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Accuracy of Automatic Home Value Estimate’s

These automatic home value estimates on the internet do they work?  Are they Right?  Should I trust them?  The short answer is No…but with a little bit of Yes mixed in.

As we cruise the web we see more and more Home Value Estimators.  Ultimately the most famous values of all would come from Zillow.  Zillow pioneered the “Zestimate” and created a brand name that many households, if not all, are familiar with.  The question that must follow when looking at these home values though is, how accurate are they?

We are creatures of technology.  Most of us will scour the web to see Homes for Sale in Fort LauderdaleWilton ManorsOakland Park, or any other community that you are looking to sell your current home in.  We check what homes have sold, how they compare to our home, do they have upgrades and much more.  So should we trust this automatic value estimate that many companies use?

Florida Exclusive Living has a website that advertises to our current and future customers.  You can check it out here.  Check your Home Value. You simply enter your home address, then it will ask you for your email and name. It will send a home value tool to your email. Once you arrive at the site it allows you to adjust comps, the condition of your home, the sq footage etc. All of the data is derived from a plethora of different public places to come up with a value.  As Realtor’s we see errors all of the time. Here is why:

  • This algorithm hasn’t seen your home.  (it can’t look at pictures and be amazed by the marble countertops)
  • It uses all comps to come up with an average value for your home.
  • It looks at what it last sold for.
  • It doesn’t take into consideration high-end updates
  • A pool is a pool.  It doesn’t look at the fact that is has an attached hot tub, waterfall, or the rare tropical landscaping.
  • That one really low sale in your neighborhood will be factored in your value.

This list could go on….

Now does this mean that you shouldn’t check the value of your home on these sites?  Not at all.  We highly recommend it. But, please remember these are just a good starting point for you to speak with your Realtor about.  These values are not 100% accurate. It doesn’t mean that your home is worth the number that comes up.  The only person that can give you an accurate value is your Realtor.

Listing your Fort Lauderdale Luxury Home for Sale is a quick step in moving on, moving up, buying smaller or larger.  Your trusted Realtor will be able to give you the real number of the homes that have sold, why yours should sell for less or more then others, and a time frame on how fast your home will sell.

Trust your Florida Exclusive Living Realtor’s to help you come with the right listing price when they put your home on the market.

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