Home values in SW Cape Coral

Asked by HPB1253, Cape Coral, FL Mon Jun 4, 2012

We've lived in the SW Cape since 2001 and are planning to move. I've checked several websites to get a rough idea of the value of my home. Zillow.com estimates it at approximately 194k and homes.com gives a value of 256k....why is there such a discrepancy in estimated values?

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14
David Lang, Agent, Fort Myers, FL
Tue Jun 5, 2012
In the past I have noticed that some of the automated sites have a hard time figuring out whether or not a property is on the water or not. I have seen several of these estimators pull waterfront comps for dry-lot properties and pull dry-lot comps for waterfront properties. This is a big problem for estimating the value of any home in Cape Coral especially. Also, if you have a waterfront property and the value of your home is based on factors like: gulf access, freshwater, bridges, sailboat access, minutes to open water, etc. you are really asking too much of the systems. These estimator programs are written to work generically throughout the US but each community is different and they are not created to take in to consideration the peculiarities that each community has.
Please call a local Realtor to visit your home and create and ACCURATE valuation. He/she will be able to explain why comps were used and you will save yourself a lot of frustration.
Good luck!

Dave Lang
Keller Williams Realty
239-677-8780

http://www.SWFloridaHomeSearch.com
0 votes
x, , Cape Coral, FL
Tue Jun 5, 2012
First allow me to share with you one thought : That these sites might use a different system, one might use the mileage system, which can incorporate different neighborhood-even gated communities might be included. Then the next site just uses the neighborhood you live - in- for example this one seller I am talking to had his house listed for a whole yr without 1 calling on his listing- because the realtor used a gated marina -home starting at $700,000.00 on up and not his surrounding neighbor only. So, his home was valued at much less.- But in the listing it was valued much higher than it should have been- Hope this answers your question- Doug Pelton
0 votes
Chazz Lavely, , Cape Coral, FL
Mon Jun 4, 2012
All the responses make their point: It's impossible to set an accurate value without a local, knowledgeable individual, and a Realtor will be your most knowledgeable.
You can get 20 CMAs done, all for free, and even they would show range variances, because each individual will be choosing which properties they feel are close in quality and features to yours.
It sounds like you are computer savvy and want to do some on-line research yourself. So I would suggest you get a free Listingbook account where you can search the MLS data exactly as the Realtors do. You need to see for yourself what homes are priced at right now that are competition for your home. With inventories dwindling a major factor in a BUYER's mind is the price of competing properties. You can set many features (location, size, age, pool, waterfront, etc.) to let you see what properties like yours are priced at. The Listingbook is a great tool for this. You need to be set up through a Realtor, which I would be happy to do for you. I also won't "bug-you-to-death"
Go to http://www.chazz.listingbook.com act like a buyer and set it up easily. Please call me with any questions. 239-424-9224
0 votes
Susan J. Ball, Agent, Bokeelia, FL
Mon Jun 4, 2012
Those sites a great for "rough estimates," as they are using real tax data to develop their response. However, there are other factors that will determine the final selling price for your home. Condition, finishes, and amenities that can only been seen inside can add value. In addition, the general look of your neighborhood can make your home worth less or more. Lastly, where is the buyer coming from? Is that buyer local? Relocating? Moving up? A seasonal resident? An investor? The source of the buyer can also determine what the final selling price will be. Foreign buyers tend to spend more on their purchase and will pay above market value for a property in great condition.

I specialize in marketing to foreign buyers. Feel free to contact me if I may be of service!
Susan Ball
Coldwell Banker
http://www.susanball.inside-real-estate.com
0 votes
Margie Birch, Agent, Cape Coral, FL
Mon Jun 4, 2012
As you've seen in some of the other responses, home values can't be determined on a national basis. Cape Coral has experienced a large increase in prices over the past year, are seem to be continuing in that direction. SW Cape Coral is a very desirable neighborhood, so is good for you too.

Any good LOCAL real estate agent would be happy to give you a comparative market analysis of the value of your home and what it could sell for. We would base that on the neighborhood, comparable homes sold, as well as any additional features or upgrades your home has. Zillow and other sites like that don't take all that into consideration. And of course they don't know Cape Coral! Cape Coral has has over a 28% increase in single family home prices in the past year. That far outpaces ANY other area in the country.

I hope this help, and if you would like any more information, please feel free to call me. I currently have several listings in the SW Cape, so am very familiar with the area.

