In determining your home value, your agent will pull comparable sales, current listings, and take into account any renovations and upgrades your home may have to arrive at a value based on the current market conditions. I am happy to provide this analysis at no obligation, which you can request here. There is also a great tool called Market Snapshot which provides a breakdown of YOUR neighborhood trends, activity and stats to the street level and can be helpful to analyze your home’s value.
Zillow’s Zestimate Says My Home Is Worth A Lot More Than I Thought It Was. Can We List It For That Amount?
Unfortunately Zillow is not as accurate as you might have been lead to belive. Zillow and other websites use automated valuation models (“AVM”) to arrive at a number that isn’t always as close to the actual value as some would like. Pricing algorithms generate price ranges rather than specific sales prices and have “sampling errors.” Zillow’s sampling error is +7.5 percent. So on a $300,000 house, the price that Zillow provides has a 95 percent probability of being between $277,500 and $322,500, which is a range of $45,000. An agent who is experienced and knows the market should be able to get to a price that is within $5,000 to $10,000. A home value from an AVM is just not accurate enough to use it by itself to make a housing decision.
A well-researched comparative market analysis from an experienced real estate agent goes a long way in providing you with all the information necessary to make a well informed decision about selling your house. Request yours here [link].
Still have questions about the value of your house? I am always happy to help.