Would You Like to Know the Market Value of Your Home?

'Would You Like to Know the Market Value of Your Home?'
You have probably been asked this by a Realtor®, or seen it in Realtor® advertising. I imagine you thought  'why do I need that? There are so many valuation tools available on line?'  But before you check on-line to decide what your home is worth, let me tell you why that information from a Realtor® will be infinitely more accurate.
Automated estimation tools are based on a pre-determined formula. They take into account tax information and title recordings (usually the result of a sale or refinance) and other pieces of publicly available data. As long as you live in a community with no bad lots, where all homes are equally and comparably updated and you have frequent enough sales that the current market is reflected in those sales, the estimates MIGHT come close.
More realistically, however, these estimates will not completely, or truly, reflect your home. These tools can't take into account that your home overlooks a park or that your kitchen remodel was top-of-the-line. They can't see that the intersection in front of your home is very, very busy or that you have electric lines in your backyard. The tools cannot tell if your colonial is the only one in a neighborhood of ranch-style homes. They can't see that you haven't done your bathrooms, but every other house that sold had newly remodeled theirs. They can't tell that your home is one of just a couple on your street that feeds into a very desirable elementary school, while the others go to a school that is good, but not as sought-after. 
These are all things that a Realtor® who works in the community will know and understand. They can determine how much value these home-specific characteristics add or subtract from the market value and help you come up with a competitive and fair price for your home. Overpricing generally results in a longer sales cycle and a lower final price than pricing properly from the beginning, so getting the price right is critically important. Why would you trust an automated tool to make such an important call?
If you want a Market Value Estimate done for your home, just let me know. I'm sure you will still check those home value estimation sites (it is easy, after all) , but make sure that you still consult a professional to help you get it right!


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Comment balloon 0 commentsHolly Weatherwax • February 06 2017 01:12PM
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