As you guys know, I have been searching for an investment property to purchase and hold onto for rental income. In order to get an idea of the property value, I use a couple of the online home valuation services. On the current property I am considering, here are values from four of the online vendors. Note: I know these values are not set in stone but they do give me a ballpark figure.
- Housefront - Value Range: $87,000-$97,000 with an est value of $92k. I like that Housefront gives a letter grade "Confidence Level" for the given value. This valuation was given a grade of "B". I like that Housefront also lists the prior sales history.
- Eppraisal - Value Range: $78,653-$106,413 with an est value of $92,533. Eppraisal also gives not only the prior sale price but also the county, city and subdivision. One thing that I don't like is that the value ranges are so wide.
- Zillow - I don't like using Zillow as they do not have alot of values for my area. They only offer the county assessed value of $76,600.
- Cyberhomes - Value Range: $124,205-$158,707. I do not use this site but just threw it in just to get the values. I think the values are wayyy too high and do not represent the true value.
For my primary home, I feel the value is about $195,000. Here is what Housefront and Eppraisal list. I also included the county tax assessors value as of my last county tax appraisal.
- Eppraisal - Value Range: $189,000 - $209,000 with a est value of $199,000
- Housefront - Value Range: $168,674 - $228,206 with an est value of $198,440
- The county assessed value is $190,490.
Do you use the online valuation services to get an idea of your home value? What website do you use? How accurate are the values for your home?