My home at 1026 Whistling Swan Place, Marietta, GA is estimated at $145,900 on your site. It is a 4-br, 3/5

Asked by Scott Chadwick, Marietta, GA Mon Sep 22, 2008

bath, 2402-sq.ft. home in excellent condition. Built in 1997, it has hardwood floors, recessed kitchen lighting, granite countertops, fenced-in backyard--other sites have it listed at $243,500 and $280,270. Any particular reason for the tremendous difference in estimates?

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Hank Miller, Agent, Alpharetta, GA
Mon Sep 22, 2008
Hi Scott -

As you've been told - there is no substitute for boots on the ground property analysis. All of these auto generated value estimates are ineffective as they do not take into account the myriad of physical, locational, condition, quality and functional utility differences inherent in every home - there are no two identical homes. Another huge variable is square footage; what actually constitutes it and how to calculate it - see this article:

To add insult to an already injured market, the appraisal business is steadily moving toward Automated Valuation Models (AVMs). The result is a diminished level of appraiser input - it started years ago and every year it advances more and more. More reliance is being placed on the values spit out and when there is an issue a warm body appraiser is brought in.

If a very reliable estimate of value is desired, call a certified appraiser. Remember though, appraised value may not be market value. The ultimate authority on value is what the ready, willing and well educated buyer decides to pay for it.

There's a good article on my site You're in my backyard, shoot me an email if you'd like the name of an appraiser or a detailed opinion of value that I can easily prepare.

Hank Miller, SRA, ABR
Associate Broker & Certified Appraiser
REMAX Greater Atlanta
3 votes
Matthew Share, , Marietta, GA
Tue Sep 23, 2008
Hi, I recently wrote about this on my blog. Here is a link to the article.
0 votes
Lisa End-Berg, , Woodstock, GA
Mon Sep 22, 2008
I agree with the previous answers about needing a live person to do a CMA or appraisal versus a computer. A valid estimate cannot be determined without seeing the condition of a specific property, making software-only models inherently problematic. But, I'd like to add that there is good news in your neighborhood ... sellers who want/need to sell have been able to do so, and rather quickly. The homes currently listed in Thornbrook range in asking price from about $215K to $265K, so this is probably the range within which a buyer would look at your house if it were for sale. The comparable sales within the last six months range from about $225K to $262K, so any offer to purchase a house for sale would also probably also be within this range. It would likely take between 3 weeks to a little over 2 months to sell a home in your subdivision, as that has been the range for those sold in the last 6 months. Hope this helps!
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0 votes
Kim Perez, Agent, Marietta, GA
Mon Sep 22, 2008
Hello Scott,

Joshua's answer is correct. This is automatically generated. I do not control the sites where this information is pulled from nor do I have input into this generation. I am as surprised as you. Should you have any questions, please feel free to contact me.
0 votes
Warren Owen, Agent, Marietta, GA
Mon Sep 22, 2008
Dear Scott,
Looking at the comparables in Thornbrook, there is no reason a four bedroom, 2.5 bath home on a slab in good condition should not be worth $215,000 to $225,000. Some of the ones in Thornbrook that back up to the railroad tracks are worth less, but your home is in a cul-de-sac. Trulia must be pulling comps from some of the lower priced subdivisions in the area.
Call us or email us and we will provide you with a detailed Market Analysis at no cost and with no obligation.
Karen and Warren Owen
RE/MAX Communities
0 votes
Joshua Jarvis, Agent, Duluth, GA
Mon Sep 22, 2008

Because Trulia and "other sites" use tax records and mile radiai to figure out your value. ... In other words, they aren't human.
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