Albuquerque Home Valuation Tools
Recently, Realtor.com released its home value tool. Simply enter your address and it returns an estimate of home value. Zillow.com released a similar estimator a few years ago. Unless you enjoy reading fiction, I suggest bypassing these tools. NM is a non-disclosure state. What that means is that home sale prices are not public information so the estimates are really just a wild guess. Just pick a number between $26,600 and $1,197,000 and you now have a home value.
Let’s take a look at three random examples. Since we are a non-disclosure state, I will only list general location information. These are based on actual home sales in the last 90 days.
Example One:
This luxury home has 3 bedrooms and 2 baths with 2769 sq. ft. and sold for $555,000.
Zestimate: $539,000. If you went with this, you would have left $16,000 on the table.
Realtor.com: $312,500 and $667,128–what a heck of a range!
Example Two:
This great condo has 2 bedrooms and 2 baths with 1226 sq. ft. and sold for $168,000.
Zestimate: $244,000. Your unit would sit for…a very, very long time at this price.
Realtor.com $26,600 and $196,788. I would take a dozen at the bottom price!
Example Three:
Home in North Albuquerque Acres
This pool home has 4 bedrooms and 4.25 baths with 4522 sq. ft of luxury living, sold for $770,000.
Zestimate: $518,000. What a bargain!
Realtor.com: $380,247 and $1,197,000. If you are looking for a home value like this, one of my cats would be happy to assist you.
In all fairness, Zillow does address this issue in their post regarding non-disclosure states and Realtor.com does so on their non-disclosure FAQ page.
Don’t try this at home. Home values are best left to the professionals. Don’t make a wild guess with one of your largest investments. If you are looking to sell your home in Albuquerque and want a home value based on fact, not fiction, contact me today.
If you are a buyer wishing to make an offer, look to your agent for knowledgeable advice on what the home is worth. For top-notch buyer representation, give me a call.
These statistics were compiled from the Greater Albuquerque Association of REALTORS®, Realtor.com, and Zillow.com on 07/17/2008. Information was obtained from sources deemed reliable but not guaranteed. This information should not be used to determine the value of any property. Photos are for illustration purposes only and do not represent the examples in this post.
Ashley Drake Gephart |
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