Have you wondered what the value of your home is?
Have you gone online and found values on Zillow and Trulia (Zillow now owns Trulia) called Z-estimates, and other sites and been either ecstatic or dismayed and disappointed with the values that you found?
Well, many are getting incorrect information and it seems to be the norm lately, when you see these numbers on those sites. In many instances, the public records are closer to the market value than the online sites; however, public tax records can also be off the mark and not truly accurate either!
However, a lot of it has to do with what one has done to the interior of their home that may not be reflected in anyone’s records, which could raise the value substantially, location and other variables.
However, the most accurate way to see what your home is worth is to have a realtor provide you with a Comparative Market Analysis.
This is similar to an appraisal by a bank (although most realtors are not certified appraisers).
This analysis will try to compare similar homes that are available for sale, under contract, sold and expired or withdrawn from the market (usually overpriced).
This will be a more current and accurate way of knowing what your value should be.
An online company generally uses algorithms to provide a pricing for a given location.
However, one must compare those previous categories to fine tune the estimate of worth in a given town or location.
There are so many variables that one needs to know and without seeing the home and knowing the inside condition, upgrades and renovations, location (maybe you are nearby a railroad, commercial location, busy road, etc.) can you depend on an online company to provide you the correct information?
That is one of the largest drawbacks of online services.
We as realtors can adjust and fine tune our information based on real world data within the last three to six months, which is how far back one needs to look to determine any price changes up or down
Valuing a home, condo, coop or commercial property is not so easy without the property documentation and data.
The following are links to articles written by a realtor, a software company and nerdwallet.com, about Zillow and other sites and the pros and cons of the accuracy of the valuations:
https://www.maxrealestateexposure.com/are-zillows-home-value-estimates-accurate/
https://www.realdata.com/ls/online-real-estate-valuation-services-compared.shtml
https://www.nerdwallet.com/blog/mortgages/online-home-estimates-accuracy/
Most important, when a realtor physically comes out to view your property, he or she will view or inquire about everything that they will need to know to correctly analyze all the positives and negatives of your place which will potentially have an impact on the pricing and value.
Moreover, what if you have particular improvements or structures that do not have Certificates of Occupancy and their affect on values?
Will Zillow, Trulia or Redfin have this information on their sites? Absolutely not!
So beware of online valuations and their Z-estimates of value.
Ask a real estate Broker or those who know how to do a CMA to determine the best and most accurate valuation so you will be more educated and knowledgeable of the true current market value or the price that you should put on your property for sale.
Lastly, price your home a little bit above where the market is purchasing so you will potentially receive multiple offers; but avoid a bidding war which might lose you all the offers on the table.
Philip A. Raices is the owner of Turn Key Real Estate in Great Neck. He can be reached by email: Phil@TurnKeyRealEstate.Com or by Cell, (516) 647-4289 to answer any of your questions. To search for property, see what your home is worth or homes that have sold in your area, go to: WWW.Li-RealEstate.Com
