In the past couple of years I have experienced this situation multiple times…
a buyer calls or brings me information on a property from an internet site with an estimate (I prefer to use the word guess-estimate) of what a particular property is valued at.
Sometimes this information proves to be quite a stretch from the true value of a property.
Today, there are a handful of useful real estate websites that provide excellent information to the public. Often times the information provided is fairly good, but…
Often times, it can make information on a property downright confusing!
Some sites provide information on the “value” of a home in today’s market. Well, unfortunately the information is not always correct. Often times there is not sufficient data for those sites to “guess-estimate” the value of a home.
Has the home been updated? Has remodeling been done? Does it have a new kitchen and baths? Does it have crown moulding, ceramic tile floors, updated windows, immaculate landscaping, updated fixtures…?
Does it have a newer roof and a/c? (A roof and a/c don’t always directly add value, however an educated buyer “expects” those things in a home. These items certainly make a home much more attractive to a buyer, than a home that doesn’t have them.)
There are so many factors that must be considered in looking for the true value of a home in today’s market.
And, I know in my area of Melbourne here in Brevard County Florida the market is changing so quickly that we see that some of these real estate internet sites are not able to keep up with the ever changing market. Remember also, the information coming out of these sites, is only as good as the information going in.
So, my advice to buyers and sellers: when looking for true market value of a property, contact a local realtor to the property in question, and get a comparative market analysis. Don’t take the word of an internet website as the true figure.