Safe to say that every homeowner wants to know, “What’s my home worth?” And the easier it is to get that information, the better. Zillow, for one, built a multi-billion dollar business based on that assumption.
Now you can get THREE free automated home valuation estimates by going to my website and entering your home address ONCE!
(Here is a shortcut to the same site: www.bit.ly/yourhomevalues)
When you see the results, you may wonder why the three estimates vary as much as they (usually) do. It’s because they lack human sensibilities.
Automated valuations produce their results by gathering statistical data from a variety of sources such as tax records. Then they take that data and apply algorithms comparing square footage, lot size, numbers of bedrooms and bathrooms, etc. The algorithms may even include some (very subjective) information about location, neighborhood desirability, views, etc. What the algorithms can’t account for is the condition of the homes. That is their biggest problem, and a limitation none of them have been able to overcome.
It takes the visual observations of a live person such as a real estate broker or an appraiser (hopefully, not your neighbor) to provide vital information about the condition of the homes being used for comparison. Without that input, your home may be compared to one that is in significantly worse or better condition, which greatly skews the results.
The moral of the story? Have a little fun using the automated valuation tools on occasion, but when you get serious about selling your home, call a professional to determine the current value of your home. Of course, our estimates aren’t always on the nose either. That’s why it’s best to get a CMA (comparative market analysis) from two or more experienced agents.
You might also be interested in downloading my mobile app. One of the really cool things about it is that when you are out walking the dog and you come upon a house with a new “For Sale” sign in front, you can tap the app and hit “Nearby For Sale” and it will bring up info for that house and others. Download my mobile app here.
Posted December 6, 2016