Should homeowners trust what online estimates say about their home values?
Do internet valuations give homeowners an accurate estimation of their property’s value? I recently did a little experiment to find out the difference between online estimates and professional valuations using a home I sold last year. Zillow’s Zestimate placed the home’s value at $841,500. Homebot valued the property at $772,000. Home Junction and Homestats (two valuations from my website) estimated the house’s value at $779,300 and $727,820, respectively.
Last year, a couple called me wanting to sell a beautiful luxury townhome that they had upgraded beyond anything else in the neighborhood. The internet said that it was worth between $700,000 and $800,000. Given the level of upgrades and the market conditions at that time, we decided to list the home for $850,000, and we ultimately sold it for $840,000.
Remember that internet valuations are aggregates; they look at county records and use general numbers to come up with an average. Online valuations don’t factor in a home’s upgrades, location, amenities, views, and all sorts of things that can affect the property’s value. That’s why a real-life professional’s assessment is invaluable to homeowners who want to sell for the most money possible. We can come to your property and include all the relevant information to reach an accurate valuation you can feel confident about.
If you’re thinking about selling your home and would like to know its value in today’s market, give us a call or send us an email. We’d love to help you get top dollar for your property.