The value estimators are a quick, easy, free way to get an estimated market value of the home you currently own or a home you are thinking about buying. They may not be entirely accurate and they are not as knowledgable as realtors but they can be used as a good place to start.
The home value estimate is computed using a variety of data sources – millions of property records, ownership deeds, recent home sales reports, and mortgage records. In addition, details about each home are fed into the database – home characteristics, geography, and sales activity in the area over a specified period of time. This vast amount of data helps us to estimate the value of a home. And, because this data is refreshed on an ongoing basis, you can be confident the values are up-to-date and reliable.
Remember These Are Not Always Accurate!
Lacking insider knowledge regarding recent home sales, off market sales, and short sales, these calculators are not always accurate. Furthermore it’s important to understand that while a home value estimator cannot give you an actual appraisal, it can certainly help you determine a home’s value. It can be extremely helpful when talking with real estate professionals – and you can absolutely refer to it when talking about selling your home.
How Can This Help Me?
Knowledge is power – and the home value estimator gives you the valuable knowledge you need to get started if you are thinking about selling a home.
You’ll have an estimate of fair market value, a starting point you can use in negotiating and determining market trends, and really, as a valuable tool when you sit down and start to think about your home financing needs and plans. Lastly remember that these tools are useful but they are rough estimates, at best!