On-Line Home Value Estimates?

I think we had this topic before on the old IHB, but I wanted to see if folks had updated opinions about on-line home value estimators they have linked on Redfin (Zillow, eppraisals, Cyberhomes).  Im sure they have slightly different algorithms but im curious about folks experience and opinion.

I know that nothing beats a real appraisal or an RE expert like USCTrojanCPA (whom im using for my new home search), but its nice to get a ball-park figure when window shopping!

The "Zestimates" are simply a steaming pile o' (fill in the blank) I like zillow in that you get a 30,000 foot view of what's for sale in a neighborhood along with no just what's listed but what has closed. Take the most recent model match closing or the closest thing you can find in the area and that will give you a better idea of value.

You might find value in the home you're looking at, but an appraiser needs to see what's closed and weigh it's positives and negatives to arrive at a value a lender can use. If you do the same thing, you'll come very close to an accurate price/value number - much closer than what any robot program could.

The only robot I'd trust working on property values is Bender. Nothing like a drunk automaton to help find a price for a home - much liuke zillow's methods IMHO.

My .02c

Soylent Green Is People.

Nice Futurama reference.  and +1 on your assessment of their assessments.  Worth every penny you pay for them.

(They're back in production, btw, and paying the bills for SIL who animates for them and Simpsons...
I may-or-may-not have early release storyboards that are brilliant.  Just sayin.)

Blueberry East loves the Worldcup said:

I think 59 Sable is one of those houses in WB East that were built a couple of years ago but where the builder went bankrupt.

Sold for 470,000 in March 2010. Is now worth 4.2 Million according to Zillow.


http://www.zillow.com/homedetails/59-Sable-Irvine-CA-92618/79806013_zpid/

Click to expand...

I think what's funnier is that it was Zestimated to start at $2.5m in Nov 2008, peaked at $4.23m in Oct 2009, dropped to $1.5m in Feb 2010 and then back up to $4.27m this month. I guess that's the 40%+ price drops everyone was talking about in Irvine.