I was curious why an estimate on here would be so much lower than on Zillow? 366 Sunshine Ave Philomath,OR

Asked by sarabear93, 97370 Tue Dec 11, 2012

This question was asked from http://www.trulia.com/homes/Oregon/Philomath/sold/262076-366…

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Melina Tomson, Agent, Salem, OR
Tue Dec 11, 2012
They are computer algorithms and run off a different formula which is why they would be different. Whether it is lower or higher depends upon what data they use to crunch the number.
1 vote
sarabear93, , 97370
Tue Dec 11, 2012
Thanks for all of the quick responses, that helps a lot!
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Tue Dec 11, 2012
well, because none of them are as accurate as a market analysis......... or an appraisal......these website "guestimates" are computer-generated mathematical algorithms/computations.........IMO, they give consumers a false sense that they have a newly acquired knowledge of market value.........which may or may not reflect real market value

Nothing compares to an actual visit by a professional, and a comparison of current and sold properties........along with knowledge of the nuances of the area and market conditions, too.
0 votes
Stefanie Noo…, , Philomath, OR
Tue Dec 11, 2012
Good question Sara. I believe that is more likely the accessed value without the land. This lot was originally sold as bare land. Later a house was built. When you look further down the page on Trulia's estimate they show that the land value in 2010 was $136,800.00. The house value in 2010 accessed at $257,920. Together the value would be, $394,720.00. So my answer to your quesion would be...I think even computers make mistakes. Trulia's source says, "from public record" but Benton County's public Tax record backs up the fact that the home is worth far more than Trulia's estimate. Benton County has the approx. assessed at $390,540.00 for the year 2012. The asking price was on target. This address is no longer active. However if you have further questions on homes you see in the Willamette Valley, don't hesitate to call or ask questions. Stefanie Noonan, Landmark Realty 541-760-6703.
0 votes
Lana Lavenba…, Agent, Grants Pass, OR
Tue Dec 11, 2012
They are estimates at best- never any where within the realm of reality. I f you read the fine print they tell you that on the sites.
0 votes
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