Real Estate Websites & Actual Market Value

How accurate are websites in determining actual market value?

Websites, such as Zillow & Trulia, search tax records to determine the homes sq./ft. and input the sq./ft. into an algorithm to determine a value based upon the average price per sq./ft. Unfortunately, they don’t take into consideration, location, condition, upgrades etc.

Zillow and Trulia are a great place to look for real estate trends but as a specific evaluation tool, it’s unreliable.

Condition is a big portion of value and websites are unable to peer into a house and adjust the value based upon the condition.

The Birmingham Alabama Business Journal stated home value evaluation websites accuracy is within 5% of true value only 50% the time.

The best way to find out the true market value of your home is having an actual human determine the value. A real estate agent is able to provide you with a market analysis and take everything into consideration. Besides, a professional market analysis is complimentary.

Tune in to KXL‘s “Experts on the 19′s” every Monday morning at 6:49AM and 8:49AM and listen to real estate advice from Portland’s Real Estate Advisor, Rick Sadle.

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