Many popular real estate valuation websites exist for the purposes of giving market valuations to properties. Popular sites such as Trulia, Zillow and Core-Logic are just a few of these websites.
Many times I'm called into houses to give my professional market valuation in the form of a Current Market Analysis or CMA. Often an owner will say that one of these popular sites values their property at a price I don't agree with. So here is a very popular house in Naples owned by Florida Gov. Rick Scott on Gordon Drive, which is on the beach. This information was taken from an online article posted on TheLedger.com.
Trulia.com's automated valuation model (AVM) estimates Scott's 4,900-square-foot, beachfront house on Gordon Drive — one of the priciest stretches in all of Florida — is worth $5.3 million. Based on area land values, that would mean the house is basically worthless. Zillow.com, by contrast, Trulia's biggest competitor and the dominant brand in free online home valuations, puts its “Zestimate” of the Scott property at $17.4 million. CoreLogic's Real Quest Express splits the difference. It values the Scott property at $7.25 million. Collier County Property Appraiser Abe Skinner, meanwhile, set its market value at $13.13 million as of Jan. 1, 2013.
Some of these online valuations come in at prices I can agree with but just remember these online valuators use models and processes that don't work in some local markets like Naples.
If you need professional analysis of your properties worth call a Realtor...like me.
Warmest Regards,
Kevin Aizenshtat
Realtor