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How Much is Your Home Worth?
Thanks to the internet, determining your property value has become much easier. Websites can help you find home sale prices by providing you with home values plotted on a map. Obtaining information from the internet can be overwhelming. We have narrowed down a few popular options of home valuation websites to help you with determining your homes value: Zillow.com - provides free real estate information. Visitors can search homes for sale, home prices, home values, recently sold homes, mortgage rates, and more. Zillow provides a snapshot of the current market surrounding your home. Although Zillow is probably one of the most used home valuation websites, there are a few faults in how this website determines the value of a property. For this reason, when using Zillow to determine the price of your home there are a few items to consider. Zillow does not take into consideration variations in price to account for overall condition of the home. Zillow home values are determined comparing homes with the same number of bedrooms and bathrooms within a 2 mile radius of a given address. This means that a 2 bedroom 2 bath home that is in dire need of updates (ie. Leaking roof, non-working heating system) is compared side by side with a fully renovated, 2 bedroom 2 bath home. Another fault in the Zillow “zestimate” equation is location of a property. Zillow compares properties that are within a 2 mile radius of one another. In some cases this evaluation may span over two separate zip codes of even two different towns/cities. Although a home is in close proximity with another property does not mean the neighborhoods should be weighed evenly.
Our suggestion when using Zillow.com to help determine the value of your home is to evaluate the comparable sales your home is up against. Every value search will list the comparable homes that have sold recently. Scour the list for homes that you know may be in a different area or that you know the condition is not comparable. Try to determine a more accurate estimate for your home’s value by eliminating these homes when taking the average sale price for the area. Eppraisal.com - free home valuation estimates, data on comparable houses, recent sales, neighborhood details and local market trends. Great valuation tools if you are looking to buy, sell or refinance a property. Eppraisal varies from Zillow.com in that it provides you with their own estimate as well as the estimate of other valuation websites. This can be helpful in weeding out the information that may be inflated due to the above mentioned faults.
Enlisting the help of a local real estate agent will eliminate any surprises as to what a buyer may expect when viewing or more importantly considering buying your home.
It is not mystery that buyers will compare your home to other homes on the market. Your local multiple listing service, MLS, will offer the most up to date information on properties for sale. Search MLS listings or Sign up for MLS Listings sent directly to your email any time there is a change to the real estate market. Access to this information will give you a leg up on your housing competition.
Wondering what your home is worth in today’s market?
Call Red Door Real Estate today for a FREE home evaluation
(617) 553-1880
Contact Us Today, we can provide you with a no obligation highest price analysis of your home in today’s changing real estate market.
