Who should I believe when it comes to my home's worth?
Jun 01, 2016 | 7113 views | 0 0 comments | 197 197 recommendations | email to a friend | print
Jacques Ambron has been a real estate broker for over 30 years. He owns and manages Madeleine Realty in Forest Hills (madeleinerealty.com).
Jacques Ambron has been a real estate broker for over 30 years. He owns and manages Madeleine Realty in Forest Hills (madeleinerealty.com).
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Q. I went on one of the online real estate websites and saw that they valued my home pretty high. When I met a real estate agent, however, he told me my home was not worth that much. Who should I believe?

A. This issue comes up quite often, and both buyers and sellers refer to these “estimates” from online websites. Unfortunately, those websites are rarely if ever accurate.

First of all, they don’t take into account the condition of the property. Additionally, they don’t have accurate assessments of local markets. They use an algorithm (a fancy name for formula) to come up with a general estimate based on their own set of rules.

In fact, if you look carefully on these websites, they actually include a disclaimer that their information is not entirely accurate.

So what is the solution to finding an accurate value for your home? Ask a local real estate agent to perform a CMA (comparative market analysis). Look at final selling prices for similar properties and prices for currently listed properties, as that will be your true competition.
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