I know of one website that i used a while ago, but i forgot the website!! It was cool and it gave a lot of information on homes. It was a funny name too, but i cant remember!! Please help!
2007-05-05 18:07:16 · 9 answers · asked by JA+JH 2 in Business & Finance ➔ Renting & Real Estate
The site my clients (I am a Realtor in Las Vegas) mention most is www.zillow.com. However, Zillow (and similar sites that I’ve looked at) are extremely inaccurate. I am not the only one that things so. Here is one example of the lawsuits against Zillow for gross inaccuracies: http://www.ncrc.org/bestpractices/NCRC_Zillow_Complaint1026.pdf . From what I have observed, Zillow’s calculation process does not include the price effects of location (next to a busy highway or in a secluded neighborhood), pool, spa, and many other factors that affect the price of the home. So, I feel that you cannot rely on Zillow or any other similar website. However, here is how you can do a reasonably accurate assessment yourself. Note that without access to the MLS, your results will be less accurate but they will still be a LOT better than Zillow (and better than a typical CMA from an agent).
To calculate the market value of a home you need to know:
1) What comparable homes sold for in the recent past (less than 6 months)
2) What comparable homes are listed for now
Use Zillow (or any other source) to look for similar homes (same number of bedrooms, same square feet ± 5%, similar age, pool, within about a 1/2 mile, etc.) sold. Calculate the average $/SqFt (sale price / square feet) for the properties. Multiply this by the home’s square feet and you have a reasonable estimate based on comparable sales. For example, if the home is 1,500 SqFt and the average you calculate is $180/SqFt, the calculation will be: 1,500 x 180 = $270,000
The next step is to use a site like www.remax.net or www.realtor.com to look at what comparable homes are selling for. Perform a similar calculation to determine your homes price based on for-sales. Remember that this is based on the asking price for these homes; they will actually sell for less.
The lesser of your home’s price based on comparable sales or for-sales is the most probable price. If the lowest price is the one based on for-sale homes, then prices have decreased in your area and you need to take the following additional step. If not, you are done with the calculation. If for-sales are less, check out what homes are actually selling for vs. the asking price. This number may be something like 95% or 92%; it is very specific to your local area. You can usually estimate this by averaging what several homes sold for in your area vs. what they were listed for. Multiply this times the price based on the for-sale. For example, if you calculated $175/SqFt based on sales and estimated that homes are selling for an average of 95% of the asking price, the calculation would be as follows: 1,500 x $175 x .95 = $249,000.
Hope this helps.
Eric Fernwood
Eric@ISellLVHomes.com
http://www.iselllvhomes.com/
2007-05-05 18:18:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Like Gregg mentioned, Zillow is a well situation for a "difficult" estimate ... however in a few instances this is a VERY "difficult estimate. Examples: My dwelling is indexed as one million,2 hundred squareft, however it's two,four hundred and importance is indexed means too low additionally. A peers dwelling is indexed at approximately $250,000, bit it's in the marketplace in these days for $898,000. The satellite tv for pc view place for that condominium could also be approximately one million/four mile off of wherein it truthfully is. It is as much as the landlord to replace the know-how, as Zillow will get their know-how from county files which is not continuously proper.. Their database is not entire for all places but both. It's amusing to appear at even though!
2016-09-05 08:57:56 · answer #2 · answered by ? 3 · 0⤊ 0⤋
your probably thinking of Zillow, but believe me, that site is WORTHLESS. The figures are way off, to the point that i would not even waste my time looking at them - may as well use a random numbers generator or just use the numbers that came up in the lottery.
There should be a place in their site that shows you how "accurate" their figures are.
2007-05-05 18:16:51 · answer #3 · answered by MrAnswers 3 · 0⤊ 1⤋
Why do you need a WRONG information from a web site?
A local Realtor will gladly do a FREE property evaluation, with comparables and everything else. You'll get REAL market value.
2007-05-05 18:17:40 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Try Home Gain. Just type in your home address and it will tell you how much other homes were sold for in your area and the date it was sold.
2007-05-05 20:50:05 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Housevalues.com
2007-05-05 18:23:17 · answer #6 · answered by newyorkgal71 7 · 0⤊ 0⤋
zillow.com
Their estimated values are WAY over-inflated though.
2007-05-05 18:10:41 · answer #7 · answered by bigtalltom 6 · 0⤊ 0⤋
zillow or realtor.com
2007-05-05 18:13:08 · answer #8 · answered by Anonymous · 0⤊ 0⤋
www.zillow.com
2007-05-06 08:19:53 · answer #9 · answered by Anonymous · 0⤊ 0⤋