Wondering how much your home is worth? You need to rely on a real estate expert, not a computer, to get the answer you seek.
Yes, a quick Google search will direct you to Zillow’s Zestimate tool or other competing home valuation sites, and yes, you can access automated price estimates from each, but chances are the home prices reported are inaccurate.
“There are numerous websites that offer up home price estimates, but the only accurate way to determine the market range for your home to set a sales price is to work with a local market real estate expert,” said David Jones, Coldwell Banker Howard Perry and Walston President and COO. “An area real estate agent knows the current market trends, has key insight into the demand for your neighborhood and community and can provide a true assessment of the various features within your home.”
Real Estate Agent v. Zestimate
Missing Information
Have you made any updates to your home since you bought it? Added a new roof? Updated the kitchen? Unless you’ve input all of the details (and waited a few or more weeks for it to populate), Zillow doesn’t know and may be offering up an estimate that doesn’t take your renovations into consideration.
A local market real estate agent will be able to tour your home to see what it holds, how it is laid out and what features may attract buyers. This in-person visit is critical as it permits the agent to seek out recent comps to establish a true market range estimate and eventual price for your home.
Incorrect Data Collection
Misinformation on tax records and reported home sales prices will occasionally accumulate in Zestimate’s algorithms causing pricing discrepancies that can offset your home’s valuation greatly.
Research is the name of the game for real estate agents. A good realtor will look high and low to gather the information needed to value your home. She will conduct a full comparative market analysis (CMA) and make adjustments as needed based on her expert knowledge of the market, recently listed and sold properties, and your home.
“We train our real estate team to be superior house pricing specialists,” said Maryjane McEwen, director of training and education at Coldwell Banker Howard Perry and Walston. “Each of our real estate brokers and agents is well equipped to properly review and evaluate your home. They will be able to provide you with the information necessary to strategically price your home and position it competitively in the current market.”
Margin of Pricing Error
Consumerist recently published an article entitled “Zillow’s ‘Zestimates’ Probably Aren’t The Best Way To Figure Out How Much Your House Is Worth” revealing:
Zillow itself concedes its automated math isn’t perfect. Zestimates are within 5% of the actual sale price about 54% of the time, within 10% of the sale price about 76% of the time, and within 20% about 90% of the time, Zillow told the Washington Post.
But even 5% is still a large amount of money when you’re talking about hundreds of thousands of dollars. And that’s just for the most accurate range. By Zillow’s own figures, 1-in-10 Zestimates are off by more than 20%. That’s like valuing a $200,000 house at less than $160,000 or more than $240,000 — an enormous difference, for buyers and sellers.
Whether you’re still toying with the idea of selling or are ready to see a sold sign in your yard, you should trust a knowledgeable agent to help you navigate your next steps. In this highly competitive real estate market, especially heading into the summer selling season, pricing your home correctly will be key—not too high to stall showings, but not too low to leave money on the table.
Well, What is My Home Worth?
That’s a great question and one we’d be delighted to answer. We’ve developed an easy-to-use home value estimate tool that can get you started down the path of discovery.
Simply insert your address, click “get report” and you’ll be presented with an estimated value range based on reliable online data collection that you can ask to be personalized by one of our leading Coldwell Banker Howard Perry and Walston real estate professionals.
“This home valuation tool starts the process of getting to the real market range for your home,” added Jones. “We know homeowners are interested in seeing how much their home is worth before committing to selling and are excited to give them access to more accurate information through our area real estate agents. That is something Zillow and other home valuation resources simply can’t do.”
Local Real Estate Agents
Want to live in Raleigh? What about the Apex area? Interested in Wake Forest or Youngsville? How about Mebane or Hillsborough?
Our leading residential real estate company has a vast presence in the communities in which you want to live. With 15 sales offices across the Triangle region from Alamance County in the west to Wayne County in the east and the nation’s leading Relocation Division, Coldwell Banker Howard Perry and Walston is ready to serve you from “for sale” to “sold.”
Access a complete list of our real estate office locations to see a list of the realtors available to support you as you prep for a home sale and look forward to a new house hunt.
