Inaccurate Online Home Values
These days, there's no shortage of information a prospective home buyer or seller can find online about their local real-estate market. More so than ever before, an owner or buyer can locate all sorts of details and data on a particular property with just the click of a mouse. But when it comes time to buy or sell your home, how much of the info you found online can you trust to be accurate and usable at the closing table? Should you expect the home price estimate you found on the Internet to be fairly close to the final price tag? Well, according to a recent report in the Los Angeles Times, it may be a good starting off point but there is often a big difference between the home price estimate you see on a real-estate website like Zillow and the one you'll get from a Realtor or professional appraiser.
Though they may be useful to get an idea of the general value of a house or homes in a particular neighborhood, online price estimates can have a median error rate of 8 percent or more in some cases. In other words, rely on the professionals you're working with to provide you with the most accurate and up-to-date information about home prices in your area. More here.
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