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  • Get The Truth On Home Values

    Sale
    Myths On Online Estimates

    Alyssa Abkowitz of The Wall Street Journal discusses the confusion behind online estimates to an already tricky housing market in her article The Fuzzy Math of Home Values:

    Jason Gonsalves worked hard to turn his 6,500-square-foot stucco-and-stone home in the suburbs of Sacramento into the ultimate grown-up party pad. Inside are the game room, home theater and custom wine cellar. Outside, there's the recently added piece de resistance -- a wood-burning pizza oven, kegerator and searing station, all flanking an infinity-edge pool that overlooks the lapping waters of Folsom Lake. A spread like that doesn't come cheap, of course, so when interest rates fell recently, Gonsalves, who runs a lobbying firm, looked into refinancing his $750,000 mortgage. That's when he got some startling news -- even as he was putting the finishing touches on his home, it had dropped more than $200,000 in value over a seven-month stretch.

    Or at least, that's what one popular real estate website told him. Another valued Gonsalves's pad at a jaw-droppingly low $640,500. And these online estimates left him all the more confused when a real-life appraiser, assessing the house for the refi loan, pinned its value at $1.5 million. "I have no idea how those numbers could be so different," Gonsalves says.

    Right or wrong, they're the numbers millions of consumers are clamoring for. In a housing market that's been mostly a cause for gloom, so-called home-valuation technology has become one of the few sources of excitement. After years of real estate pros holding all the informational cards in the home-sale game, Web-driven companies like Zillow, Homes.com and Realtor.com are offering to reshuffle the deck. They've rolled out at-your-fingertips technology via laptop and smartphone to give shoppers and owners an estimate of what almost any home is worth. And people have flocked to the data in startling numbers: Together, four of the biggest websites that offer home-value estimates get 100 million visits a month, and one, Homes.com, saw traffic jump 25 percent in the three months after it launched a value estimator in May. "Consumers used to use us for home buying and move on," says Jason Doyle, vice president of Homes.com. "Now we can stay engaged with them."

    Read more at The Wall Street Journal

    Filed under: Selling Your House
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    1 Wonderful Comment

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