If you use any of the estimate sites like cyberhomes.com, eappraisal.com or zillow.com you have to be careful since most of these are basing the home price on 3 bedrooms and 3 baths, rather than the 5 bedrooms, 3 baths the home is currently built out as. (See the previous post on 5 bedrooms, 3 baths). For example, if you looked at cyberhomes.com on August 2, 2010, you'd see they give an estimated value of $765,655 for 23 Linden Drive. This would make you think that the house isn't a true bargain.
But you'd be wrong. Cyberhomes.com actually gives you ability to change the number of bedrooms on a home to re-evaluate what the estimate should be. The simple act of changing the home to 5 bedrooms raises Cyberhomes.com's appraisal to a whopping $891,507. You can further refine the estimate by adding in items like the recent kitchen and bath remodels, which would further increase the estimated value.
Zillow.com has a similar ability and if you visit the site, you'll noticed an agent's estimate of $929,673 which takes into account all the upgrades; rather than the $792,500 that Zillow has as a base estimate.
So don't take the estimate at face value. Do a little research and see what the true value of the home should be.
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