read the entire Sacramento Bee article you can visit http://www.sacbee.com/2010/08/13/2955920/online-appraisal,html. (You can't just click on it here. You would have to enter the URL in your computer.)
C.A.R. further commented:
"Online home appraisal Web sites assign home values without knowing the features or upgrades of a home or the neighborhood in which it is located...While some agents report that Web estimates can educate clients and provide a reasonable assessment of market conditions and the home-buying process, working with a local REALTOR is the best option"
Using the Web home valuation sites is a tool. It can be a good beginning place as an agent does a comparative market analysis. Many of the sites report sales gleaned from Assessor records which may not have been reported in the local MLS.
In the end, looking at sales of properties that the agent has seen and visited will give a more accurate comparison sales that are comparable to a subject property.
posted by shirley harry at 4:06 PM
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