Good luck,
Margie Birch
mbirch1@comcast.net
239-691-1303
Miloff Aubuchon Realty Group
0 votes
Carolyn Gian…, , Cape Coral, FL
Mon Jun 4, 2012
You need to contact a good listing agent in Cape Coral. An experienced agent will tell you the true value of your home. Most likely it will be for less that what these two sites are telling you. Real Estate is very LOCAL. A national site cannot give you the information a local agent can give you.
Now is a great time to sell as we do not have alot of inventory.
Good luck.
0 votes
Adolfo "A.D."…, Agent, Cape Coral, FL
Mon Jun 4, 2012
Adolfo Diaz
The Elite Team
Selling Paradise Realty
239-872-7936 cell
Isellfloirda@ymail.com
0 votes
Adolfo "A.D."…, Agent, Cape Coral, FL
Mon Jun 4, 2012
There are many explanations as to why the range in values; however the most appropriate would be the following. The information provided by most (90%) of third party sites is syndicated by various sources and most are not validated. Many value estimations are based on sales that have been tracked through sites where information is plugged in, not sourced by the county offices and recordings.

With that being said once validation sites offer accurate information as to the sale price of such property the information is then added to third party sites as validated information. This process is usually 3 months in some cases even more time.

Also keep in mind that most of the sites offering information does not take into effect the “bells and whistles” your property may offer in example; updated kitchen, new appliances, upgraded flooring etc.
With that being said these sites do offer many important facts about the area, and sales in the market, however it is not always the most up to the minute in factual numbers. I would advise seek the opinion of a couple professional agents that are familiar with your area to perform a CMA. An accurateCMA will compare your house to others with like feature and amenities and it will allow you to really see what the value of your house truly is.

I offer a few different strategies to homeowners according to their desired move date(s).

I would be more than happy to share some ideas and strategies that work for us. Feel free to call or email.
0 votes
Mark Washburn, Agent, Cape Coral, FL
Mon Jun 4, 2012
Zillow and Trulia are websites that have built pricing algorithms on a national basis. They don't factor in the local intricacies of a given market or community.

Pick a local Realtor with knowledge of SW Cape Coral to complete a comparative market analysis (CMA) for you.
0 votes
Danielle Sha…, Agent, Cape Coral, FL
Mon Jun 4, 2012
Both websites are using computers and available tax data to "ballpark" the value. If you would like to get a better picture of market value a local real estate professional can provide recent sales that are similar to your property as well as current competition.

Please let me know if I can be of service - no cost or obligation.
0 votes
Terry McCarl…, Agent, Cape Coral, FL
Mon Jun 4, 2012
The only way for you to truly determine what your home is worth is to have a local professional prepare a CMA for you. I offer this service at no cost and no obligation.

As a resident of Cape Coral for 24 years I know the area extremely well and would be more than happy to meet with you at your convenience.

Zillow is a great website but it is computer driven and has no way of really being on top of every real estate market.

Feel free to contact me if I can be of assistance.

Terry McCarley, Realtor®, CDPE - Jones & Co Realty
email: leecountyrealtor@earthlink.net
phone: 239-707-4575
0 votes
John Elya, Agent, Cape Coral, FL
Mon Jun 4, 2012
Both of those services are automated, and use tax appraisal data along with some market data - none of which is really good or timely. Your best bet is to consult a REALTOR and look at comparable sales in your area. Recent sales are the best indicator or value.

I can provide a no cost -no obligation consultation for you.

I can be reached via email or phone.

John Elya M.B.A
Selling Paradise Realty
239.671.2232
John@JohnElya.com
0 votes
Frank Glaab…, Agent, Cape Coral, FL
Mon Jun 4, 2012
Hello,

Yes, zillow takes in to account active listings as well, which we all know that an active listing that has not sold yet does not necessarily mean they will get that price for their home. To get a more accurate value, please email me or call me and give me more specifics about your home. I would love to come by and see it to give you the most accurate value I can. Let me know if you are interested. Thanks

Frank Glaab
Gulf Gateway Realty
0 votes
The way that Realtors get an accurate value is to run a search from our MLS of recently solds in the vicinity of your home that are similair in size, location and we look at all the visual aspects, such as upgrades, etc. This gives us more of an accurate market value for you home.
Flag Mon Jun 4, 2012
LLoyd Nichols, Agent, Fort Myers, FL
Mon Jun 4, 2012
None of these sites are accurate. If you email me with your address, I will prepare a Market Analysis of your property, using "real and relevant" data, such as the prices of similar homes in your neighborhood that have recently sold.

Realtorlloydn@aol.com

LLOYD NICHOLS
Premier Sandals Swfl Realty
cell: (239) 810-2980
work: (239) 463 5217
skype: lloyd . nichols
0 votes
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