Are Online Appraisals Accurate?

Over the last five years, one of the newest developments in real estate is the ability for home buyers and sellers to search online for a home’s appraisal value.

Many websites offer free estimates, but I often say say the values calculated often are inaccurate and misleading.

 ”Making sense of the story for consumers:

• Online home appraisal websites assign home values without knowing the features or upgrades of a home or the neighborhood in which it is located.  Some websites offer a price range of $20,000 – $40,000 more or less than the actual value of the home. 
• Since housing markets are local and not every home of a certain size is the same value, consumers can be misled into believing a home is worth more or less than the actual value.  Working with me can help minimize inaccuracies in home values. I can provide local housing market data and show homeowners and buyers recent sales of comparable homes in the area, to help determine an accurate list or offer price.
• While some agents report that Web estimates can educate clients and provide a reasonable assessment of market conditions and the home-buying process, working with a me is the best option.”