{"id":723,"date":"2006-12-01T07:01:35","date_gmt":"2006-12-01T14:01:35","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=723"},"modified":"2007-04-01T09:49:05","modified_gmt":"2007-04-01T16:49:05","slug":"use-full-appraisal-to-correctly-assess-houses-true-value","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/723\/use-full-appraisal-to-correctly-assess-houses-true-value\/","title":{"rendered":"Use full appraisal to correctly assess house’s true value"},"content":{"rendered":"

This is me from today’s Arizona Republic<\/i><\/a> (permanent link<\/a>):<\/p>\n

Use full appraisal to correctly assess house’s true value<\/b><\/p>\n

Who can best judge what a piece of real property will sell for?<\/p>\n

We all know the answer to that. The best estimate of the value of real estate will come from an experienced real estate appraiser.<\/p>\n

After that, a Broker’s Price Opinion will come second. In certain very homogenous neighborhoods, a Price Opinion may be just as accurate as a full appraisal.<\/p>\n

Third place belongs to an experienced agent’s Comparative Market Analysis. This can be very accurate in homogenous neighborhoods, substantially less so where homes or lots differ significantly.<\/p>\n

Last place goes to the results produced by an Automated Valuation Method, such as Zillow.com or Eppraisal.com. An AVM does not evaluate houses, but rather provides statistics and records about houses. It cannot, for an extreme example, tell you whether the house is still there at the time of the evaluation.<\/p>\n

It is fairly common to hear people say that AVMs will get more accurate in time. In fact, there is a finite limit to how much they can be improved.<\/p>\n

A CMA is essentially an all-paper calculation. But a CMA is produced by an agent who has a great deal of on-the-ground experience, most of which will never be encoded into an AVM’s software. Amenities such as landscaping, decor, orientation or views cannot be accounted for by an AVM.<\/p>\n

But the other end of this question is need vs. costs. If you want to know what your supervisor’s house is worth, use Zillow.com. It costs nothing, and close enough is good enough.<\/p>\n

If you need to know what to offer on a house you want to buy, you need a CMA at the least. The good news is, your agent will probably provide it free.<\/p>\n

The same is probably true for a Broker’s Price Opinion, which you will want if you are planning to sell a home.<\/p>\n

But if you need to know the value of a piece of real property to a very high degree of accuracy — for instance, to qualify for a mortgage — you’re going to pay $300 or Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

This is me from today’s Arizona Republic (permanent link): Use full appraisal to correctly assess house’s true value Who can best judge what a piece of real property will sell for? We all know the answer to that. The best estimate of the value of real estate will come from an experienced real estate appraiser. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6,5,25],"tags":[],"class_list":{"0":"post-723","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-marketing","7":"category-real-estate","8":"category-zillowcom","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":343,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/343\/ask-the-broker-where-can-you-go-to-get-the-most-accurate-estimates-for-real-estate\/","url_meta":{"origin":723,"position":0},"title":"Ask the Broker: Where can you go to get the most accurate estimates for real estate?","author":"Greg Swann","date":"September 16, 2006","format":false,"excerpt":"Who can best judge what a piece of real property will sell for? We all know the answer to that: The best estimate of the value of real estate will come from an experienced real estate appraiser, preferably one with a lot of experience in the neighborhood where the subject\u2026","rel":"","context":"In "Ask the Broker"","block_context":{"text":"Ask the Broker","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/ask-the-broker\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1358,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1358\/state-vs-zillowcom-will-be-a-lengthy-bout\/","url_meta":{"origin":723,"position":1},"title":"State vs. Zillow.com will be a lengthy bout","author":"Greg Swann","date":"April 27, 2007","format":false,"excerpt":"This is me in today's Arizona Republic (permanent link). This goofy little column often \"breaks news\" in the sense that I cover facts that have not yet been reported by the Republic's real estate reporters. Normally I keep this to myself, because I don't want to frighten the people who\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1302,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1302\/arizona-board-of-appraisal-to-zillowcom-in-your-zestimation-does-this-posturing-make-us-look-stupid\/","url_meta":{"origin":723,"position":2},"title":"Arizona Board of Appraisal to Zillow.com: In your Zestimation, does this posturing make us look stupid?","author":"Greg Swann","date":"April 13, 2007","format":false,"excerpt":"From the Arizona Republic (tipped by Adam Tarr and Sharon Kotula):An Arizona regulatory board has ordered Zillow.com to stop offering its online estimates of home values. The Arizona Board of Appraisal has issued two cease and desist letters to the popular real estate Web site, claiming Zillow needs an appraiser\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1324,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1324\/zillow-notes-fear-and-ludditism-advertsing-a-better-farming-strategy-and-more\/","url_meta":{"origin":723,"position":3},"title":"Zillow.com notes: Fear and Ludditism, advertising, a better farming strategy and more","author":"Greg Swann","date":"April 20, 2007","format":false,"excerpt":"Zillow notes: Jay Thompson, The Phoenix Real Estate Guy asks \"Why do so many agents fear Zillow?\" He makes the same point in a BusinessWeek article on the Seattle-based Realty.bot. Brian Brady, America's Most Opinionated Mortgage Broker and a BloodhoundBlog contributor, covers some of the same ground: \"Is your Realtor\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1360,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1360\/east-valley-tribune-slams-board-of-appraisal-over-zillowcom-censorship-endorses-reagan-amendments-to-sb-1291\/","url_meta":{"origin":723,"position":4},"title":"East Valley Tribune slams Board of Appraisal over Zillow.com censorship, endorses Reagan amendments to SB 1291","author":"Greg Swann","date":"April 27, 2007","format":false,"excerpt":"In general, newspapers influence people who are paying attention, a small but inordinately important minority. Today the East Valley Tribune, clarion of the populous suburbs east of Phoenix, came out strong for Zillow.com and other consumer-oriented Automated Valuation Models:Arizona home buyers and property speculators are fortunate the state Board of\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1344,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1344\/amended-arizona-appraisal-bill-fails-to-pass\/","url_meta":{"origin":723,"position":5},"title":"Arizona appraisal bill, amended to permit AVMs such as Zillow.com to operate in state, fails to pass","author":"Greg Swann","date":"April 25, 2007","format":false,"excerpt":"Arizona SB 1291 failed to pass Tuesday afternoon in the Arizona House. The bill would have required a two-thirds majority and passed by less than that. I'll post further when I know more. Further notice: Here's what it all means: To have passed, the bill would have had to have\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/723","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=723"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/723\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}