Posts Tagged Appraisal Institute

How Good is Zillow?

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We like the Zillow site at Townsend Appraisals.  It has some good charts for seeing how the market is doing. It has a lot of houses listed and their prices both current and recent past. School districts are listed, taxes on sales, contacts with agents, lots of information. The Bird’s Eye view below shows a recent listing.

Zillow Values

Zillow Maps

One of the common uses of  Zillow is to provide an estimate of the value for your property.    Of course we are left with the question. How good is the estimate?

In a recent article in The Appraisal Journal, a monthly publication  by the Appraisal Institute, that question was explored.   The article, ” Zillow’s Estimates of Single-Family Housing Values” by  Danile R Hollas, PhD, Ronald C. Rutherford, PhD, and Thomas A Thomson, PhD explored the issue.   The article compared the actual sale values of 2045 single family properties sold in Arlington, Texas with the sale values.  It was done at a time when the market there was stable, and  where Zillow indicated it data has the highest accuracy rating. So how did Zillow do?

Zillow generally overestimated the values.  In over 40% of the  properties, the over estimate exceeded 10% of the value and only .88% of the property values were underestimated by 10% or more.    We think this is good to know.  We wonder how many homeowners have already checked out Zillow’s estimate of value before we see their homes.   If they have, it looks like they may think we are appraising their properties too low.

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The Story of Townsend Appraisals

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TOWNSEND APPRAISALS: Contra Costa County, CA and Alameda County, CAThe Story of Townsend Appraisals starts in 1986.  Nancy began appraising when interest rates started to drop after they had been at historical highs for a number of years.  She was mentored for five years by Donna Neff, an experienced appraiser in Orinda.  In 1991, she started her own business.  To optimize her competence and skills as an appraiser, she obtained her SRA designation from the Appraisal Institute in 1993. She is a certified expert witness in Contra Costa and Alameda County Superior Courts, as well as in Alameda Bankruptcy Court.  Her husband Peter joined her in 2001, having previously worked for over twenty years as a manager in metallurgical engineering.  His analytical mind has been a great contribution to Townsend Appraisals.

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