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Real Estate Myth: Home Valuation Tools

MYTH: Home valuation tools on Zillow and Redfin give you an accurate home value estimate.

REALITY: Online estimates were developed to give owners a BALL PARK range, but not made to replace a professional appraisal.

home valuationCompanies have invested thousands into developing algorithms for accuracy in home valuation tools. However, the data that goes into the algorithm is largely based off tax data. Inaccurate estimates result from tax data. The tax assessor never sees the inside your home and the current state of the exterior.

A new client recently reached out to our team. She told us that she was looking to sell her Seattle-area house, but was utterly confused about the value of her home. She used both Zillow and Redfin to provide her with an estimate– but the difference between their estimates was almost $300,000! After looking at her home, we assessed that her home’s value is much closer to the higher online tool estimate than the lower. We made sure to consider a number of factors when assessing her house.

We considered:

  • Property location (neighborhood, proximity to cities, etc.).
  • The current Seattle market.
  • The state of the interior of her home.
  • How updated her house was (renovations, appliances, etc.).

 No algorithm is able to assess all of these aspects. Only a real estate professional will be able to provide you with the most accurate value of your home. There simply is no accurate substitute for a professional evaluation!

We are always happy to give you a COMPLIMENTARY valuation of your property at any time. Just give us a call or email!