When I first discovered Zillow, it was fun to look at the predicted value of my house. Then the market shifted drastically and it was like watching a train wreck in slow motion – like 18 months long slow motion. Well, the last couple of months might be signaling a trend on the upside. The recent absolute chaos in the financial markets might be the cathartic event that the markets can build a bottom from – real estate markets included. The arterial disease of low liquidity in the lending markets may benefit from this emergency surgery paramount to a quadruple bypass being done three or four times.
So, how do things look as per Zillow for the real estate markets in Fairfax – namely my house?
* Zestimate: $384,000
* 30-day change: $3,500
* Value Range: $345,600 – $403,200
* Last updated: 09/17/2008
Yeap, that is up from $381,500 a month ago. Okay, I am not going to get excited about $3500 increase, but the positive direction is a nice change.
CyberHome Estimate: $376,629
Change over last month: $9,797
Estimate Range: $338,966 – $433,123
Last Update: August 22, 2008
CyberHomes does not update as often as Zillow does – I guess I am a couple of days early for their update.
A new place I have found is Eppraisal, so let’s look at their numbers:
Eppraisal Estimate: $414,946
Estimate Range: $352,704 – $477,187
They don’t give a monthly change in predictions, so I will need to track that. Of course I like Eppraisal’s point prediction the best! But with a range of $120K for the estimate, I wonder how accurate it would be if an actual appraisal was done. Of course, Cyberhomes has a estimated range of $100K, but Zillow has a tighter range of “only” $60,000. It is all fun and games anyway – I will let myself believe the Eppraisal estimate until one of the other services comes up with a higher number!
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