Are you interested in selling your Silicon Valley home? Do you know the Fair Market Value of your home?
Prior to last week’s acquisition of Truia by Zillow, consumer had at least 2 choices to price their home. At this point we are not sure which one of the services will be used in home valuations. But both of the sites used very different algorithms to determine the value of your home.
In addition none of these sites consider Replacement Costs or Utility Cost approaches that professional appraiser use to price these homes. And that’s where the confusion and problems start for home owners who want to rely solely on these sites to price their home for sale.
In fact we exposed how unreliable the data on Trulia and Zillow by pricing a Single Family Rental property under contract with my company Homestretch Properties. The home has 3 bedroom and 2 bath on a huge corner lot on Marchmont Drive in Los Gatos.
Table below shows the results of this pricing from Zillow and Trulia :
|16xxx Marchmont Dr, Los Gatos||16xxx Marchmont Dr, Los Gatos|
|2 bed/2 bath||3 bed/2 bath|
As you notice the results of these two searches don’t even match when it comes to the floor plan, let alone the final recommended value of the home. In fact, the pricing recommendation is off by $137,572 which is a huge sum for a home owner to justify.
Bottom line is that you will need to rely on a local real estate agent to help you sift through the noise that you find on internet and determine your home’s fair market value.
So, Contact Us to get a Free Home Value report that you can use to pre-market your home to perspective buyers and investors.