Interesting New Real Estate Website Launch

[bwindi25]

There was an NPR story on this yesterday. www.zillow.com You can see mortgage trends in your neighborhood/area. www.zillow.com

Apparently the whole server crashed because of the use, but it should be up now (sounds a little like an urban planet problem)

so, plug in your address and post here whether they got it right?

I think my number was a little low (at least I hope so). I'm about 10k less than two houses around me that I know are in worse condition and less sq/ft, bathrooms, etc.

[Greedo]

Read about this in yesterday's WSJ and jumped on the Internets to use it.

Great site for doing research if you want to buy. It must have something to do with recent property sales, because it couldn't get information on my parents house. It hasn't been on the market in 30 years.

Satellite maps for most of the GR area. Smaller locations aren't completely available.

[ModSquad]

Cool site from a bangles and bells point of view. However, I believe it considerably under values homes. Every test address I ran showed a value that was $10-$15,000 less than reality.

What concerns me, is this. What if banks or other industries begin to use a system such as this to value homes? What if the opinion or estimate from a web site such as this becomes reality?

[fishboy]

Cool site from a bangles and bells point of view. However, I believe it considerably under values homes. Every test address I ran showed a value that was $10-$15,000 less than reality.

What concerns me, is this. What if banks or other industries begin to use a system such as this to value homes? What if the opinion or estimate from a web site such as this becomes reality?

Already a reality. FANNIE MAE and FREDDIE MAC are using a database to determine property values in lieu of appraisals. If you fall into a certain category/ risk profile they will allow you to use an AVM( automated valuation). I recently closed on a property (30 year fixed mortgage) without disclosing my income or having an appraisal done? Scarry Times ahead!

[andrew.w]

In the neighborhiood in Rockford that I lived in about six ears ago, our house at a liitle under 2000sf and originally built for about $60/sf is now valued at $265,000. The 5000 and 6000sf houses across the street and on a lake were built for more like $100/sf 15 years ago and are only valued at $420,000 to $500,000. What's happening there?

[snoogit]

COLOR SATTELITE PHOTOS THAT ARE CLEAR!!!! no blurriness in the actual DT area like google.

wow old photos though, devos place was still being built in these photos I can even see my old house in there, pool and all!

[BigPlayJ]

There was a great article in Thursday's Wall Street Journal about this site. It explains where they get their data and how they arrive at their values. Keep in mind that the value they show is the middle of a range so there can certainly be some variation. My house in the City of GR appeared to be valued at just about what I thought it woudl be. I think the biggest utility of this site is its ability to summarize comparable sales. Very good data in that regard. It is still in Beta, so we'll see what happens.

If anyone wants the WSJ article let me know and I will post a link if I can.

[Rizzo]

Under valued!?! Mine was overvalued 130,000 more dollars.

[hood]

Already a reality. FANNIE MAE and FREDDIE MAC are using a database to determine property values in lieu of appraisals. If you fall into a certain category/ risk profile they will allow you to use an AVM( automated valuation). I recently closed on a property (30 year fixed mortgage) without disclosing my income or having an appraisal done? Scarry Times ahead!

Thats just dumb. how would anyone know the value of a home without looking at it? For all the bank knows the thing could be burnt down or comletely trashed, or just about anything else that you can imagine. There has to be a catch to the system.

[GRDadof3]

Did you guys read the accuracy tables on that website? Only 61% were within 10% of the selling prices for Kent County Might as well flip a coin to figure out the value of your home.

[designcritic]

Did you guys read the accuracy tables on that website? Only 61% were within 10% of the selling prices for Kent County Might as well flip a coin to figure out the value of your home.

It only valued mine at half it's value. Pretty worthless if you ask me.

[Rizzo]

Did you guys read the accuracy tables on that website? Only 61% were within 10% of the selling prices for Kent County Might as well flip a coin to figure out the value of your home.

Yah no kidding, double take when I viewed the value for my place... Holy smokes 130Gs over