On-Line Home Value Sites Can Be Misleading

We recently did a market analysis for a prospective seller in New Albany.  They were surprised that my actual analysis was different from the one they got using an on-line valuation service.   Zillow.com and Cyberhomes.com are two sites that will generate a suggested market value of your home using computer models.  We find their results to be very hit or miss.

These programs cannot take into consideration the location of a home within the neighborhood or any advantages/disadvantages that a lot has.  It does not consider condition or improvements an owner has made.  The results can be really off if there aren’t enough comparables in the area from which to pull.

While these sites can provide a general overview of a neighborhood, I recommend that you consult a licensed full-time REALTOR™ who is a specialist in your neighborhood for an opinion of value.  A good REALTOR™ knows the “nuances” of the homes for sale, in contract, and homes that have sold.  They will give you the best possible estimate of the value for your home in today’s market.   

Tony and I specialize in all the neighborhoods of New Albany – please contact us if we can assist you with a market analysis of your home. 

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