How accurate are value estimators?

Most online value estimation sites will only be able to judge a value if your local tax office has updated their online database. The results given are only going to be as good as the information available. To know a more accurate value for your home, you will need to hire an appraiser.

One of the major drawbacks to online estimators is that they do not take into account specifics of your property that a realtor or appraiser would. For example take two identical houses that were built in right next to one another in 2001. House A has finished their basement added a deck and built a fence, while House B has remained unchanged since being built. In many cases the online property valuator would give both properties the same value, when in reality House A is quite possibly worth tens of thousands more.

When using an online estimator, make sure they use previuos "sold" prices, not current list prices. If the address of the comparables used are listed, go and check them out to see how they compare.

Many online value estimators are actually tied to a realtor that will visit you within 1 to 2 days after entering your information, as a means to be the first realtor to visit you. The down side is that they may give you an unrealistic amount that you can expect to receive from the sale of your home, as a means to get the listing.

There are many different sources on-line for free estimates of the value of your home. Unless you are getting a true appraised value of your home you should not pay for the online estimates. If you would like a list of links that can help you determine the value of your home please contact me.

You can usually keep a finger on the pulse of the market by reading newspaper classifieds (real estate section), and inquiring of the price when a home in your neighborhood is for sale. This will achive far better results to determine the general value of your home, than using an online value estimator.