Jamescroak, Home Owner in Sag Harbor, NY

Zillow has my house worth $1.4M and Trulia has it as 1/3 of that. What is the problem with your software?

Asked by Jamescroak, Sag Harbor, NY Fri Jan 11, 2013

This question was asked from http://www.trulia.com/homes/New_York/Sag_Harbor/sold/822887-…

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Sales records indicate that you paid $650,000 for the property in June of 2009. Perhaps your question should be directed to the nice folks at Zillow?
0 votes Thank Flag Link Fri Jan 11, 2013
Land price. Now it has a HOUSE on it.
Flag Fri Jan 11, 2013

Your concern is well founded.....but the reality is that any time you engage computers to generate property value you remove the ability to consider many options including most importantly, the location. When a radius from the subject property is used to identify comparison property, they often overlook the often huge differences in sub-communities. Thus, you can be comparing an exclusive high end home with a moble home.

Using these resources can be frustrating but can also be a useful tool, if used by an individual that understands the differences within an area. Why the difference between Zillow and trulia? It's hard to say, but, truth be known, these resources should never be taken seriously.

There are two ways by which to arrive at an accurate appreciation for a property. First, by having is appraised by a licensed appraiser and secondly, having a real estate professional present you with a market comparison report.

Good luck,

0 votes Thank Flag Link Fri Jan 11, 2013
My Southampton property tax appraisal is $1,067,000.

Trulia's appraisal is $486,000.

Fanny Mae appraisal Nov/2012 was $1,130,000. Trulia is clearly the outlier here and not using property tax records, or anything else apparently.
0 votes Thank Flag Link Fri Jan 11, 2013
Don't just rely on any online estimates, as some may be inacurrate, nor updated; rather review comps with your agent, recently sold similar properties in the immediate area; see what the data suggests and go from there, or consider hiring a professional appraiser....
0 votes Thank Flag Link Fri Jan 11, 2013
Zillow and Trulia (and other's like them) take their information from public sources (like tax records and such)....

Having never been inside your home, their Zestimates can't possibly be accurate. An algorithm will never take the place of a Realtor, and their local knowledge, giving you an accurate estimate of your home's market value.
0 votes Thank Flag Link Fri Jan 11, 2013
Alan May, Real Estate Pro in Evanston, IL
Hi, the problem is they are typically never accurate because they aren't manually enhanced. Never go by an online source to properly value your home. Have an agent walk through and do a comparative market analysis, they are free.

0 votes Thank Flag Link Fri Jan 11, 2013
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