Online Valuations – Are They Correct?
Online Valuations … Are They Correct?
I got this email from an Automatic Valuator Model site that keeps track of home values. I’m watching this property for a client and I have several different sites sending me valuation reports. Not because I want to know what the value is.. DUH… I do this so I can see HOW FAR OFF ALL of these sites actually are!
It says at the top of the email that this property value has gone DOWN 40+% since 2019! WHAT??? In case you’ve been living under a rock lately…
we’re currently in the middle of the hottest real estate market of all our lives
and lack of inventory and super high demand has let prices to continue to go up to unprecedented levels.
Exactly ZERO properties here in the South Bay Los Angeles have lost value since 2019. Even the skunks wandering the streets at night know this.
But to say it went down OVER 40% is even more ridiculous!
By the way:
Zillow shows this property value at $2.19M
Redfin shows it at $2.65M
Actual value somewhere between $4-$5M!
Watch this video next! It goes deeper into Zillows incorrect values here at the beach! https://youtu.be/0xoex06d-7c
This is a Street to Alley lot in the Zero block in Hermosa Beach on a flat walk street 3 houses from the SAND with unblockable ocean views. This is an old cottage that someone
will tear down and built a 30 foot 3 story house on.
These robots have the AUDACITY to think this is going unseen!
WHY are they so far off?
Here in the South Bay Los Angeles, almost all of our housing is custom built. Meaning almost no subdivisions exist here.
Also, we have views here. Mountain, City, DTLA, Ocean, Whitewater, Queens Necklace, Catalina. These are all views we have here.
The robots don’t know about these and aren’t able to put a value on them.
If you’re in Sacramento or Phoenix or Vegas… there’s tons of subdivisions and tract homes. This is where AVM’s can get somewhat close.
(they’re incorrect just about everywhere no matter what the Zillows and Redfins say they are)
So Please BEWARE & do NOT trust these AVM’s. EVER! Always ask a local pro… ME… to get you an approximate value of your house.
Imagine if you called this group & asked them to come & buy your house for the value they said it was worth. In this instance they would be there in 3 minutes with a suitcase full of cash and 3 minutes later would have sold it for millions more than they paid…
MILLIONS!
Never trust a robot! Always call a local pro!
Watch this video next! I go deeper into Zillows incorrect values here at the beach! It’s pretty shocking! https://youtu.be/0xoex06d-7c
Or Look At My Entire Library In YouTube Here
Cheers!
Virtually Yours…
Daryl Palmer Real Real Estatetist
Re/Max Estate Properties RE# 1986622
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