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Whether you are refinancing, selling, or making home improvements, knowing the value of your home is important. The Internet offers many options for estimating a home's value, but the most accurate analysis of value is something that is best accomplished through an in-home consultation with your real estate professional.
We have launched a home value estimator that can be found at Homesale.com/My-Home-Value. This automated system provides three independent values using data from Zillow, RPR (Realtors Property Resource) and Collateral Analytics. These automated estimators, like many others found online, use public record data within a set radius of the home's address along with a mathematical algorithm to create a range of market values for your home.
Your research online may have you wondering why these automated systems often produce different values for the same property. While these estimators can provide a range of possible home values for your property and may be a good starting point, they cannot determine the actual market value of your home for a number of reasons.
• First, these estimators do not take into account factors such as condition of the home, improvements made to the property, school district, neighborhood factors and property tax differences that can significantly impact the home's value.
• Second, most of the estimators use a set radius of the address. If the property is a farm, a luxury home or a unique property, the radius may not be sufficient to find similar properties sold.
• Third, the estimators use public record data. Some areas have better records than others. However, public records can be skewed. Some use $1 as the value when a family member transfers a property to another family member, some only reflect the transfer price of the land value after a home is built and some don't take into account when a house is renovated. All of this results in both inaccurate data as well as the possibility of not selecting the best comparable properties for valuing the home.
Different from an online estimator, when your Berkshire Hathaway HomeServices Homesale Realty agent provides an evaluation, they will personally inspect the property and neighborhood. As a real estate professional, they have access to proprietary MLS Data and Market analysis tools to determine the most accurate valuation for your property. They examine the prices of recently sold properties, recently expired and/or withdrawn properties and other similar homes currently on the market. All of this allows me to provide you with a more precise evaluation of your home. Having the best information available will result in the best outcome as it allows you to make a truly informed decision.
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