Comments on: Austin Real Estate and Automated Valuation Tools http://crosslandteam.com/blog/2010/04/13/austin-real-estate-and-automated-valuation-tools/ Austin Real Estate Blog Wed, 08 Feb 2012 19:40:44 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Noah http://crosslandteam.com/blog/2010/04/13/austin-real-estate-and-automated-valuation-tools/#comment-121161 Noah Mon, 14 Jun 2010 07:43:33 +0000 http://crosslandteam.com/?p=1764#comment-121161 1400 sq ft, 4br 2ba single family home in 78702. Value Map says $179k, I concur. That's low for the sq footage, but the house is unremarkable. Travis county wants to tax me at $213k. What supporting data do I need to present to use the value map as part of my tax protest? 1400 sq ft, 4br 2ba single family home in 78702. Value Map says $179k, I concur. That’s low for the sq footage, but the house is unremarkable.
Travis county wants to tax me at $213k.
What supporting data do I need to present to use the value map as part of my tax protest?

]]> By: Troy http://crosslandteam.com/blog/2010/04/13/austin-real-estate-and-automated-valuation-tools/#comment-118589 Troy Tue, 04 May 2010 21:47:13 +0000 http://crosslandteam.com/?p=1764#comment-118589 78751 - 2 unit attached townhome. 98% identical (mine even has TCAD sq ft difference higher on my unit). The other unit has a larger back yard (an LCE, so still owned equally) which this tool couldn't know and isn't a huge difference. My unit has a very slightly higher tax appraisal. This values my unit at $300K and the other at $330K. That 10% difference is definitely not right. It's good to have another tool though. 78751 – 2 unit attached townhome. 98% identical (mine even has TCAD sq ft difference higher on my unit). The other unit has a larger back yard (an LCE, so still owned equally) which this tool couldn’t know and isn’t a huge difference. My unit has a very slightly higher tax appraisal. This values my unit at $300K and the other at $330K. That 10% difference is definitely not right.

It’s good to have another tool though.

]]> By: Brian M http://crosslandteam.com/blog/2010/04/13/austin-real-estate-and-automated-valuation-tools/#comment-117534 Brian M Fri, 23 Apr 2010 03:37:24 +0000 http://crosslandteam.com/?p=1764#comment-117534 Well, other than it getting the location of my house wrong (it thought we were across the street), when I selected the actual location of my house it is close to my actual appraisal (only $6K lower), and $35K more than the $299K I bought it for last June. Well, other than it getting the location of my house wrong (it thought we were across the street), when I selected the actual location of my house it is close to my actual appraisal (only $6K lower), and $35K more than the $299K I bought it for last June.

]]> By: Steve Crossland http://crosslandteam.com/blog/2010/04/13/austin-real-estate-and-automated-valuation-tools/#comment-117417 Steve Crossland Wed, 21 Apr 2010 03:59:24 +0000 http://crosslandteam.com/?p=1764#comment-117417 <em>So, unless you have a written offer from a buyer, you can’t say your house is worth more money.</em> Thanks Brett for your comment. I think more home owners have a fairly accurate idea of their home value than don't. We all an "optimism" factor that can puff our valuations somewhat, but it doesn't take an offer to ascertain market value. Thanks for the comments everyone. Steve So, unless you have a written offer from a buyer, you can’t say your house is worth more money.

Thanks Brett for your comment. I think more home owners have a fairly accurate idea of their home value than don’t. We all an “optimism” factor that can puff our valuations somewhat, but it doesn’t take an offer to ascertain market value.

Thanks for the comments everyone.

