Today, The Boston Sunday Globe ran an article title "Price Check Please". In summary, the article was written about the various web sites that people are using at the consumer level to determine the value of a home. The sites mentioned were Zillow, Cyberhomes and Trulia.
The reason that I am reacting to the article is because so many property owners put a lot of stock in the values that are produced by these various web sites. In my business practice which is largely focused on marketing property, providing broker price opinions for banks and attorneys, and establishing marketing plans for condominium projects, I have come to the conclusion that these web sites are very inconclusive in the values they provide.
I find that many times that the basic data about a property is inaccurate. I have looked up some of the properties I was marketing myself. In some instances, there was not an accurate count of bedrooms or bathrooms.
How can a computer do a good job at doing a market analysis without seeing the property? There are so many intangible factors that go into the value of a property. People buy homes based on what their neighbor's houses look like, what school district a house falls into, or how close they are to area amenities.
In my opinion, real estate is a local business and the market is driven by emotions and perception.
Bottom line, sure it's nice to go online and get a quick opinion of value for fun. However if you are trying to determine your value, I would recommend you consult a Realtor®.
If you would like to schedule an appointment to have a market value analysis performed on your property, please see my Market Value web site @ http://www.yourequityfinder.com/
Michael Mahoney
Realtor®
Coldwell Banker Residential Brokerage
Milton, Massachusetts 02186
http://www.mmahoney.com/
617-648-3983
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