What is your home worth?
Do not count on computer-generated estimates from Zillow and the likes that purportedly present a great estimate of the current market value for millions of homes. It’s cool technology, amassing an enormous amount of information from publicly available sources in one place that is then scrubbed through algorithms to predict value.
To its enormous credit, Zillow has done a tremendous job in reaching “top of mind” status with consumers. There’s just one problem: Those predicted values are wildly inaccurate and inconsistent.
As real estate agents, we know that one of our most difficult tasks is pricing a home. That holds true whether we are representing a seller or a buyer. Market pressures change from week to week and from neighborhood to neighborhood. The motivation of the parties is always a factor, as is the condition of a home and those around it. No algorithm, however sophisticated, can quantify the value of a kitchen that was remodeled just before a home was put on the market or a yard that is poorly maintained. Nor does it take into account the characteristics of one subdivision compared to another, a track home subdivision compared to a custom home subdivision. It simply isn’t possible for any automated valuation model to predict the value of a home with the level of accuracy sufficient to make a housing decision.
Therefore, in order to obtain a more realistic estimate of what your home is worth, we recommend having a professional real estate agent that specializes in your specific neighborhood prepare an evaluation that you can feel comfortable knowing more accurately reflects the TRUE value of your home.