How I estimated my house value at $625,965 for August 2007
By Pinyo • Sep 4th, 2007 • Category: Home and Real EstateIn my net worth report, I estimated my house at $625,965 for August 2007. I figured I should go into more detail about how I did this. I have to say that I owe this method to The Dough Roller’s 10 Fun and Free Websites to Lookup the Value of Your Home (and your neighbor’s home).
First, I list these entries on my spreadsheet:
- Reply
- Eppraisal
- Real Estate ABC
- HomeGain Low
- HomeGain High
- HouseFront Low
- HouseFront High
- Cyberhomes
- Zillow
Then I go to these web sites to get my estimates:
- Yahoo! Real Estate — this gives 3 values retrieved from Reply, Eppraisal, and Zillow
- Real Estate ABC
- HomeGain - this gives a high and a low value
- HouseFront - this gives a high and a low value
- Cyberhomes
Lastly, I use the Olympic convention of dropping the highest and lowest scores, then averaging the rest to get the final estimate. So far, Reply has been giving me the lowest value which I know is way below market; and high estimate from HomeGain has been giving me the highest value which is too high.
I hope that clears it up.
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Thanks for the links Pinyo! I really hope that Reply is waaay off. It estimated my house at over 20% lower than Zillow!
No problem. I think Reply is waaay off. That’s why I drop the lowest and the highest estimates. I am fairly comfortable with the method I use. I think it does reflect the true market value quite well. Of course, you may want to adjust for the condition of your house since that’s one thing these web sites cannot account for.
Estimating my house value would be utterly pointless, so I don’t bother.