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Today, I want to go over an important issue. If you are looking at the value of your home, you really can't trust some of the websites that are available to get you the best information. These sites are great tools, but you don't want to rely on them when pricing your home.
Sites like Zillow, Trulia, and Homes.com provide great information, but the values these sites come up with are often not even close to the actual value of a property. That's because they use an Average Valuation Model when coming up with home prices.
Basically, the AVM tool takes an average of the market. I'm not a fan of market averages because the market average does not account for the features and benefits of your property. The AVM takes bank-owned properties, short sales, and high-end luxury properties and lumps them all together into that average. If you've renovated your kitchen to add value to your home, there is no way for these websites to know about that.
While these sites are great tools, you need a true pricing professional so you understand the maximum value of your home. Real estate professionals know that ultimately, the value of your home is what a buyer is willing to pay for it in today's market, and those websites have no way of tracking that information.
If you have any questions, please give me a call or send me an email. I would be happy to help you!
