- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (7)
- Pasadenan
- Contributions:21460
No, you should not get the same numbers with different methods, even if the basic public record data is the same.
And the longer it has been since a previous sale, the more the numbers should disagree.
Check out the values given by:
Homesand.net
Eppraisal
realquest.com express
cyberhomes.com
trulia
chase
homegain
homes.com
Even RealQuest Express, also owned by First American Core Logic is coming up with a different number:
$567k
4313 Persimmon St
50 similar sales in the area, sold within the past 12 months, within a little over a mile radius.
And homesand.net with "best 3 comps" came up with $590.5k
And the longer it has been since a previous sale, the more the numbers should disagree.
Check out the values given by:
Homesand.net
Eppraisal
realquest.com express
cyberhomes.com
trulia
chase
homegain
homes.com
Even RealQuest Express, also owned by First American Core Logic is coming up with a different number:
$567k
4313 Persimmon St
50 similar sales in the area, sold within the past 12 months, within a little over a mile radius.
And homesand.net with "best 3 comps" came up with $590.5k
- Reallyfedup
- Contributions:815
AVM's use collected data. Doesn't matter whether it's Zillow or CoreLogic or any of the other AVM's. If they gather their information from the same public sources, they are going to get the same basic results.
It's still just collected data and not interpreted and analyzed data. It's taking numbers from sales and coming up with a value rather than knowing the reason for the sale numbers. They don't factor in the condition, amenities etc.
What I would like to know, is how does the sale price of $610,000 compare to other solds in the area in a similar condition and location. Unless this was a cash deal, it would have to appraise out for the loan to be approved.
It's still just collected data and not interpreted and analyzed data. It's taking numbers from sales and coming up with a value rather than knowing the reason for the sale numbers. They don't factor in the condition, amenities etc.
What I would like to know, is how does the sale price of $610,000 compare to other solds in the area in a similar condition and location. Unless this was a cash deal, it would have to appraise out for the loan to be approved.
- Pasadenan
- Contributions:21460
It appears that the foreclosure auction sale of $549k on 5/27/11 is driving both of these AVM estimates...
but the sale of 5/27/11 doesn't show up on the Zillow home details page.
Still, an estimate of only 3% higher than the distressed sale doesn't seem to properly take into account the expected difference between distressed and non-distressed sales.
Of course, with it being bank bought, maybe they figured still will be a distressed sale?
If Zillow uses the USE code for modeling, you would think it would appear on the home details page; but as far as I can tell, it doesn't.
but the sale of 5/27/11 doesn't show up on the Zillow home details page.
Still, an estimate of only 3% higher than the distressed sale doesn't seem to properly take into account the expected difference between distressed and non-distressed sales.
Of course, with it being bank bought, maybe they figured still will be a distressed sale?
If Zillow uses the USE code for modeling, you would think it would appear on the home details page; but as far as I can tell, it doesn't.
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
More facts is that this property was a REO with only new paint since foreclosure. It also BACKS a connector street which would adversely affect the value. It also has a pool and spa, which may not be factored into an AVM. A pool and spa in this area would bring about $30K of value. The property also WAS a model when it first sold 10 years ago, noted only in the MLS.
In LA county, the 'use' code separates out homes WITH pools vs homes WITHOUT pools, and that use code is used in AVM's and Zillow. In Ventura County, there is no separate use code, so I dont know if the fact that the property has a pool/spa is factored into a AVMs value or not. Pool/spa are noted in the public records but only secondary.
Good example of a number of factors that are considered by real humany beings - buyers and appraisers, but not AVM's....... least not yet...
- HomeSand.net, "White Picture"
- Contributions:4395
I believe that chase.com use the CoreLogic AVM, however, don't try to be a car sale man neither tried to be good but my website gets closer. 8)
http://homesand.net/Quick ... 021?Map=1
http://homesand.net/Quick ... 021?Map=1
- Pasadenan
- Contributions:21460
Amazingly close machine generated estimates without site visits.
No wonder First America Core Logic has sued Zillow and others for their methods.
No wonder people keep blaming these other estimates on Zillow!
I was kind of surprised about all that mortgage history; and a bit confused about why the smaller number kept showing up... a second? Not noted as such.
I was also a bit surprised about the standard deviation given. 11? $11k 11%?
Zillow's standard deviation is running about 10%.
So, the estimate is about 9% lower than the "sold" price?
Zillow indicates foreclosure sales run about 10% to 30% less than non-distressed sales, especially with higher market saturation of Foreclosures. So, why a foreclosure sale amount so much above the estimates?
Or, was it recently renovated after the previous purchase?
No wonder First America Core Logic has sued Zillow and others for their methods.
No wonder people keep blaming these other estimates on Zillow!
I was kind of surprised about all that mortgage history; and a bit confused about why the smaller number kept showing up... a second? Not noted as such.
I was also a bit surprised about the standard deviation given. 11? $11k 11%?
Zillow's standard deviation is running about 10%.
So, the estimate is about 9% lower than the "sold" price?
Zillow indicates foreclosure sales run about 10% to 30% less than non-distressed sales, especially with higher market saturation of Foreclosures. So, why a foreclosure sale amount so much above the estimates?
Or, was it recently renovated after the previous purchase?
- sunnyview
- Contributions:25139
Thank for the insight Vince. I think that many people think that the AVM's are newer than they actually are. Banks/lenders have been using them for a long time to gauge preliminary value on homes. They are not appraisals, but they do provide some broad insight about value to see if you're in the ballpark when you go for a loan.
I do think that lenders should explain how those sites work and give owners/buyers an option to pay for an appraisal even if the AVM is not favorable. It is a risk to pay for an appraisal out of pocket, but I think that owners should be given that opportunity if they are willing to pay to see what a licensed appraiser's opinion is.
I do think that lenders should explain how those sites work and give owners/buyers an option to pay for an appraisal even if the AVM is not favorable. It is a risk to pay for an appraisal out of pocket, but I think that owners should be given that opportunity if they are willing to pay to see what a licensed appraiser's opinion is.
I look inside a bank's AVM . . .
-
- 0.0/5.0
- (no reviews)
Contributions:4699A house in So Cal recently sold, this week for $610,000. It was a Bank REO I believe. In the local MLS, I pulled up this datasheet, which includes a CoreLogic AVM, located on page 2. It was for $561K. Zillows estimate, BTW is $563K, which is located here.
Marketing time was a typical 52 days.
Whats interesting is this datasheet is available to any and all local Realtors, and it has a plethora of data. If a bank or lender uses CoreLogic as their AVM, this is the value that would have come up for this property.
CoreLogic is one of the few companies that produce an AVM service for banks, and they are one of the largest. CoreLogic shares their RealAVM with this one particular MLS system.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.