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    TIM

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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


Call Us Now Get Free Report
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June 15, 2023

Why did all the bots underestimate this Clearlake home's value?

This home at  3158 14th St in Clearlake is a 3 bedroom, 2 bathroom single-family home that was built in 2006. It has a total square footage of 1,200 square feet. The home was last sold in December 2022 for $122,000. Some of the features of the home include a large living room, a spacious kitchen, along with a large backyard that includes a deck and a pool. It also has a two-car garage. 


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

Bank of America: $244,335, June 15 2023
Chase: $258,000, June 15 2023
Movoto: $259,078, June 15 2023
Penny Mac: $258,717, June 15 2023
Realtor.com: $260,100, June 15 2023
Redfin: $274,770, June 15 2023
Remax/Smartzip: $215,862-$222,386, June 15 2023
Rocket: $241,800, June 15 2023
Zillow: $263,493, June 15 2023

Every bot underestimated the value of this property.


Redfin was close, but on average the bots underestimated by over $21,000.


What was the expert's list price? Team Toye listed this property for $275,000 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 3158 14 St, Clearlake
3158 14th St, Clearlak, Loss Or Gain Compared to Expert List Price

Remax /Smartzip, Bank of America and Rocket were way off, as much as $55,000 under the expert's list price.


Why are all the bots underestimating this home's value?


We think it's a local phenomena. In general, property values have been challenged of late, from rising interest rates. The bots just indiscriminately assumed this pressure would apply here.


This is why you cannot trust bots. A local real estate expert knows what homes are selling for, and prices accordingly.


In this case, we believe the expert knew that while there is negative pressure from rising interest rates, it will not affect this property in this particular area. It will be really interesting to see what this home ends up selling for!

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

"Zestimate at $349K despite comps being above $600K"

By Lawrence Schoeffler • September 15, 2023
@SacAppraiser | Ryan Lundquist Zestimate history. This property in Roseville listed at $349K, and the Zestimate matched the list price at $349K despite comps being above $600K. After 11 days the price went to $699K (sold $638K). Today's Zestimate shows no history of $349K. Maybe a brief Zestimate gets erased?

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By Lawrence Schoeffler • August 16, 2023
How Accurate Is My Zestimate Home Valuation? | The Jill Biggs Group Have you ever wondered just how accurate Zillow's Zestimate really is when it comes to estimating the value of your home? 🏠💰 In this video, we delve into the world of Zestimates and break down the factors that influence their accuracy. 🔍 What is a Zestimate? The Zestimate is Zillow's proprietary home valuation model that provides an estimate of a property's market value. By utilizing a mix of public records, Multiple Listing Service (MLS) data, and user-contributed information, Zillow's formula calculates an estimated value. The model also takes into consideration various factors such as property details, location, and current market trends. 📊 How is a Zestimate Calculated? Discover the intricate details behind the algorithm that powers Zestimates. We'll explain the data sources used, including publicly available records and user-generated data, and how these inputs are processed to generate an estimate. Uncover the role of MLS data and how it contributes to refining the accuracy of the Zestimate...
Don't Believe Online Home Value Estimates

4 Reasons Why You Shouldn’t Believe Online Home Value Estimates

By Lawrence Schoeffler • June 24, 2023
"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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