Ok. You want to sell your home, but you are not sure how to price it in the market. As you browse through the real estate sites out there, you find the some national site offering "estimates" of your homes worth. You enter your address, expecting an accurate answer. What you see is something that you KNOW is not right. It is either too low or too high, but either way, you KNOW it is not credible.
Here is why:
- Virtually all of these automated valuation models simply rely on sold data from homes in your area. If your home is near others with a higher or lower value, then they often get the value wrong or skewed
- None of these websites can look at your home from the inside. And they cannot look at any of the OTHER homes that they are using to compare