Property Q&A in Tampa>Question Details

Rosekerry, Home Owner in Tampa, FL

Why are your estimates so inaccurate? When Trulia is off by 35 to 40 percentage points,perhaps it's time that your people try harder to get it right!?

Asked by Rosekerry, Tampa, FL Wed Jun 8, 2011

Three weeks ago,a home next to mine sold for $205,500. It has the same floor plan,same layout,and same square footage as my home does;This home's address is at 10626 Ashford Oaks Drive in Tampa,Fl 33625;My home is at 10618 Ashford Oaks Dr; My home actually has over 100k of upgrades in it & it is troubling when Trulia says that homes similar to mine are being sold for $161k;The home next to mine sold for 199.9k last summer & was 300 sq ft smaller than mine. How is it that Trulia is so far off the mark? ...How does one go about getting this corrented?

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This question is about this property: http://www.trulia.com/homes/Florida/Tampa/sold/1210031-10618…

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Answers

7
The best way to determine the market value of your home is to hire a professional appraiser.

There are numerous problems with online listing sites. Check out this article from Smart Money;

http://www.smartmoney.com/spend/real-estate/where-real-estat…

Please keep in mind the basic goal of the Tulia website (and nearly every website);

To sell the most advertising possible.

Kevin Durban
State Certified
Residential Real Estate Appraiser #RD4532
813.335.7400 phone
DurbanAndAssociates@Yahoo.com
http://www.AppraisalsThatWork.com
1 vote Thank Flag Link Thu Jun 9, 2011
Rosekerry Property values can be mystifying. From your comments, it sounds as if you have made your home as comfortable as you like so that you enjoy living there. Typically, market value is driven by what is selling in the market place. Given the volume of short sales and bank owned when they are sold their "sold price" impacts property values in a neighborhood.

Who establishes which comparable to use to determine this market price? Fannie Mae and Freddie Mac in addition to others but for simplicity Fannie Mae and Freddie Mac set forth guidelines to determine the current market value of a property. They prefer comparables that closed 30, 60 and 90 days bacfk. A home that sold last year is just too aged to use for the current market price.

In today's market, Buyer's are seeking VALUE. This means that they will search in a particular price range or geographic area rather than a specfic neighborhood. They ask: What can I get for my money today? and they shop accordingly.

In your case, the upgrades that you have installed improve the features of your home. Another factor would be the condition of your home. If you are considering selling your home in today's market, ask for a market analysis. If you receive the market analysis and decide to file it on your shelf for six months until you are ready to list your home, at that time you would be best served with a current market analysis.

As realtors, we do not create the market, it is our job to market your property and generate a high level of buyer interest and activity. You could order an appraisal for the purpose of having an appraisal today.

There are several values placed on a property, market value, income value, just value,assessed value, and taxable value. The one that you are particularly frustrated with is the market value. This one is dynamic and based upon what is selling.

The information depicted in Zillow, Homegain etc, are estibmates and should be verified by a real estate professional or an appraiser.

My website is searchable by your smart phone http://www.just-listed.mobi
0 votes Thank Flag Link Sat Jun 11, 2011
Trulia and Zillow are inaccurate for valuing your home. They can not take into account upgrades, etc. Please don't allow your largest and most precious asset to be valued by a computer. This is why there are professionals. Please read my blog here about the inaccuracies of sites like Zillow/Trulia: http://www.lianejamason.com/selling/14-6-inaccurate-yet-now-…

If you would like a free market analysis of your home to see what it is worth in today's market, please do not hesitate to contact me.

Liane Jamason, REALTOR
Keller Williams Realty
813-486-4997
Web Reference: http://www.lianejamason.com
0 votes Thank Flag Link Thu Jun 9, 2011
Hi again,

Also most buyers who are ready to make an offer are usually working with a Realtor. The most frequented website for buyers is Realtor.com. Your property cannot appear on Realtor.com unless you list it with a Realtor.

All the best,
Alma
Alma Rose Kee, PA
Future Home Realty
Westchase
813.244.9898

PS here's my website to get the FREE ListingBook account: http://www.SoldOnTampa.com
0 votes Thank Flag Link Thu Jun 9, 2011
simple answer.........that's why there are REALTOR's that bother to come and assess properties; as Tony answered they just cut in the middle, without accounting for anything, upgrades included.
On the other hand you can list with an agent which is aware of W.O.V hence avoiding sites like Trulia to give estimates.
best wishes.
Web Reference: http://www.HotHomeSpot.com
0 votes Thank Flag Link Wed Jun 8, 2011
Hi Rosemary and Kerry,

I believe the automatic valuation websites will base their estimates on publicly available information on recent sales and the original purchase price of $215k (versus what similar sized neighboring homes sold for new). The
auto system wouldn't know about upgrades added after purchase. I'm not sure if Trulia will allow you to adjust the automated value.

Are you interested in Selling? Do you have 3 bedrooms as public records indicates? I have a buyer looking for a Villa in the Westchase area. It will be a second home, then retirement home and they are able to buy without a mortgage and will appreciate the value of the upgrades. They are in Boston right now and I'm not sure when they'll be back out here. This could be a win, win, win situation. I'm not trying to get the listing, and would only ask for the typical 3% buyer commission if they were to buy your Villa. Of course I would also offer to help you sell but that is not my intent.

I pulled up the sales as reported by the MLS in the past 6 months (appraisers generally do not go back further than 6 months with comps) and these are the 3 bedroom Villas sold nearby:

http://mfr.mlxchange.com/Pub/EmailView.asp?r=1581512371&…

So, call or email to let me know if you're interested in selling and i could come by and take a quick virtual tour to send to my clients to see if they are interested.

All the best,
Alma
Alma Rose Kee, PA
Future Home Realty
Westchase Office
13045 Linebaugh Ave.
Tampa, FL 33626

PS you're welcome to sign up for a free ListingBook account on my website to browse the active competing properties.
0 votes Thank Flag Link Wed Jun 8, 2011
They take an average of the sales in the area without considering condition, exact neighborhood, etc. Most online sites operate that way. While it does present a perception that might create a problem if you were trying to sell your home, a good realtor can overcome the problems created by sites that do not do a detailed market analysis to dtermine true value.
0 votes Thank Flag Link Wed Jun 8, 2011
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