You might have noticed that we recently added another valuation tool to our site. We used to have Zillow data, and still do, but now we have eppraisal too. There has been much criticism of these online valuation tools and some have discredited them for being too rigidly grounded in statistics, not factoring in the many subtleties of real estate transactions. Still, whatever your feelings about these tools they are tremendously helpful. I like the fact that they take the emotion out but I also acknowledge there are things that get missed in the mix. Nevertheless, they give a good rough analysis and tally a lot of data that would otherwise take hours to collect and calculate. Besides the two we offer, there are a few others that might interest you and they are all free which is always a plus. Here’s the low down on what’s available and how they work, in their own words.
Zillow – “The Zestimate (pronounced ZEST-ti-met, rhymes with estimate) home valuation is Zillow’s estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home’s value. The Zestimate is pulled from data; your real estate agent or appraiser physically inspects the home and takes special features, location, and market conditions into account. Variations in price also occur because of negotiating factors, closing costs, and timing of closing. We encourage buyers, sellers, and homeowners to supplement Zillow’s information by doing other research….”
Eppraisal – “eppraisal.com is a free service that allows anyone to quickly and easily take the first step to buying, selling, or refinancing a home by providing instant access to property valuations…. [It] pulls together public record data from over 120 million homes to quickly and easily give you an estimated value range.”
Real Estate ABC – “RealEstateABC analyzes approximately 60 million records in order to provide you with the estimated [value] of your home, or just about any home, anywhere in the U.S. RealEstateABC is Easy. Powerful. Customizable. Our Home Value Center uses an easy-to-understand, map-based interface. Search on a city or address and you will see the 30 most recent sales comparables in that area. Choose which comps should be included in your valuation.”
Yahoo Real Estate – “Zestimate home valuation, RealestateABC.com, Reply.com are among the many algorithmic (generated by a computer model) starting points in figuring out the value of a home. It shows you how the home is relative to other homes in the area, but you need to add in all the things that only someone who has seen the house knows. You can do that using My Estimator, and then you create your own estimate and see how it stacks up against the asking price.”
Home Gain – “This service is designed to help you obtain a preliminary estimate of the value of your house, home or other real estate property for purposes of helping you decide to sell your home. This valuation estimate is based on local property values, prices and recent sales of comparative houses and homes in your area and is not intended to be, nor should it be, relied on as a real estate appraisal or similar report rendered by a licensed, professional appraiser or a Comparative Market Analysis (CMA)….”
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