I added some additional links to online home valuations at the bottom of this page. One of the links is to get a “Zestimate” from Zillow. The link I have uses a tool from an agent’s website in Sacramento that I think is better than running a report from the Zillow.com site. I’m looking to having my own Zillow tool developed for the SloCountyHomes.com site.
There is no magic in these online home valuation tools. They use the SOLD information they can get their hands on and use an appraisal formula to come up with an estimated price. While the accuracy isn’t guaranteed, these tools do provide another piece of info as you’re doing your research. I’m including multiple online home valuations so you can compare what each report says. Usually, you’ll see one that is using better comparable data. Some of the online home valuation tools use Solds that really aren’t that comparable to the subject property. If you aren’t using good data to start with, it doesn’t matter what appraisal formula you use!
The “outage” of the online home valuation tool on my site for the last month was due to the vendor switching over to a new data source. It’s supposed to result in more detailed information so they can do more analysis on the data. They tell me that there will be enhancements coming to the tool now that they have the new data.