Home Appraisal Sites on Net Fail to Pin Down Accurate Prices

This post was written by jd on August 22, 2010
Posted Under: Real Estate

Over the last five years, one of the newest developments in real estate is the ability for home buyers and sellers to search online for a home’s value.  Popular Web sites such a Zillow.com, Cyberhomes.com, and Eppraisal.com offer free home estimates, but some consumers and real estate industry professionals say the values calculated often are inaccurate and misleading.

  • Online home appraisal Web sites assign home values without knowing the features or upgrades of a home or the neighborhood in which it is located.  Some Web sites offer a price range of $20,000 – $40,000 more or less than the actual value of the home.
  • Since housing markets are local and not every home of a certain size is the same value, consumers can be misled into believing a home is worth more or less than the actual value.  Working with a local REALTOR® can help minimize inaccuracies in home values.  REALTORS® can provide local housing market data and show homeowners and buyers recent sales of comparable homes in the area, to help determine an accurate list or offer price.
  • While some agents report that Web estimates can educate clients and provide a reasonable assessment of market conditions and the home-buying process, working with a local REALTOR® is the best option.

To read the full story, please click here.

Comments are closed.