Over the last five years, one of the newest developments in real
estate is the ability for home buyers and sellers to search
online for a home's value. Popular Web sites such a Zillow.com,
Cyberhomes.com, and Eppraisal.com offer free home estimates, but
some consumers and real estate industry professionals say the
values calculated often are inaccurate and misleading.
MAKING SENSE OF THE STORY FOR CONSUMERS
Online home appraisal Web sites assign home values without
knowing the features or upgrades of a home or the neighborhood
in which it is located. Some Web sites offer a price range of
$20,000 - $40,000 more or less than the actual value of the
home.
Since housing markets are local and not every home of a certain
size is the same value, consumers can be misled into believing a
home is worth more or less than the actual value. Working with a
local REALTOR® can help minimize inaccuracies in home values.
REALTORS® can provide local housing market data and show
homeowners and buyers recent sales of comparable homes in the
area, to help determine an accurate list or offer price.
While some agents report that Web estimates can educate clients
and provide a reasonable assessment of market conditions and the
home-buying process, working with a local REALTOR® is the best
option.
Source: The Sacramento Bee
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