What Is My House Worth?

You haven't given people nearly enough information about the caveats of these free online services. They are most reliable in areas where there are numerous sales in 'cookie cutter' neighborhoods where all the houses are very nearly the same, and highly unreliable in areas that don't have subdivisions like that. Users should also be aware that in non-disclosure states like Texas, sales prices are not public record, so data sources can be highly unreliable. I've tried entering addresses of recently sold houses in my area and find that it's not at all unusual for the free online estimate to be off by 50% or more vs actual sales prices--and this is in an area with a stable market. Do yourself a favor and use the online estimates for entertainment value only. If you really want to know what your home is worth, spend a few bucks and hire a professional appraiser.

Hi Bob, I'm laughing abou the UFO house image for the article. I know that house, in Chattanooga, TN, on Suck Creek Road. It sold last week or so ago, maybe you already knew that. The newspaper here said back in the last century that there was a couple living there that got into an argument, the women left, but parked the truck under the automatic drop down stairs after she closed them so the man could not leave. Perhaps you know how Suck Creek got it's name? That's a fun history story.

Regards,
Dangerous.Dave

These sites are not perfect and I agree that one needs to do their due diligence. However, they can provide a great place to start and pull a wealth of information into one place. They are much more valuable than just "entertainment only."

I thought Zillow was useful. It was pretty neat to see the photo of my house from above with my own car in the driveway!

Hi! This info you are given us today is as always most valuable.... I really enjoy your site.. I do learn a lot from it. Thank you so much.. Respectfully, Y. Haug

The first poster, Richard Brotzman nailed it. These services are only somewhat reliable for the areas that have homes of similar style, similar living area, similar utility, etc... There should be some recent sales to illustrate the current market. And how about motivation, why did that house sell for that price? Was it market value, was it a foreclosure...

These online services can be very unreliable. They only take public records data into consideration, and have absolutely no way of knowing about that updated kitchen and bath that the homeowner has done (of course the homeowner is supposed to be pulling permits from the building department, but that is another issue.)

I've also noticed that Zillow often compares single family homes to multi-family homes in the neighborhood and vice-versa. Huh? Nice try, but apples to oranges.

I live in a very small village in Iowa. It was comical how Zillow couldn't find it so it made up addresses! At least Eppraisal was honest and said it had no information.

Bob Said...."Real estate agents can help you determine the optimal selling price for your home, and will advise you when market conditions make it a good idea to lower or raise your asking price. They handle the negotiation process, and help you avoid various pitfalls. And of course using online house value estimators like these will not tell you about fighting neighbors, screaming kids, or dogs barking at all hours."

Probably the best advice you will get. Forget online valuations. Although Agents generally are considered money merceneries (they`d sell their grandmother), they do have the advantage of local market knowledge.

As for guessing the future value of a home. Well, that`s crystal ball reading. Even the "experts" cannot predict future trends accurately. Nobody was predicting the credit crunch (which was caused by mixing up sub prime loans and reselling repackaged debt to the money markets). Now no institution knows the real value of the equities they bought into, hence the the caution of lending between banks.

Now the writing is on the wall, I would think that because of the credit crunch and the US is about to show another quarter of negative growth and hence recession....your house is going down in value!