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    TIM

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    PI

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    DAMON

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    VALERIE

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Team Toye

Realtors

Timothy Toye & Associates

16360 Hwy 175, Cobb, CA 95426

707-928-6900

140A N Main St, Lakeport, CA 95453

707-263-2052

marketing@teamtoye.com


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June 14, 2023

Two bots made big errors on this 27 K St duplex in Lakeport

27 K St is a 6-bed, 4-bath, 2620 sqft townhouse duplex located in Lakeport. The home was built in 1979 and sits on a 0.25 acre lot. It features a spacious living room with a fireplace, a large kitchen with stainless steel appliances, and a master bedroom with its own bathroom and walk-in closet. Hardwood floors throughout. The home also has a two-car garage and a backyard with a deck, a patio, and a fire pit. The property is within walking distance of Lakeport's marina and Lake County's largest park.


What do the bots think about this property's value? Here are screenshots of what we found:

Bank of America: $303,513, June 14 2023
Chase: $ Not Available, June 14 2023
Movoto: $728,593, June 14 2023
Penny Mac: $666,801, June 14 2023
Realtor.com: $641,100, June 14 2023
Redfin: $679,088, June 14 2023
Remax/Smartzip: $644,137-$663,606, June 14 2023
Rocket: $263,000, June 14 2023
Zillow: $ Not Available, June 14 2023

The estimation bots had a hard time with this property!


Chase, Coldwell Banker and Zillow didn't even try to come up with an estimate, simply returning an answer of "Not Available".


As far as the rest, from a low of $263,000 from Rocket, to a high of $728,593 from Movoto, the bots differed in their estimates by as much as $465,593.


Yes almost half a million difference. Something does not compute. That's a difference of 177%.


What was the expert's list price? Team Toye listed this property for $695,000 in June of 2023. 


Let's see how the expert's price compares with each of the bot estimates:

Expert Price vs Bot Estimates for 27 K St, Lakeport California
27 K St, Lakeport, Loss Or Gain Compared to Expert List Price

Leaving out Bank of America and Rocket, the bot estimates make a little more sense.


Even so, there's still significant differences between the more accurate bots and the expert's list price.


If the sale price ended up the same as the list price, the owner could have lost as much as $50k if they used the Realtor.com estimate. Not good.


On the other hand, one bot, Movoto, priced this property $34k above the expert.


We think the 'does not compute' arises because some bots cannot comprehend the difference between a regular single family home, and a townhome, especially one that is a duplex.

Thinking about selling? Don't trust bots to estimate your home's value. Request a property value report from one of the Lake County experts from Team Toye. It's free and without obligation.

Get Free Report

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"Those online estimates are simply that: estimates" | Barbara Bellesi Zito My husband and I browse real estate listings occasionally, but we’re perfectly content to stay where we are until both the market and mortgage rates behave themselves again. For kicks, we recently checked out the estimated value of one very interesting listing: our own home. The number surprised us both. “Should we call a real estate agent and start packing?” my husband asked. We came to our senses, of course, fully aware that those online estimates are simply that: estimates. But if this particular site were indeed to be believed, our house was worth $122,000 more than what we bought it for seven years ago. Another listing site pulled up the same figure, while a third offered a more conservative estimate, which was still $68,000 more than what we paid. I did reach out to a few real estate agents, not to list our home, but to get their advice on whether anyone should believe those online home value estimates. Here’s why they think you should take what you see with a proverbial grain of salt...
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