Liz Burrow , Realtor ® How Accurate Are Online Home Valuations
Zillow , Redfin and Realtor . com are three of the most popular online home estimating programs , but how accurate are they ? If you inquire about the same home on all three , you will seldom get answers that are even close , and there is no consistency as to which offers the higher estimates . After testing dozens of local addresses , the sites appeared to alternate as to which gave the lowest and which gave the highest estimate , with a variation of over 15 % in some cases .
Lake Linganore presents some very specific challenges when it comes to valuing a home because of the variances in location , view , lake access , proximity to amenities , and age of surrounding homes in any specific neighborhood . Online systems do not have the ability to make such nuanced judgement calls , and totally drop the ball when it comes to lakefront and lake view !
So how do you accurately estimate the value of your home ?
Pre-appraisal There will be a cost involved and most appraisers charge between $ 500 to $ 700 for doing an official pre-appraisal report but this can vary greatly depending on the size of the home . If you decide to go this route , be careful to ensure that the appraiser you choose is very familiar with Lake Linganore . There are some excellent professionals who know our area well , and some who have little understanding of the differences of our very varied neighborhoods .
The appraiser has no vested interest in the outcome of your sale and is also guided by very specific rules but may not be as familiar with current ‘ temperature ’ of the area and so may be a little more conservative than what the current market dictates . If you do choose to list at the appraisal ’ s recommended price , it is much easier to support that price when negotiating offers .
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Realtor opinion Most realtors offer this as a complementary service and just as I described regarding selecting an appraiser , it is important to pick a realtor that has personal knowledge of Lake Linganore and regularly works in the area .
A realtor , especially if they sell a lot of homes in the area , will be very familiar with how quickly homes are moving and what the likelihood of multiple offers is . They will also consider the condition of your home and be able to guide you on what updates and staging might help increase the selling price , something an appraiser will not do .
There are pros and cons to both , with the obvious difference being the cost , but either method is likely to get you a far more accurate answer than leaving it up to an algorithm to evaluate your home .
26 LakeTalk April 2024