THE 411: Digital Home Valuations
Lots of people start their journeys online, whether it be to find the location of a new potential home, or to ask the internet wizards about their current humble abode’s value. While we tend to trust or follow the algorithms the internet uses for us, this is one you might want to pass on trusting.
The role a home’s value plays is (for obvious reasons) significant. It doesn’t matter if you’re buying or selling. Gambling on the value of your home based off of an internet algorithm that isn’t quite capable of vetting all the necessary information, is a little risky.
1. Too Fast, Too Easy
Nothing good comes easy. In an attempt to offer participants speedy responses, online resources avoid giving difficult to decipher answers. Even if they’re the right ones.
2. Just The Beginning
Zillow’s very own free online home valuation tool is meant to be used as “starting point” as they say. It’s more of a fun tool to help you feel productive when the urge hits at 2am. Less of a helpful methodical distilling of information.
3. Sketchy Accuracy
While some users rate Zillow (just one example of the many sites that offer this service) accuracy at four stars, others rate it at one. You can do some sleuthing to figure out if your home really is close to the value that your digital consultant tells you it is. But at that point, might as well hire someone to proceed with the appropriate valuation steps for you.
(Psst, hunting for more info? Do these help?)
CONCLUSION:
You can use online home valuation tools to your advantage. But, don’t be duped. They’re just beginning points for you to get your feet wet. Take matters into your own hands, and hire someone if you’d like to be safe.
All our best,
San Jose Area Appraisers