I’ve just read two different articles about the same topic. The “home-value” websites and how they aren’t exactly accurate. Well, sometimes the information on these sites (i.e. Zillow.com and Cyberhomes.com) can be way off whereas other times it can be close. It is best that if someone were planning on using one of these sites for a “home-value” they should look at it as an estimate based purely on numbers. Most Realtors know when completing a CMA (Comparative Market Analysis) there is always more than just numbers that go into it. There are some areas here in Myrtle Beach that haven’t had any recent sales. That can distort the numbers drastically. A CMA completed by a Realtor will have many other factors included to give you a closer estimate to what your home would be valued at right now. Some of these factors would include recent sales, active listings, and expired listings, property features, and the seller’s motivation to sell. I think people will use the numbers, or the value, that best fits their needs. Obviously, you wouldn’t want to list your home for $100,000 less than its current value just because that is what Zillow states as the value, but at the same time if you are considering putting an offer on a property and Zillow states the value is $100,000 less than the list price it would make since to use their estimate. I don’t worry about online companies giving an estimated value because I can justify where I get my information and numbers from. Besides, right now my home is listed as a 2 bed/2 bath home whereas I know it actually has 4 bedrooms. Again, as long as you can show where you get your information from there is nothing to worry about with online value estimators, and it shows your experience when you can answer these type of questions quickly and without being defensive.
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