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Why You Shouldn’t Trust Online Real Estate Estimates

Why You Shouldn’t Trust Online Real Estate Estimates

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If you’re considering selling your home, chances are you’ve already done some research. So, you’ve probably used an online tool to give you an estimate your home’s worth. However, these sites are typically very inaccurate when determining the price point of what your home can sell for. Many find that these sites overprice their home, leaving sellers disappointed when they are not able to sell their home for that price. Or, they even undervalue them.

What sites are we talking about? Here are a few of the ones out there: Zillow, Trulia, Homes.com, Chase.com, HouseValues.com. And, why shouldn’t you trust these online sites? Well, the online estimate sites don’t take into account several factors that can dramatically affect the price of your home. Take a look:

Condition

The estimator can determine how old your home is. However, it cannot determine the condition of the home. The value of your home is affected by whether or not you have taken care of the property.

Market Comparable

In most cases, a Realtor® will take the time to compare your home to others of the same size and age in your neighborhood that have sold within the last couple of years. This data, found on the MLS, is only available to Realtors® and those within the local real estate industry. Furthermore, since Texas is a non-disclosure state, these online estimators cannot access local sold information.

Home Features

The features of your home can significantly increase or decrease its worth. Features like upgraded appliances, light fixtures, type of flooring, and pool or deck all go into determining the value of your home. A Realtor® will take these features into account, while an online estimator will not.

Developments

What’s going on around the area? What new developments are coming to the area that can affect your home’s value? Chances are your Realtor® will know this information and use it to evaluate your home. An online estimator has no way of knowing this information. Therefore they will not use it to determine your home’s value.

In all honesty, there are only two professionals you should trust to appraise your home – an appraiser or an experienced Realtor® who knows the local market. They will take into account all the factors listed above and more to give you an accurate estimate of your home’s value.

Are you looking for a Realtor® in the Grapevine, Southlake or Colleyville areas? Give us a call.  We would be honored to help you determine the worth of your home.

Resources: http://sanantoniotoprealtor.net/80742/  https://www.texasrealestate.com/uploads/files/general-files/AVM_consumer_handout.pdf

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