Profile picture for user1339819

Estimated Valuation of my Home

I don't understand how your valuation of my home is $362K when other similar tract Pulte homes development on my street are valued up to the $390's.  For example, the same size lot and house at 2080 Elmgate Dr is estimated at $394K.  We paid the same amount of Placer county property taxes and our county had assessed both properties at $362K.  Can someone explain this discrepancy?

FYI - RealtyTrac values my house at $412K and 2080 Elmgate Dr at $414K.
  • July 27 2014 - Roseville
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Answers (1)

Profile picture for wetdawgs
When Zestimates of two apparently identical houses don't make sense, looking at the tax assessment as well as sales history sometimes gives a clue.  So, looking at the neighborhood taxes was the right first step.  Now look at sales prices.      I'm guessing which house is yours but suspect that you paid 30k less (within a few months) than the home you are using for comparison.     That suggests to a computer model that something was different.  If you got a bargain for whatever reason, that sticks with computer models for a very long time.  Yes, that can be disconcerting.

There are dozens of AVMs on the internet, some are better and some are worse but they are all computer models done without the benefit of seeing your home.    It seems that the accuracy varies from area to area (which Zillow shows in their Accuracy FAQ).    The value range is also important on the Zestimate.   In my neighborhood, the Zestimate tends to be the most accurate.   My neighbor's house sales price just posted last week.  It was 99.98% of the Zestimate that showed on the day it was put on the market.  Trulia was 20% high, RealtyTrac and 18% high.   In your neighborhood it may be just the opposite.  Track some homes on the market and various AVMs on the day the house is posted for sale to check.

It would be nice if a computer model had the accuracy of in person visits of appraisers, but at this point they don't.   I'd be very very worried if they had drones sneaking in our front door to assess the condition of our houses.


  • July 27 2014
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