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When Zillow and Cyberhomes estimates collide
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Many homeowners, buyers and sellers alike, frequently refer to Zillow or Cyberhomes to determine the value of a property they're interested in. However, are these sites' data reliable?
To illustrate, compare what each site says is the value of a property. You may find the difference startling.
Case in point:
A house on N. Heliotrope Drive in Los Angeles is owned by an absentee owner who is debating whether or not to sell the house to his relatives who are renting from him so that he can buy his own house in Northern California, Alameda to be precise.
To get the market value, he was advised to get a comparative market analysis (CMA) from a REALTOR. But first, he had to see for himself what it would be like to get the estimates from two of the most popular online sites.
CYBERHOMES estimated the house to be worth $383,901 with a $63,509 decline in value over the last 3 months.
ZILLOW "zestimated" the house at $700,000, or nearly double what Cyberhomes said.
WHAT A DIFFERENCE!
Not satisfied, he was directed to eppraisal.com which gives its own estimate, and compares it with both Zillow and Cyberhomes. This time, eppraisal says it's worth $587K.
Consulting two local Realtors in the area, their estimates, based on sold, pending, active listings, trends and the marketability of the property, were between $380-390K.
The property owner was amazed at the differences in the estimates. At least he now knows that going to either site isn't going to give him the information he needs to make an informed decision. Although the online sites are sources of information, they are not or should not be THE best and only resource.
This was an eye-opening way to make that point!
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