Steve

]]> By: Brian http://crosslandteam.com/blog/2010/04/13/austin-real-estate-and-automated-valuation-tools/#comment-117410 Brian Wed, 21 Apr 2010 02:27:14 +0000 http://crosslandteam.com/?p=1764#comment-117410 Way off - it is estimating my house at a 47% increase to its purchase price in 2006 (over $150K too much). I'd be lucky to break even if selling today. I've got 2 homes on the mkt near me that are way overpriced and will not move anytime soon, which must be influencing this valuation. Please don't have Travis County look at this... Way off – it is estimating my house at a 47% increase to its purchase price in 2006 (over $150K too much). I’d be lucky to break even if selling today. I’ve got 2 homes on the mkt near me that are way overpriced and will not move anytime soon, which must be influencing this valuation. Please don’t have Travis County look at this…

]]> By: Brett http://crosslandteam.com/blog/2010/04/13/austin-real-estate-and-automated-valuation-tools/#comment-117330 Brett Mon, 19 Apr 2010 20:57:33 +0000 http://crosslandteam.com/?p=1764#comment-117330 To all those saying they think the website is way off, let me remind you the market value is not what you 'want', 'wish' or 'think' your house is worth. The market value is what someone is willing to pay at a particular point in time. So, unless you have a written offer from a buyer, you can't say your house is worth more money. And obviously, your house will always be better than others in your block.. the sentimental value makes some people come up with 'wishing' prices... To all those saying they think the website is way off, let me remind you the market value is not what you ‘want’, ‘wish’ or ‘think’ your house is worth. The market value is what someone is willing to pay at a particular point in time. So, unless you have a written offer from a buyer, you can’t say your house is worth more money. And obviously, your house will always be better than others in your block.. the sentimental value makes some people come up with ‘wishing’ prices…

]]> By: shireen http://crosslandteam.com/blog/2010/04/13/austin-real-estate-and-automated-valuation-tools/#comment-117159 shireen Sun, 18 Apr 2010 01:57:33 +0000 http://crosslandteam.com/?p=1764#comment-117159 It was definitely in the ballpark for my house. A bit higher than I'd put on the market for, a bit lower than what the bank said it was worth a year ago (auto-appraisal by computer) when we re-financed but within +-10K on either side. I'm in 04. WAY BETTER THAN ZILLOW! It was definitely in the ballpark for my house. A bit higher than I’d put on the market for, a bit lower than what the bank said it was worth a year ago (auto-appraisal by computer) when we re-financed but within +-10K on either side. I’m in 04.

WAY BETTER THAN ZILLOW!

]]> By: David T. http://crosslandteam.com/blog/2010/04/13/austin-real-estate-and-automated-valuation-tools/#comment-116824 David T. Thu, 15 Apr 2010 15:18:19 +0000 http://crosslandteam.com/?p=1764#comment-116824 Steve, it looks pretty accurate for our house in 78746 as well as our house in Connecticut. Much more on target than Zillow and some others. Obviously each house has it's own idiosyncratic pluses and minuses to value, but your system is actually as good or better than any data-driven model I've seen. - David Steve, it looks pretty accurate for our house in 78746 as well as our house in Connecticut. Much more on target than Zillow and some others. Obviously each house has it’s own idiosyncratic pluses and minuses to value, but your system is actually as good or better than any data-driven model I’ve seen. – David

]]> By: sara http://crosslandteam.com/blog/2010/04/13/austin-real-estate-and-automated-valuation-tools/#comment-116794 sara Thu, 15 Apr 2010 03:03:28 +0000 http://crosslandteam.com/?p=1764#comment-116794 I just refinanced last month and the site was way off. 145k site, 187k appraisal, and interestingly, I believe I could get close to 200k as a few houses on the block have sold for that much over the last couple of years, I assume because a creek runs through the backyard. I think the site used our tax appraisal. I just refinanced last month and the site was way off. 145k site, 187k appraisal, and interestingly, I believe I could get close to 200k as a few houses on the block have sold for that much over the last couple of years, I assume because a creek runs through the backyard. I think the site used our tax appraisal.

]]> By: Julie http://crosslandteam.com/blog/2010/04/13/austin-real-estate-and-automated-valuation-tools/#comment-116777 Julie Wed, 14 Apr 2010 23:55:04 +0000 http://crosslandteam.com/?p=1764#comment-116777 I live in the same neighborhood as TTrentham and it majorly undervalued our house, at least compared to the appraisal we had when we re-financed our house in December. We have the largest lot in the neighborhood and lots of mature trees, including an Oak Tree that's estimated to be 600 years old. So of course, you can't expect a computer to know that, that's definitely where you need a person. That said, I think the appraisal was probably too high and so the truth lies somewhere in the middle. It doesn't really matter to me since we don't plan to sell until we're old and gray! I live in the same neighborhood as TTrentham and it majorly undervalued our house, at least compared to the appraisal we had when we re-financed our house in December. We have the largest lot in the neighborhood and lots of mature trees, including an Oak Tree that’s estimated to be 600 years old. So of course, you can’t expect a computer to know that, that’s definitely where you need a person.

