Newton MA Computerized Real Estate Valuation Websites Accuracy

Computerized real estate valuation websites are becoming more common these days. As a real estate consumer, you may end up relying on these websites. Do not depend such estimates without knowing first how the figures are calculated.

The Process of Computing Computerized Real Estate Prices

Computerized real estate valuation websites often use home facts from public records. This includes basic information such as square footage, bedrooms and bathrooms, and acreage. Data is placed in a database and compared to recent sales.

What Is Available in Public Information

It is important to note that publicly available data is not normally precise. Oftentimes, the data has not been checked for years. It may not note recent improvements. It also usually lacks information that could influence the market value of a property, such as the condition of the house.

Accuracy of Computerized Real Estate Valuation Websites

Because public data is not detailed enough, it will naturally be imprecise. Most online tools provide a margin of error in the fine print. Keep in mind, those margins could be dramatically more for certain houses.

Why You Should Not Rely on Computerized Real Estate Valuation Websites

As a consumer in the real estate market, exclusively using computerized real estate valuation websites could be a huge mistake. When listing a home, you could end up overpricing and waste critical marketing time. As a home buyer, you may insult a seller and lose out on your dream home by pricing too low. A proper price range involves a knowledgeable professional evaluating comprehensive information from more than one source and comparing a home to comparable properties that recently sold. This is where your real estate professional is important. When marketing real estate to sell, he/she can compile an analysis that returns a specific price range. On the buying side, your agent will help you determine a price that positions you for the best chance of success, particularly when there are other offers. Remember the Newton MA computerized real estate valuation websites accuracy offered above when browsing the web and consult with a local real estate professional for sound advice.