You may be planning to sell off your home and would have certainly done some meticulous research. You may even used an online tool to give you the quick estimate. Well now the question of the day is whether these sites are really accurate in giving you the exact worth of your home? One of the drawbacks of using these sites is that they overprice the property. Or for that matter these sites will even undervalue the property.
Real estate valuation sites have some smart set of steps to estimate the worth of your property. But that doesn’t mean that it is always correct. In fact home values are impacted by several aspects and the things like public records can’t take note of everything. Can the latest home sales be the total determining factor for finding your home’s worth? Certain things like the home’s features, the likings of the potential buyers etc, can be taken into account only by a human brain. and also know about Deposit on Home Purchase.
Now let’s pose this question. Is there any latest sale of comparable homes in the vicinity? If not, the chance of online estimate accuracy is quite restricted. It may be the case that the home has a distinct facet that the other properties in the area don’t possess. Also, the local market may also have seen a drastic change. These are just some of the factors that imply that the online estimate need not be accurate.
A qualified appraiser can guide you in knowing the true worth of your home. Or for that matter even a licensed real estate agent will help you in this case.
- The online algorithms have chances of showing errors on the properties that had seen a total rehab. So these online estimates can be just useful when you just want a fast detail about the home.
- By now you would be wondering why should you overly depend on these online sites. These online sites may not take into account various aspects that will have a profound impact on the value of your property. Now let’s look at some of these aspects.
- The condition of your property is one important aspect of your home. In fact the condition of your property also plays a major role in determining the value of it.
- Generally, a real estate agent will allot enough time to compare your property with those of the similar size and also life in the vicinity. This he does say for the last few years.
- There are certain aspects of your house that your realtor will consider which the online estimate will not. You may have upgraded your facilities and these will be regarded only by the realtor.
- The ongoing developments in your area will be known essentially by your realtor and an online estimate will not know this.
DC Fawcett is the creator of Virtual Real Estate Investing Club. Here you can explore what is viable in today’s real estate market. He is adept at wholesaling, cash flow investing and rehabbing in virtual markets where he does not reside.