WHICH ENGINE (WEBSITE) IS BEST FOR AN ACCURATE HOME VALUE CHECK?

Asked by Jorge Miranda, Orlando, FL Wed Nov 28, 2007

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4
Jackie Blank…, , North County, SD
Wed Nov 28, 2007
Hi Jorge,

Only automated valuation system that are considered accurate are the ones developed and used by large mortgage lenders/servicers internally. I used to work for corporate of one of the largest lenders in the country with millions of customers in their servicing portfolio. They have done enough deals throughout the country and have all the sales, comps, features, payment data in their system and have used the data to create a valuation system using ariticial intelligence. When times were good and there were alot of activity (meaning current data), these values were sometimes used in lieu of a physical appraisals for certain low risk refis, that's how much they believed in their system = accuracy.

I'm telling you all of this to support my view that no website that I know of that's available to the public would be robust enough to have such accurate data.
0 votes
Francesca Pa…, , Monmouth Cty NJ
Wed Nov 28, 2007
Most are still in their infancy stages and have a long way to go when it comes to accuracy.

Zillow, in particular, is a "beta" site, which means test pilot.
0 votes
Patti Pereyra, , Chicago, IL
Wed Nov 28, 2007
Hi Jorge:

In this case, there is really no replacement for the handcrafted, human touch. An experienced Realtor who knows your area and has access to all of the accurate facts and records about existing comps will be able to best determine the current fair market value of your home.

Automated search engines, while pretty cool and fun to play with, simply do not have the access to the minute details of properties in order to best determine market value. These search engines simply pull from tax records (which may or may not reflect improvements) that are not always accurate and up-to-date.

However, if you want to give it a shot to see what you come up with, try:

http://www.zillow.com
cyberhomes.com
http://www.domania.com/

Good luck!
0 votes
Sylvia Barry,…, Agent, Marin, CA
Wed Nov 28, 2007
There is not a single website I know of that gives you accurate home value check; some gives you listing price of a home, some gives you tax record information of the home (which can be from many years ago), some gives you recently sold price of the home.

Trulia gives you all of the above.

However, the best resource for current home value of a specific home is really to talk to a local Realtor. The service is free and you get the most complete information.

Sylvia
0 votes
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