If you want to know what a home is worth do not go to Zillow or any of the other automated valuation services. These services deliver completely useless estimates of value. The values they project are based on County Records which are known to be ridiculously inaccurate and information that is typically months old. The only way to determine value is to work diligently comparing recently sold and listed information based upon accurate data. The only way this can be accomplished is through a professional, your local Realtor.
Recent tests of 3 different online valuation systems comparing the values arrived with an actual recent sale showed a range of value provided of 26% above actual to 32% below actual. Depending on which system a seller used, they either would not have sold their property, or given up 32% of the actual sales price. A buyer depending upon which system they used to assign value and figure out what to offer either would have paid way too much for the property, or watched the property be sold to someone else at 32% more than that system said.
Don’t use these systems, they put out bad information.
Comments(3)