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Are web based “estimates of value” a reliable guide in valuing your home?

Are web based “estimates of value” a reliable guide in valuing your home?

You’ve probably checked yours- meaning of course the estimate of your home’s value on a popular website for home buyers and sellers. But is that really a reliable guide you can trust when you are embarking on one of the most important investments of your life?

I’ll present the facts and you be the judge.

Out of the seventy-five closed waterfront sales over the last year here on Smith Mountain Lake, in the price range of $500,000 and up, I chose six different price brackets of sold listings. I then compared the sold figure to the estimate of value on a popular site. Here’s what I discovered:

Estimate:                     Actual Sold Price:

$475,560                      $535,000

$736,048                      $690,000

$837,365                      $750,000

$1,504,165                    $1,400,000

$1,995,591                    $1,650,000

Something’s to think about……

If the sellers (whose price estimates were much lower than the actual sold price) did not use an experienced agent, with a up to date Comparative Market Analysis to price their home, how much profit would have they lost?

If the buyers (whose price estimate was much higher than actual market sold value) did not have an agent to provide a realistic approach on offering price, would they have made a wise choice? Was their investment protected?

As a local Smith Mountain Lake Realtor, I am able to do something that no web based site is able to do. That is- Go Inside, SEE the home, its view, its features, its setting. All of which are some of the most crucial elements to determining real market value.

Whether representing you as a buyer or seller, I’m honored when you consult me for a price opinion. It’s exciting putting my knowledge of the local market place and experience navigating it to work for you!