The main reason Zillow and Trulia do not work in Texas is that we are a non-disclosure state in regard to home sales prices. Zillow and Trulia pull their data from county records and in TX that data is based on county appraisals and not actual sales prices. Bexar County Appraisal District can do a fairly decent job of appraising new suburban construction but it is very difficult to accurately determine true value in older neighborhoods where the housing stock will vary widely in quality of renovations or lack thereof. If you’re looking to determine true market value of a home it is best to consult a real estate professional that knows your neighborhood and has access to comparable properties both actively on the market and those that have recently sold.
How to Figure the Fuzzy Math of Internet Home Values
By ALYSSA ABKOWITZ The Wall Street Journal November 13, 2011
Jason Gonsalves worked hard to turn his 6,500-square-foot stucco-and-stone home in the suburbs of Sacramento into the ultimate grown-up party pad, complete with game room, custom wine cellar and an infinity-edge pool overlooking Folsom Lake. When interest rates fell recently, Mr. Gonsalves, who runs a lobbying firm, looked into refinancing his $750,000 mortgage. That’s when he got startling news—the home had dropped more than $200,000 in value while he was renovating.
Or at least, that’s what one real-estate website told him. Another valued the house at only $640,500. And these online estimates left him all the more confused when a real-life appraiser, assessing the house for the refinancing loan, pinned its value at $1.5 million. “I have no idea how those numbers could be so different,” Mr. Gonsalves says.