Sacramento Appraisal Blog

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How does Zillow stack up with actual appraisals?

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We can find almost anything online, right? But what about property value? How do Zillow values compare with actual appraised values? Let’s compare some recent appraisals with values from Zillow (“zEstimates”).

  1. North Sacramento home: Appraisal: $60,000;  Zillow: $87,000 (+45.0%)
  2. Del Paso Area home: Appraisal: $110,000;  Zillow: $70,000 (-36.0%)
  3. College Greens home: Appraisal: $270,000;  Zillow: $290,000 (+7.5%)
  4. Serrano home: Appraisal: $550,000;  Zillow $466,000 (-15.0%)
  5. Rancho Cordova home: Appraisal: $125,000; Zillow: $128,000 (+2.4%)
  6. Elk Grove home: Appraisal: $185,000; Zillow: $185,100 (0%)
  7. Elk Grove home: Appraisal: $280,000; Zillow: $255,000 (-8.9%)
  8. Sun City Lincoln Hills: Appraisal: $415,000; Zillow: $403,000 (-3.0%)
  9. Orangevale home: Appraisal: $145,000; Zillow: $165,000 (+14.0%)
  10. Land Park area home: Appraisal: $305,000; Zillow: $270,000 (-11.0%)

In my experience Zillow is very much hit and miss. It can seem more accurate in newer cookie-cutter neighborhoods, but wildly off in other cases when neighborhood boundaries are very tight, data is scarce or condition varies greatly in the local market. Additionally, it seems to me that the listing price in MLS is given strong weight because Zillow can pull that data over to use in its algorithm.

I know you’re expecting me to say all this, but it’s true. Online valuation sites can be a nice tool to tinker around with for real estate and rental values, but nothing replaces the human element. This is really a classic “Terminator principle” example where “humans vs machines” go to battle and humans win (sorry to give away the end of the movie). While algorithms can be very powerful, they cannot see important neighborhood boundaries, quality of construction, high-level craftsmanship, the motivation of buyers and sellers, condition, positive or negative location factors, any sense of charm or appeal, and so many other elements. On top of all of this, the real estate market in the Sacramento area has been a wild ride and it’s not easy to interpret. So many neighborhoods in Sacramento have close to 70% of all sales being either foreclosures or short sales, which complicates sifting through data to establish true market value. Distressed sales tend to sell for less, but not always, so it makes for a very interesting process to properly value a house.

My advice? Enjoy Zillow for what it is and take it with a grain of salt, but trust an experienced and local human appraiser for the final say.

Go check your Zillow value. Does it seem realistic to you? I’m curious.

If you have any questions, or real estate appraisal or property tax appeal needs in the Greater Sacramento Region, contact Lundquist Appraisal by phone 916-595-3735, email, Facebook, Twitter or subscribe to posts by email.

Is that a telephone pole in your driveway?

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What’s wrong with this picture? Yes, that’s a telephone pole blocking access to a driveway. I did not take this photo at a funky angle or play around in photoshop. I’m not sure which came first, the house or the pole, but I have seen more efficient neighborhood planning. I snapped this photo in the Strawberry Manor neighborhood in North Sacramento. What do you think?

NOTE: In my excitement to get this post up, I mislabeled the pole as a “telephone” pole. It’s actually a street light with a sign attached to the light. I don’t want to change the title though because it’s already out there on Facebook and Twitter. That’s how it goes. No big deal. My bad.

If you have any questions, or real estate appraisal or property tax appeal needs in the Greater Sacramento Region, contact Lundquist Appraisal by phone 916-595-3735, email, Facebook, Twitter or subscribe to posts by email.

Should you fill out the Proposition 8 “Decline in Value” form?

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It’s free to appeal your taxes, right? Well, not necessarily in Sacramento County and many other surrounding counties. Technically speaking, if you fill out the Proposition 8 Decline in Value form, it is a free process to ask the Assessor to reconsider your property value. You can drop off this form to the Assessor off Power Inn Road in Sacramento, but realize the Prop 8 form is NOT an appeal. In short, if you fill out this form only and the deadline to appeal (November 30) passes, then there is no recourse to dispute your property taxes for the year. The only way to formally appeal your property taxes is to fill out the “Application for Changed Assessment” and drop this form off to the Assessment Appeals Board in Downtown Sacramento.

My advice from experience? You can try to turn in the Decline in Value form to the Assessor, but if you have not heard back as of October or early November, proceed to file a formal appeal. In truth, I rarely recommend the Prop 8 form at any time because most people are busy or November 30 is approaching too quickly. However, since the Application for Changed Assessment will cost you $30, some owners prefer the Prop 8 route first. The Application for Changed Assessment used to be free, but two years ago a fee was instituted, which means appealing your property taxes in Sacramento is not really free of charge. Along with the application you MUST submit evidence for a lowered opinion of value for January 1, 2011. Be realistic and support your value conclusion. If you know what you are doing, great, but if you need help, contact my tax appeal company and we’ll take care of you for only $99.00 (fee goes up in November). Our valuation report consists of a description of your property, the best comps, the worst comps (if needed), graphs of all sales in the market, a graph of competitive sales and a description of the real estate market as it pertains to your property.

Know the Difference: Whatever you do, please know the difference between these two forms. Every year I talk with home owners who thought they appealed their property taxes, but they only filled out the Prop 8 form. Remember, once the Assessor looks at the Prop 8 form, they may or may not get back to you and they do not have to bring your case to an appeals hearing either. In contrast, the Application for Changed Assessment will ensure your right to hear back from the appeals board and to eventually take things to an appeals hearing if need be.

Does this make sense?

If you have any questions, or real estate appraisal or property tax appeal needs in the Greater Sacramento Region, contact Lundquist Appraisal by phone 916-595-3735, email, Facebook, Twitter or subscribe to posts by email.

One more tech gadget in my business arsenal

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My business tech arsenal increased by one today when a brand new HP Touchpad arrived at my doorstep. I’ve been wanting a tablet for work for the longest time, but I truthfully didn’t want to spend $500 on an iPad when my intended use was going to be limited. But since the Touchpad was priced under half the cost of an iPad, it was an easy decision for me. I’ll be using this new device for meetings, seminars, out-of-town traveling, taking notes at SAR and REAA, and basic communication and networking throughout the day. Will it end up being useful to me as a real estate appraiser? Only time will tell.

In all seriousness, when it comes to technology, I am constantly amazed how the internet, social networking platforms and blogosphere can really provide tremendous avenues to connect with people, build good relationships and earn people’s trust in life and business. How has the way you use the internet changed in recent years? What technology have you purchased recently? Is there anything on your wish list?

If you have any questions, or real estate appraisal or property tax appeal needs in the Greater Sacramento Region, contact Lundquist Appraisal by phone 916-595-3735, email, Facebook, Twitter or subscribe to posts by email.

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