by Adrian Amos
The Wall Street Journal reports that Internet home value services like on Zillow and Trulia can be 20% to 50% higher or lower than eventual sales prices. And since these online services have gained in popularity, consumers have used the estimates as factual basis for accepting offers, refinancing and remodeling decisions. Which hasn’t always worked in their favor.
The sites make estimates based on algorithms and collected data, but as WSJ contributor Alyssa Abkowitz reports, that doesn’t ensure accuracy:
“Appraisers and real-estate consultants say the online models can veer off target with alarming frequency. Most data for the models come from two sources: records from tax assessors and listing data for recent sales. Collection is a challenge, however, because not every county tracks properties the same way—some calculate home size by number of bedrooms, others by overall square footage. And automated models aren’t designed to account for the unique construction details that often make or break a deal, or for intangible factors like a neighborhood’s gentrification.”
Read the full article here.
HomesAndLand.com also has a home valuation tool, which advises consumers that it is not an actual appraisal and states: “Determining the most accurate home prices is best left up to a real estate professional.”
Chief Marketing Officer
Endurance Business Media
For Immediate Release
Home valuation tool gives home buyers and sellers estimates instantly at HomesAndLand.com
Tallahassee, FL (June 5, 2008) – Homes & Land, the affluent home buyer’s resource, has relaunched HomesAndLand.com, adding more online offerings including a link that answers the question: ”What’s My Home Worth?” This new feature provides instant home valuation estimates to home sellers and buyers from Zillow.com, eppraisal.com, and HomeGain.com. In addition to the instant home valuation estimates, Trulia provides ZIP code level average sales prices for the user. Recent nearby sales are also provided, courtesy of OnBoard, LLC.
Homes & Land is one of the nation’s most visible brands in the real estate media market with over 60 million magazines published yearly and distributed in 30,000 local communities.
“Knowledge is key and technology has provided today’s home buyers and sellers with more ways to understand their home’s worth within a local area,” says Homes & Land Chief Executive Officer Pat Nadler. “Imagine being able to simply type in a single address and call up price comparisons. That is exactly what HomesAndLand.com’s ”What’s My Home Worth?” link offers, giving buyers information about a specific market, and sellers perspective into how other homes are priced in their area.”
Homes & Land is powering the ”What’s My Home Worth?” home valuations mashup using API’s from Zillow, Trulia, HomeGain, eppraisal, OnBoard, and Google Maps. In addition to home valuations, consumers can view information about schools, neighborhoods, communities, real estate for sale, and much more at HomesAndLand.com.
“HomesAndLand.com has been updated with an enhanced web platform with features and content that home buyers and sellers seek out. Our ongoing mission is to provide all the real estate information consumers want in one location, including thousands of homes for sale across the country,” said Richard Ramsay, Chief Technology Officer.
According to Google Analytics, the HomesAndLand.com website traffic grew more than 54 percent between January 2007 and January 2008.
“Maintaining this momentum of growth in our online consumer offering is critical to the success of the Homes & Land total marketing package,” says Chief Marketing Officer Rob Wicker. “Realtors® who advertise with us count on our ability to bring active buyers to their listings. With our new enhancements, buyers are just one-click from viewing listings using our HomesAndLand.com Search Assistant. Ease of use and immediate access to home listings means better sales opportunities for our clients.”
Homes & Land specializes in helping agents and home sellers reach an affluent audience. Through strategic partnerships, HomesAndLand.com has become the number one real estate search site for affluent buyers. More than 65 percent of visitors to HomesAndLand.com have household incomes of $100,000 or more.*
Homes & Land is a category leader in real estate media. For more than 35 years, Realtors® have counted on the brand to provide the most targeted distribution channel to reach active home buyers. In addition to its flagship publication, the company also publishes Home Guide magazine, Estates & Homes magazine and Rental Guide magazine. Homes & Land is a leading resource of real estate information through its online portal HomesAndLand.com. Log on 24-hours a day to gain insight and perspective into the home sales market.
*Hitwise online competitive intelligence report – April 2008