Determining the value of a home is not an easy task. Basic information about the value of a home is always available, but who can you trust when it comes to evaluating the value of a home? Appraisers? Real Estate Agents? Zillow?
There are many free online tools that can estimate the value of a home, and each site uses different information to determine your best guess. Why do we trust computers for information like this? Because it is fast and convenient. However, does convenience always lead to precision?
Home value estimation websites do not evaluate – They can simply provide an estimate based on what you tell them. Can a mechanic accurately identify a problem in your car if he doesn’t tell you everything that is wrong? I do not believe it. Home equity reductions, such as a cracked foundation, can only be evaluated by an online calculator if you tell the calculator that it exists. Even then, you don’t know how bad the crack is. Try telling an online tool that its base just has a crack and the entire base is not messed up. Computers generally work on yes / no answers, and home value calculators are no different.
As if that wasn’t enough, website estimators generally don’t provide definitive numbers. Instead, they offer a range of prices. If you can’t get a definitive and immediate answer to your home equity question, why ask an online calculator?
To determine how much value you have in your home, a real estate agent is the best option. They have local knowledge of your real estate market and can provide fast, reliable answers based on recent sales. In addition to that, they can judge the subjective conditions of the home, such as a small crack in a foundation versus a damaged foundation in need of repair.
Would you trust anyone who uses the internet to run an internet marketing campaign? No. Working with a local real estate agent to find out how much your home is worth is essential to getting an accurate estimate.