NAR's home values not on target in my book

I recently read an online article about how bad things are in Sacramento and the large subdivisions loosing their value. To the side I notice an ad that says "what's your home worth". I decide to check it out and enter an address. I am taken to the NAR official website and check out the value of my property. This is where my frustration begins and I am interested to get your opinion.

Let me preface my experience, about 6 weeks ago I refinanced a building I own and received an appraisal from a licensed appraiser. When viewing the appraisal on NAR's website the estimated value of my property was more than 20k BELOW the income approach used by the appraiser. In addition the NAR's evaluation was more than 75k BELOW the appraised value of the property. After I clicked on the property to get more information I get a range of about 90k spread...this must be a joke. It appears as though they pulled the public records, found the assessment of the property, and set up a spread.

I know how frustrating it can be when clients say "I was online and I see that the home I am interested in is worth X amount". Our job seems to be getting harder, now we have to explain how that number is configured and all that goes into the value of a property. When a client says that they got that information from NAR's website...well how do you explain to a client that the organization that you are apart of is flawed??? Real estate agents are the professionals that are supposed to be providing the most accurate and up to date information as possible. Do you think NAR knows the system is flawed and doesn't care? Or do they feel they need to offer estimates on homes because other sites offer it too?

Stuart Berman

Co-founder

www.relify.com