The first place many homeowners turn to when they raise that question is the Internet. They don’t want to bother (or more likely, be bothered by) a Realtor at that stage in the game. And as far as answers go, the Internet has plenty. The question is, how good are they?
Can an automated valuation model (AVM) really give you even a ball-park answer to the question “What’s My Home Worth?” In most cases the answer is definitely not. There are some exceptions though.
If you have a “cookie-cutter” home that was built in the last 10-20 years in a neighborhood of similar homes that turn over reasonably quickly, the AVM may provide a very good ball-park figure. This is even more likely if your home has typical upgrades.
The reason the AVM works in some cases, but not others, is because of how it works. Taking the number of bedrooms and baths together with the size of the home, it extracts the recent sale prices of similar homes. Then calculating the sale price per square foot, it arrives at a figure that it thinks your home could be worth, usually coming up with a low figure, average figure and high figure. There has to be a range because the AVM has no idea how your home compares to others in terms of upgrades and condition.
So if you have a “cookie-cutter” home, then by all means, visit two or three websites offering an AVM solution to the question.
If, like most of us though, your home is not virtually identical to the home down the street, complete the form below, and get a meaningful ball-park figure that you can at least start with. I should emphasize the ball-park element though. The more information you can provide about condition, upgrades, improvements etc., the more accurate will be the result.
When you really want an accurate estimate of what your home is worth, though, the only way to find out is to consult a Realtor.
When you are ready to find out what your home is really worth in the present market (and get some input on cost-effective ideas to increase it’s value and appeal), let me know, and Michelle and I will be happy to let you have our thoughts and suggestions. You can call me any time on (925) 997-1585 or email me at firstname.lastname@example.org.