Accuracy of Automated Home Valuations
MA Automated Real Estate Valuation Websites Accuracy
Automated real estate valuation websites are growing in popularity nowadays. As a home buyer or home seller, you might end up comparing the values to the marketing price of a house. It is important to fully understand how they work prior to doing so.
The Process of Estimating Automated Real Estate Values
Automated real estate valuation websites often grab property facts from public sources. This includes home characteristics such as square footage, bedrooms, and land. Data is placed in a database and compared to recent sales.
Public Record Limitations
It is important to recognize that publicly available data is not usually up-to-date. In many cases, the information may be really old. It might not include alterations to the house. It also usually excludes information that could directly influence the value of a home, such as the condition of different components.
Accuracy of Automated Real Estate Valuation Websites
Given that the information used by automated real estate valuation websites is incomplete, it will of course be inaccurate. Most websites provide a margin of error somewhere. However, those margins may be dramatically more in some cases.
Dangers of Trusting Automated Real Estate Valuation Websites
As a real estate consumer, it can be a mistake to exclusively rely on automated real estate valuation websites. When selling a property, you could inaccurately price your property and lose essential marketing time. As a buyer, you might anger a seller and miss out on the house of your dreams by pricing too low. A proper price range involves a knowledgeable professional evaluating detailed facts from more than one source and comparing a home to comparable sold homes. This is where your real estate broker comes in. When pricing a property to sell quickly, he/she can compile a report that identifies a particular price range. As a home buyer, your agent can help you figure out a price that positions you for the best opportunity for success, especially in multiple offer scenarios. Keep the MA automated real estate valuation websites accuracy above in mind when browsing on the Internet and connect with a local real estate broker for the most accurate information.