3 Reasons Why Instant Home Values Are Not Accurate
If you have been to pretty much any real estate website, chances are that you have either seen or used a tool where you can enter your address and get an instant valuation of your home. It's very convenient and it's very easy to trust the information.
However, for several different reasons, these estimates are notoriously unreliable. Let’s take a look at the top three reasons according to a realtor in Clarington why they are inaccurate.
1. A lot of fluctuation in the market
First, they rely heavily on public information, which may or may not be accurate. Tax records don't always have the latest information.
For example, finished basements or attics could double the size of your house, but may not be included in the tax records, which means they won't be factored into your instant valuation.
2. Different Interiors and Aesthetics
Another factor is that these websites fall short in determining the value of renovations. If a seller puts in bright-red cabinets and black tile in the bathroom, the website isn't going to know the difference between that home and the one that has much more on-trend finishes and is worth more.
If you're not physically there, you can't tell us a lot of other things about the house. The ceiling height, the finish of the hardware, the condition of the system, etc., is a very important factors.
3. Hidden Damage
It's not always easy to estimate the value of a home instantly because there can be hidden damage or issues that have yet to surface. A professional inspection can make a lot of difference when it comes to pricing the property.
In an area, where the price per square foot varies as widely as the type of homes, an algorithm is less likely to tell you what your home is worth accurately.
If you are looking for an accurate valuation of your home in the current market, don't hesitate to reach the Clarington realtor via phone or email. We are happy to provide you with an expert opinion on the value of your home on the market.
Contact
Anuja Kumarsamy AD Team
885 progress Ave, Suite 209, Scarborough, ON, M1H 3G3 647 267 7482
anuja@adteam.ca
https://www.anujatherealtor.ca/clarington/