Good discussion. We do get some disclosed sales transactions in Austin but yes, non-disclosure makes Zestimate accuracy in Texas a challenge. Due to this challenge we also use some financing information, not published on the site, to attempt to infer sales values in non-disclosure states. It’s not perfect.

That said, there are also good reasons why Zillow’s Home Value Index will often depart from median sales values. Especially when the summer selling season kicks in or when a market is turning. The Home Value Index aggregates the estimated value of all homes in the area while median sales analysis only reports on the values of those homes that have recently sold. This distinction between home value indices and median sales analysis is discussed in more detail on the Zillow Blog: http://www.zillow.com/blog/debunking-the-median-sale-price/2008/03/27/

The other interest item the appraiser brought up when I asked if I can have the list of all properties sold near my home in preparation for a formal protest was a no. Then he went on to bring up a new law (HB 2188, http://www.legis.state.tx.us/tlodocs/80R/billtext/html/HB02188F.HTM) saying that they only had to provide the list of properties they would use in the actual hearing. The text of the bill does not say that I cannot ask for the longer list of properties than the 5 WCAD uses: “he property owner or agent may, on request, obtain from the chief appraiser comparable sales data from a reasonable number of sales that is relevant to any matter to be determined by the appraisal review board at the hearing on the property owner’s protest.” Reasonable is pretty vague, but if there are say a list of 25 properties in their Excel sheet and they cherry pick 5, I think the entire list of 25 is pretty reasonable.

I stumbled across a very interesting HAR article about HB 2188 (http://houstonrealtor.har.com/DispArticle.cfm?ARTICLE_ID=19669), which pretty much confirms that counties (at least Harris) were getting an MLS feed and the HAR didn’t like some lawyers performing open records requests to get sales data. Performing open records request would be the way to make Zillow work given that Texas is a non-disclosure state, but the counties need sales information to function as directed by the state.

Anyways, HB 2188 basically tries to remake Texas a non-disclosure state even though sales information is collected and used by the counties.

No, they can’t do that. I emailed ACTRIS (Austin MLS) asking if TCAD is a member, and here is their response:

“TCAD is not an ACTRIS member. They gather data from various sources. The MLS Terms and Conditions of Use generally provide that the MLS may be accessed by ACTRIS Participants, Subscribers, and authorized appraisers as a tool to assist sellers and buyers who have a bona fide interest in purchasing or selling a property. The appraisal district has a broader purpose, and does not fit the requirement.”

> TCAD/WCAD sends the questionnaire to the buyer, not the seller.
I’ve always received one after selling a property and I’m pretty sure they mail to all buyers and sellers asking the price.

Steve

TCAD has the price I paid for my house 4 years ago even though I did not fill out their form. I have to assume that they got the info from the title company, lender, or one of the agents. I do wonder if someone was paid to supply the info.

BTW, Zillow’s market price on my house is almost identical to TCAD’s appraisal price.

Hy Ray,

Send me your source of data for FSBO sales and I’ll be happy to report it. I doubt FSBOs are any better than they’ve ever been, as a percentage of total sales, which would be about 5% of all sales once family-to-family and off-market sales are excluded.

I can’t think of a more difficult market in which to attempt a FSBO sale, but I’m happy to see the stats to which you refer.

Steve

-Anon