Thinking of selling your home and wondering what it’s worth? Be careful about getting attached to home value estimates you see online. Reason being, many any are far above market value. Home listings that start out way overpriced can languish unsold and end up selling for less than what they could have sold for, had they hit the market priced right with buyers’ interest at its peak.
Home sellers can get a quick glimpse into the inaccuracy of online home value estimators by comparing the estimates from different sites on the same property address. Check out the value estimates for your home on Zillow, Realtor.com, Redfin and Trulia, and you’ll likely be shocked at how much they differ. Most of these websites don’t give you an estimated price range, they give you a price down to the dollar. That precision gives their estimates a misleading air of accuracy, which more times than not, leaves everyone disappointed. Remember, the data on these sites are comprised by algorithms. Although some sites have more recently improved, you’re still contending with a large margin of error.
So how do you get the most accurate and realistic price benchmark for your home? Pick a reputable real estate agent. Pay attention to how often an agent needs to do “price reductions” on their listings. You’d rather have your property priced right and have multiple offers than go through multiple price reductions…
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