It seems like there is a new automated home valuation tool launching every month. Since Zillow started the trend back in February of this year, a slew of new tools have come on the market. For the most part, these tools are designed to either capture customer leads or are used to sell advertising. So far, here are the ones that I have seen:
- Zillow
- RealEstateABC
- Reply.com
- CyberHomes
- Eppraisal.com
- HomeGain (re-launched)
- Bank of America (existing)
I have tried all of these tools with varying degrees of success. The range of home values I was able to retrieve varied widely across the board. Some of the values were very high, some seemed about right, while others seemed low.
Ultimately, if I ever decide to sell my home, I know that while I may use these tools to get an initial estimate of my home’s value, I will definitely have a local real estate professional provide me with a complete CMA (comparative market analysis) of my home in order to properly price my home for the current market conditions.
In the meantime, these tools are a fun way to periodically check on your home’s estimated value.
Myron Lo
Director, Product Strategy
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