Appraisal sites on the Internet often fail to pin down accurate prices

Appraisal sites on the Internet often fail to pin down accurate prices

I read a recent article from the Sacramento Bee about appraisal sites occasionally failing to give an accurate estimate on home values.  If you would like a home value estimate, please feel free to give me a call at (714) 914-9060 or send me an e-mail at renee@prucdm.com, and  I will do my very best to give you an accurate estimate on the value of your home.  You can also go to my website, www.ReneeWest.com to find out your home’s value.

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 value.  Popular Web sites such a Zillow.com, Cyberhomes.com, and Eppraisal.com offer free home estimates, but some consumers and real estate industry professionals say the values calculated often are inaccurate and misleading.

MAKING SENSE OF THE STORY

  • Online home appraisal Web sites assign home values without knowing the features or upgrades of a home or the neighborhood in which it is located.  Some Web sites 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 a local Realtor can help minimize inaccuracies in home values.  Realtors 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 local Realtor is the best option.

To read the full story from the Sacramento Bee, please click here.  Once again, to find out what your home is worth, give me a call at (714) 914-9060.

Renee West
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Renee West

Broker Associate at Villa Real Estate
I'm a real estate broker associate in Newport Beach & Corona del Mar, CA, with Villa Real Estate.
Contact me at (714) 914 9060 or rwest@villarealestate.com for all your real estate wants and needs.
Renee West
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