That said, I think the appraisal was probably too high and so the truth lies somewhere in the middle. It doesn’t really matter to me since we don’t plan to sell until we’re old and gray!

]]> By: Steve Crossland http://crosslandteam.com/blog/2010/04/13/austin-real-estate-and-automated-valuation-tools/#comment-116775 Steve Crossland Wed, 14 Apr 2010 23:41:18 +0000 http://crosslandteam.com/?p=1764#comment-116775 Thanks everybody. This confirms the limitations of these auto-valuation tools. Rob, your description of the price variances caused by the floor level and directional facing of condos in your building describes exactly the challenges in automating the valuations. I'm surprised it got close on yours and so far off on some of the other residential properties. Steve Thanks everybody. This confirms the limitations of these auto-valuation tools.

Rob, your description of the price variances caused by the floor level and directional facing of condos in your building describes exactly the challenges in automating the valuations. I’m surprised it got close on yours and so far off on some of the other residential properties.

Steve

]]> By: Johanus Texanus http://crosslandteam.com/blog/2010/04/13/austin-real-estate-and-automated-valuation-tools/#comment-116774 Johanus Texanus Wed, 14 Apr 2010 23:32:22 +0000 http://crosslandteam.com/?p=1764#comment-116774 It showed my 2100sf greenbelt house with every upgrade available to be worth 10K less than a house 200 sf smaller across the street with no greenbelt. ??? It also showed my friend's house on Alsatia to be worth 10K less than a house that is 1000 sf smaller by the same builder - 3 doors down. ???! It showed my 2100sf greenbelt house with every upgrade available to be worth 10K less than a house 200 sf smaller across the street with no greenbelt.

???

It also showed my friend’s house on Alsatia to be worth 10K less than a house that is 1000 sf smaller by the same builder – 3 doors down.

???!

]]> By: ttrentham http://crosslandteam.com/blog/2010/04/13/austin-real-estate-and-automated-valuation-tools/#comment-116769 ttrentham Wed, 14 Apr 2010 19:09:23 +0000 http://crosslandteam.com/?p=1764#comment-116769 I'd say it was in the ballpark for my home. I live in a small neighborhood near Mabel Davis Park just east of I-35 and north of Ben White. That being said, as you point out, there's a rental property across the street from us that I *know* is in much worse shape than our place (having been in it) and is 300 sq ft smaller and it only values that house at $12k less than ours. I suspect that one is over-valued and ours is a bit under valued (but I guess we all think that about our own homes). I’d say it was in the ballpark for my home. I live in a small neighborhood near Mabel Davis Park just east of I-35 and north of Ben White.

That being said, as you point out, there’s a rental property across the street from us that I *know* is in much worse shape than our place (having been in it) and is 300 sq ft smaller and it only values that house at $12k less than ours. I suspect that one is over-valued and ours is a bit under valued (but I guess we all think that about our own homes).

]]> By: liz http://crosslandteam.com/blog/2010/04/13/austin-real-estate-and-automated-valuation-tools/#comment-116765 liz Wed, 14 Apr 2010 17:19:37 +0000 http://crosslandteam.com/?p=1764#comment-116765 This estimate of 210,000 is way off for my 2500 sq ft duplex in 78704. Currently the rents on it total 1350 per side, or 2700 per month and it's one of the nicer duplexes, the units are back to back facing different streets, lots of trees. more like two houses. but the values on the map for the single family homes on the rest of the street look a little more realistic. This estimate of 210,000 is way off for my 2500 sq ft duplex in 78704. Currently the rents on it total 1350 per side, or 2700 per month and it’s one of the nicer duplexes, the units are back to back facing different streets, lots of trees. more like two houses. but the values on the map for the single family homes on the rest of the street look a little more realistic.

