Are you considering selling your home this year? Well then, chances are you have already done a little bit of research. And, you’ve probably used an online tool that instantly gives you an estimate of what you home is worth. Don’t fall for these estimates! These online estimates are typically very inaccurate when determining the value of your home. In fact, many individuals who have used these online home estimate tools find that these online sites, like Zillow, Trulia, Homes.com, Chase.com, etc., overprice their home, leaving them disappointed when they are unable to sell their home for that price. Why are online home estimates so inaccurate? Well, these sites don’t take into account several factors that can dramatically increase or decrease the value of your home. Take a look at the factors here:
Current Condition – While the online estimator tool can determine how old your home is, it cannot determine the current condition of your home. The condition can significantly affect the value of your property. Homes that have been taken care of over the years are worth more than those that have been neglected.
Comparative Market Analysis – The best way to determine your home’s value is to complete a comparative market analysis. In most cases, a REALTOR® will take the time to compare your home to others of the same size and age in your neighborhood that have sold within the last couple of years. This data, found on MLS, is only available to REALTORS® and those within the local real estate industry.
Home Features – Your home’s features can significantly increase or decrease its value. Features like upgraded appliances, light fixtures, type of flooring, and pool or deck all go into determining the value of your home. A REALTOR® will take these features into account, while an online estimator does not have the ability to do so.
Local Developments –What new developments are coming to the area that can affect your home’s value? Your REALTOR®, who specializes in the area you live in, will know this information and use it to evaluate your home. An online estimator has no way of knowing this information and therefore does not have the ability to use it as a factor when determining your home’s value.
In the end, there are only two professionals you should trust to determine the value of your home – an appraiser or an experienced REALTOR® who knows the local market. These professionals will take into account all the factors listed above and more to give you an accurate estimate of your home’s value.
Are you looking for a REALTOR® in the greater Austin area? Give us a call. We would be happy to complete a complimentary comparative market analysis on your home.
Resources:
http://sanantoniotoprealtor.net/8074-2/
https://www.texasrealestate.com/uploads/files/general-files/AVM_consumer_handout.pdf