Why You Shouldn’t Trust Online Real Estate Price Estimates

It’s fun to enter an address on a website and instantly recieve an estimate of what that property is worth. But the data that powers many of those automated valuation models is inaccurate and unreliable.  Who says? The websites themselves. Look below to see how popular sites that offer online price estimates describe limitations with their own data.

Zillow.com
“The Zestimate is not an appraisal and you won’t be able to use it in place of an appraisal, though you can certainly share it with real estate professionals. It is a computer-generated estimate of the worth of a house today, give the available data. Zillow does not offer the Zestimate as the basis of any specific real estate related financial transaction. Our data sources may be incomplete or incorrect; also, we have not physically inspected a specific home. Remember, the Zestimate is a starting point and does not consider all the market intricacies that can determine the actual price a house will sell for.”

trulia.com
“If you’re looking for a precise value for your home,
or if you’re thinking of selling your home, we recommend you talk to a real estate professional. After all, our algorithms are smart, but we can’t know everything about your home’s features and location. Connect with real estate experts in your area.

housevalues.com
“For a professional valuation of your home
that includes all the information about your property ( plus overall condition, style of house, and other features) please contact a real state expert.”

**Disclaimers accurate as of May 16th 2017 and are likely to change occasionally.

 

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