Should You Trust Online Home Estimates?

One of the most frequently asked questions I hear is, “Are online home estimates accurate and/or helpful?” The short answer is no, they’re not very accurate. It’s more of a ballpark estimate of a home’s value. These sites use an algorithm that pools similar properties together, but these homes may be a lot different than yours in reality.

I liken it to selling a car. If you call up a dealership and tell them the make and model of your vehicle, they’ll give you an estimation of its value. However, they don't know the year, the mileage, or any upgrades/repairs that have been made. I’m giving them general information, and they’re giving me general information back. This is how sites like Zillow work.

That’s not to say that these sites can’t be helpful. It gives homeowners a good starting point of what their house is worth. If you’re thinking about refinancing, it could be a helpful tool for you.

If you want a truly accurate home valuation, you have two options. You could hire an appraiser to come to your house and use their knowledge and experience to assess its price. The other option is working with a Realtor. This might be the best way to get an analysis of what the market’s doing now and what it’s going to do in the future.

If you’re thinking about refinancing, these sites could be a very helpful tool.

If you want a truly accurate home valuation, you have two options. You could hire an appraiser to come to your house and use their knowledge and experience to assess its price. The other option is working with a Realtor. This might be the best way to get an analysis of what the market’s doing now and what it’s going to do in the future.

If you have questions about your home’s value, selling a home, or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.