Before you check what your home is worth, let's take a look at what eight of the most popular online home value companies think this same average valued house is worth.
Before you check what your home is worth, let's take a look at what eight of the most popular online home value companies think this same average valued house is worth.
What Is This Home Worth According To...
Mouse over each one to find out!
What Is This Home Worth According To...
$469,671
$519,900
$443,000
$482,753
$498,000
$500,356
$448,700
$481,800
$469,671
$519,900
$443,000
$482,753
$498,000
$500,356
$448,700
$481,800
8 Different Answers
$76,900 Low to High Difference
Third-party websites, like the ones above, use computer-generated home values based on formulas and calculations called algorithms. These estimates are sometimes relatively close but can be way off. Understandably, a home seller will be upset if the CMA, or comparative market analysis, comes in tens of thousands less than an online estimate. Vice-versa, it could come in more! There is just no way that an algorithm can account for all of the nuances affecting an individual home. The home's value needs to be determined by an experienced local broker, not an online website.
IMPORTANT!
By relying on online valuations, you will almost always come out on the short end of the stick. Both overpricing and underpricing will cause you to lose valuable equity. By overpricing, you will face consecutive price reductions, driving your home to become shopworn and eventually sell for less than if you had priced it correct in the first place.
The value of your home is another frequently asked question that is difficult to answer with a general answer. Owning a home offers many benefits, including the freedom to customize it and make improvements as you wish. Some upgrades will increase the value, while others may decrease the value.
Many other factors warrant considering when coming up with a particular home’s market value. These include age, condition, functional obsolescence, location, and property size, among others. An experienced real estate broker will need to spend some time evaluating your house against nearby, similar homes and create a CMA or Comparative Market Analysis.
For more on pricing your home, watch our Pricing video found on the Seller School page of this site.
Still Curious?
Overall, we've found Homebot to be more accurate than the others. They use a different type of algorithm which seems to bring in closer values. Again, not all the time. Also, Homebot will allow you to adjust the value based on things the algorithm may not know. It does a bunch of other things also. Because it's so good, our office subscribes to it. Click the logo to check it out.