How good is Cyberhomes - a home evaluation web site

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How good is Cyberhomes - a home evaluation web site

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Question:

I recently found about www.CyberHomes.com - a home evaluation web site. What do you think about their estimates ('electronic appraisals').

Answer:

I checked all of my properties and found that in many markets (Las Vegas, Salt Lake, San Francisco Bay Area - Peninsula) its numbers are too high. Sometimes as much as 20% too high.

In one particular case they report a number that is really strange.

Look at this property on 4212 Gull Cove Way in Capitola, CA 95010:

It sold 8/1/2006 for $701k.

Now - only 5 months later - Cyberhomes.com wants to tell you that the value dropped to $532k ???

I happen to live on the same street and can assure you this is not the case. Certainly prices may have dropped a little but I think not more than 5% which would put this property to $665k.

Zillow thinks this property is worth $687k:

So with numbers in Vegas and Salt Lake being reported too high (e.g. a CyberHomes estimated a $290k home to be worth $390k) and on the other hand numbers in my neighborhood being reported too low, I can only conclude that Cyberhomes has a lot of catching up to do.
In every market I checked, Zillow was closer to the 'truth', which I understand is a subjective thing.

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