Unless you’ve had an appraisal or home value report done by a Realtor® recently, chances are the value of your home is different than you think.
‘But Lou, isn’t it really easy to find out what my home is worth these days? I mean, can’t I just go online, enter my address into a website and find out what my home’s worth?’
Well, I’m glad you asked.
The answer is you can! However, automated home value estimates aren’t, generally speaking, very accurate.
This is due to the fact that these programs pull data from public databases. Therefore, the estimates they generate are based on information that may or may not be accurate to begin with.
Online Home Value Estimates cannot be used as the basis for a loan amount, and if you read the fine print, just about every website that offers the service states that homeowners should consult a real estate professional to get a more in-depth analysis of their property done.
I’ll use my home as an example. We purchased our current home in 2016 for $710k. This was going to be our ‘downsize’ home. The plan was to refinish the floors, paint the walls and ceiling, that’s IT!
That was until my wife asked if the small front bedroom was big enough for her art room. ‘Well, no,” I answered.
Out came the napkin and #2 HB pencil. I drew up plans that ended up being a whole house renovation with plus two new wings, one of which is a beautiful art room.
Now back to online home value reports: Today, I entered my address into Zillow’s Zestimate. Their estimated value? $712K, which would be fairly close except for the whole house renovation.
Zillow pulls data off MLS website. Their systems have no way of knowing about any improvements, or renovations, updates or local trends.
Looking at other online home value estimates that my clients have shown me, those estimates are also (usually) way off.
I know what you’re thinking: ‘Then what do I do Lou? How do I get an accurate home value report?’
Ok, maybe not that dramatic but you’re thinking about the future, and net proceeds from your home sale is an important part of any of future plans.
The only way to get an accurate idea of what your home is worth in the current market is to have an expert run a Comparative Market Analysis using up-to-date information on your home.
This is a service I offer for free—So if you’d like a free Home Value Report done by yours truly,
go here: LouSagatov.com/home-estimate
Fill out the form and in a few days you’ll have the report delivered to your inbox.
Don’t’ want to do this online? No worries, give me a call—571-305-2405 We can catch up, I’ll get the information needed for the CMA and I’ll generate the report.
Lou Sagatov, Realtor®