DelphiFAQ Home Search:
General :: Outside the Cube :: Finances :: Real Estate
About purchasing and investing in Real Estate. From mobile homes, studios to single family residences.

Articles:

This list is sorted by recent document popularity (not total page views).
New documents will first appear at the bottom.

Only the 40 most recently viewed articles are shown.
You can see the full list here.

Featured Article

How good is Cyberhomes - a home evaluation web site

Question:

I recently found about www.CyberHomes.com - a home evaluation web site. What do you think about their estimates ('electronic appraisals').

Answer:

I checked all of my properties and found that in many markets (Las Vegas, Salt Lake, San Francisco Bay Area - Peninsula) its numbers are too high. Sometimes as much as 20% too high.

In one particular case they report a number that is really strange.

Look at this property on 4212 Gull Cove Way in Capitola, CA 95010:

It sold 8/1/2006 for $701k.

Now - only 5 months later - Cyberhomes.com wants to tell you that the value dropped to $532k ???

I happen to live on the same street and can assure you this is not the case. Certainly prices may have dropped a little but I think not more than 5% which would put this property to $665k.

Zillow thinks this property is worth $687k:

So with numbers in Vegas and Salt Lake being reported too high (e.g. a CyberHomes estimated a $290k home to be worth $390k) and on the other hand numbers in my neighborhood being reported too low, I can only conclude that Cyberhomes has a lot of catching up to do.
In every market I checked, Zillow was closer to the 'truth', which I understand is a subjective thing.


Generated 8:00:54 on May 25, 2018