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The Wall Street Journal did an article on online home prices. One of the sites that they mentioned was *ttp://www.Zillow.com. I was curious as to see how accurate everyone thought it was. Obviously it cant be totally accurate, but it seems in the ballpark on my home.

 

Thoughts?

 

(it also mentioned *http://www.RealEstateABC.com)

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It is exactly on the mark for the value of my home. It uses public records to search for data. The home across the street sold a few months ago and several further down the street too.

 

When I worked at the bank we had to pay for a service company to gather this data for us. Many second mortgages we did were based on reports almost identical to these.

 

Bad side to this type of thing: If you are in an area without similar homes that have recently sold, the valuation will be flawed. Nothing or non-similar homes to compare causes faulty estimates,

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The satellie imagery for my neighborhood is at least two years old. There's a dirt pile where my house should be.

 

The valuations for the surrounding neighborhoods look low.

 

Guess I'll check back in in another two years to see what my house is worth today....

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It was a little high on the house we sold last year, but not much. Could be the valuation has climbed since then.

 

Interesting to see its estimates of the other houses in the neighborhood. Who'd a thunk that little cottage across the street was worth that much?

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It seems to be dead on for my area. Also, I live on a 1 yr old street in a 1 yr old house and most satellite images don't show any of it. Even Vonage using Mapquest couldn't find my address for the 911 service. This, however, has all the houses and in good detail, which is also rare in the Keys satellite images.

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This site must (at least in some instances) assemble data from appraisals. My house is listed for the exact value that it appraised for in connection with a recent refi of my home equity line.

 

Added: Or perhaps the appraisal was based on this site or whatever data this site used for its estimate :-)

Edited by Russ
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Numbers were way off for some homes on my street.

 

My hunch...

 

Rapid, rapid price appreciation throws off the numbers. Two homes sitting next to each other that should be more or less in the same price range... one valued at twice the other. The difference seems to be that the higher priced one is priced off actual home sale from a recent change of ownership. The other home hasn't changed hands in a long time and it seems a different formula is being used.

 

So, I think that in an area where home prices are rising quickly that there is greater margin for error.

Edited by surefire
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The satellie imagery for my neighborhood is at least two years old. There's a dirt pile where my house should be.

 

i was annoyed to see a year back my reigon was in no detail at all, theres no new data but i can see right in detail my steet and things, what worries me is lok at google maps, i deffo know Zip 90210 has detailed images, you are using civillian technology, imagine what the military services have! :)

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Hello,

 

I found it to be way off in some areas, for example, in SLC it identified a property as being worth $1.2 milllion, the property was purchased a year earlier for $200k. In some other areas I found it to be off by as much as 20-30%. Suprisingly my home in San Diego was fairly accurate. I think as they collect more data the accuracy will increase, however it will still be an issue in sdome of those non-disclosure states like UT and TX.

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