When you decide to sell your home, you may start online to see what your house is worth. To your surprise, you see your home value $50,000 above your expectations. But when you talk with a Realtor®, you’re disappointed to hear your house may not be worth what you saw.
You insist your house is worth more because you saw it online. You convince your Realtor® to list at the price you saw. And your Realtor® reluctantly agrees to list at your price. After a few months of watching your neighbors’ homes sell quickly, you agree to drop the price to the amount your Realtor® originally recommended. You wonder what happened? Why was there such a difference between the online value and what your Realtor® recommended?
Online home values are known as Automated Valuation Models or AVM’s. AVM’s are mathematically generated values that pull information from many public sources to arrive at an estimated amount for your home. The public sources used for AVM’s include the assessor’s site, tax records, and sometimes other sources such as the multiple listing service.
But the estimate is only as accurate as the data entered. Data entry errors and delays in updating sales and public recordings create inaccurate estimates. The AVM also lacks the professional expertise and market analysis. Physical observation by a Realtor® or appraiser, construction material, home conditions and improvements, and motivation of the buyer or seller are lacking in the AVM estimate.
While an AVM is a good starting point, it is not an accurate picture of what your home is worth. A Realtor® will assess your home and use reliable data from the multiple listing service to pull comparable home sales within a specific distance and time period. Factors such as style, age, square footage, number of rooms, and improvements are used in the comparable market analysis (CMA). While you may have a desired sale price in mind, in the end, your home is really worth what the market will pay.
Contact Georgenetoday at 219-315-6569 to find out what your home is worth.
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy
Privacy Overview
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.