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  • Sam Chapman is a real estate agent with Private Label Realty and is licensed in the state of Texas. License # 0509637.
Are Home Valuation Websites Accurate?

Zillow, CyberHomes, HomeGain, House Values - are they useful?  The better question is - are they accurate?

"As useful and services may seem to buyers and sellers, you've probably discovered by now that the price estimates are usually far from accurate... After all, you're now dealing with buyers and sellers who have preconceived notions (often far from reality) about what a home is really worth."

That is a quote from an article in REALTOR® Magazine about websites that provide estimates of home values.  Click here to read the article.

Texas is a non-disclosure state, meaning that a buyer or seller of real estate doesn't need to disclose the price to the state or county.  What this means is County Appraisal Districts may not have accurate information for most properties.  Neither do sites like the ones mentioned above.  So all of you buyers and prospective sellers out there, how can you get a more accurate idea of market value for a property? 

In Texas, the only accurate data that will show sold prices is in the MLS and you can only access that data if you are a real estate agent licensed in the state of Texas.  So if you are a prospective buyer or seller of a home in Texas, the very best thing you can do is interview several agents to see which one you like and trust and then work with that person.

Comments?  Questions?  Call me at 512-293-2422.  Click to Search Austin Homes.

Posted: Thursday, November 06, 2008 8:37 AM by Sam Chapman

Comments

Reggie from Cyberhomes said:

Hi Sam-

First I want to agree with you in saying that buyers and sellers would be best served by interviewing and choosing the best licensed real estate agent in their area. As you said, REALTORS have full access to the MLS and they should understand their local market conditions best. That being said, I know that consumers have many big decisions to make during a home buying or selling process. Cyberhomes can equip homeowners with not only valuation information, but massive amount of neighborhood demographics, schools scores, local economic conditions, mortgage info, and heat maps.

Now in regards to the valuation, I would recommend that every consumer pull up their home on Cyberhomes.com.  If you feel the valuation is not correct, click the “Change My Value” button. The truth is the homeowner knows this information best as they’ve lived in that neighborhood. Look at the basic facts and make sure they are accurate. Then include any recent home improvements look at the comparables to see if some should be deselected.  Now they can even print out a 17-page report including the updated price and neighborhood statistics, etc. (This could even be a nice hand-out for you at open houses.)

Best regards,

Reggie from Cyberhomes

# November 6, 2008 12:09 PM

Sam Chapman said:

Reggie - thanks for the comment.  I like that people can do a lot of their own research using many sites, but in the end they should do as you recommend and choose a REALTOR.

# November 6, 2008 3:08 PM

Roger Hamilton said:

This is an interesting post. Enjoyed reading it. Thanks for the information and the link. Hope to see your new updates soon !

# November 11, 2008 7:07 AM

Washington County Homes said:

I think that those type of websites are great at doing things. However if you want a custom evaluation you cannot get one from those type of sites.

# November 11, 2008 2:38 PM

Pensacola Homes said:

Hi Sam,

I wish they would do away with "Zillow, CyberHomes, HomeGain, House Values". They are misleading and at times very, very wrong.

Here in NW Florida we have a lot of waterfront property as you know; but imagine one side of a street is waterfront the other is not. The resulting prices from one side of the street to the other differ by hundreds of thousands of dollars.

Not all waterfront is the same; canal, river, lake,  bayou, beach bay or sound; they all price differently.

Not to mention the price devaluation we have experienced over the past several years.

Also, we have some great older neighborhoods with some really nice homes; but you know not all are maintained the same or have had the same level of updates and renovations. Hear again this makes these kinds of estimates useless!

# December 14, 2008 7:04 AM

Sam Chapman said:

Pensacola - I understand what you are saying.  Agents here can select waterfront in the MLS as a feature if the property is on a dry creek or pond.  Very misleading.

# December 15, 2008 1:08 PM
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