Sites like Zillow and Trulia pretty much own internet real estate these days. Everyone starts their home search on one of these sites, and many potential home sellers also use them as a starting point for figuring out how much their home is worth. The models these sites use to predict home values are cutting-edge, but how accurate are they at the end of the day?
Well, not very. But they can be very valuable tools if you realize their limitations and deficiencies. An Arlington Zestimate ® in particular can give folks the wrong idea about a home’s value if they don’t look a little deeper at the actual, physical home in question.
The factors that are used in any automated valuation model are limited to quantifiable variables like number of bedrooms, bathrooms, square footage and recent sales in the neighborhood. They are incapable of taking other factors like a gourmet kitchen or superior craftsmanship into account.
That’s one of the reasons why sites like Zillow® put a box right next to their Arlington Zestimate® that prompts you to ‘Get a professional estimate’. They understand that a truly accurate home value can only be determined by a seasoned Realtor® who uses the information from sites like Zillow as a starting point. From there, it’s all about knowing how much that gourmet kitchen adds to the value of a home in a particular neighborhood.
There are many factors that a true professional takes into account that can’t be measured by a computer. These factors make a real and significant difference in determining the current market value of a particular home.
If you’d like to learn more about Arlington home value estimates, give me a call anytime at 571-305-2405, or you can email me at lsagatov@kw.com
For a Free Preliminary CMA, click here.
Cheers!
– Lou