]]> By: Brandon http://crosslandteam.com/blog/2010/04/13/austin-real-estate-and-automated-valuation-tools/#comment-116762 Brandon Wed, 14 Apr 2010 16:34:45 +0000 http://crosslandteam.com/?p=1764#comment-116762 Not sure I believe its valuation for my home in Lost Creek. But when I had a couple of cma's and an appraisal done last year they had a wide range between them so perhaps it's just a difficult neighborhood to evaluate. I also checked a few streets in Barton Hills and saw numbers that are generally lower than the current listing prices in the area. Not sure I believe its valuation for my home in Lost Creek. But when I had a couple of cma’s and an appraisal done last year they had a wide range between them so perhaps it’s just a difficult neighborhood to evaluate. I also checked a few streets in Barton Hills and saw numbers that are generally lower than the current listing prices in the area.

]]> By: Chris http://crosslandteam.com/blog/2010/04/13/austin-real-estate-and-automated-valuation-tools/#comment-116758 Chris Wed, 14 Apr 2010 16:15:32 +0000 http://crosslandteam.com/?p=1764#comment-116758 Its pretty close... maybe just a little low. Its giving 175k and my guess (and the tax appraiser's) would be 180k. Its pretty close… maybe just a little low. Its giving 175k and my guess (and the tax appraiser’s) would be 180k.

]]> By: Rob http://crosslandteam.com/blog/2010/04/13/austin-real-estate-and-automated-valuation-tools/#comment-116719 Rob Wed, 14 Apr 2010 01:13:30 +0000 http://crosslandteam.com/?p=1764#comment-116719 I'm impressed -- it was very close (off by 4% or less) to the price I'd expect to get if I sold my condo. And automated valuation usually has lots of trouble with condos in my building, because the market price varies so much based on location in the building: one side of the building faces Town Lake and one faces I-35, so a condo on the I-35 side will generally sell for 20% less than an identical unit on the Town Lake side. And a condo on one of the bottom floors will generally sell for 25% less than an identical unit on the top floor. But Value Map seems to be doing a very good job of picking up those differences, so the values are surprisingly accurate. I’m impressed — it was very close (off by 4% or less) to the price I’d expect to get if I sold my condo. And automated valuation usually has lots of trouble with condos in my building, because the market price varies so much based on location in the building: one side of the building faces Town Lake and one faces I-35, so a condo on the I-35 side will generally sell for 20% less than an identical unit on the Town Lake side. And a condo on one of the bottom floors will generally sell for 25% less than an identical unit on the top floor. But Value Map seems to be doing a very good job of picking up those differences, so the values are surprisingly accurate.

]]> By: Ed http://crosslandteam.com/blog/2010/04/13/austin-real-estate-and-automated-valuation-tools/#comment-116718 Ed Wed, 14 Apr 2010 01:06:53 +0000 http://crosslandteam.com/?p=1764#comment-116718 I checked out our street. One house which sold two month ago for 248k was valued for between 185-237K. Big range! When I zoomed in more I noticed it narrowed the price to 237K. Still below what is is worth considering it just sold. To continue the confusion my house, which is the the same floor plan, and similar interior. (yes i have been in it recently) is valued for 7k less. Not sure I like the auto value tool. I checked out our street. One house which sold two month ago for 248k was valued for between 185-237K. Big range! When I zoomed in more I noticed it narrowed the price to 237K. Still below what is is worth considering it just sold. To continue the confusion my house, which is the the same floor plan, and similar interior. (yes i have been in it recently) is valued for 7k less. Not sure I like the auto value tool.

]]> By: George http://crosslandteam.com/blog/2010/04/13/austin-real-estate-and-automated-valuation-tools/#comment-116717 George Tue, 13 Apr 2010 23:43:07 +0000 http://crosslandteam.com/?p=1764#comment-116717 It was probably pretty close for my house off Brodie, at 171k. If I was to sell it, I'd probably ask 190 to 200, but it would show like a champ before I put it on the market. As it is, I plan to keep it until I can't get up and down the stairs any more. It was probably pretty close for my house off Brodie, at 171k. If I was to sell it, I’d probably ask 190 to 200, but it would show like a champ before I put it on the market.

As it is, I plan to keep it until I can’t get up and down the stairs any more.

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