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Zillow.com – Instant Home Valuations Get ready for another Internet “Wow!” moment. D passed this new site along to me. If you own a home, go to Zillow.com and enter your address. It’s amazing what you can do when you’ve got the right database.  4 comments to Zillow.com – Instant Home Valuations |
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February 9, 2006 10:02am by swood | 
The house I just sold and the house I just bought (less than 3 months ago) were both valued at 30K less than what they sold for. That’s a pretty big margin of error and I’m betting they would both go for that same price again or more within the year.
Mine is valued at about 10% higher than I thought it was worth – and is valued at more than I think the market on my street can bear! Wait….what’s that hissing sound?….
According to that, my house has more than doubled since I bought it 3 years ago. I strongly doubt it will go for that much
It also thinks I have 7 bedrooms (instead of 3) and 1 bath (instead of 1.5).
The sale date is close to the right time (if not exact).
When it comes to this kind of transaction (probably for most people the most expensive transaction they make in their lifetime) you can’t rely on any one source for valuation. Even your bank may ask for several appraisals. I definitely wouldn’t choose a website if I had to pick only one source for my home’s value. The markets I’ve lived in are above average in house values and the neighborhoods therein are so varied in value that you really need to be tuned into the specific area to know what the true value is.
Of course, by value I mean market value.