Are internet home appraisal sources reliable?

Q. Are internet home appraisal sources reliable? (See below for answer)

A. The goal of an appraiser is to estimate the true market value of a property, so that a lender can make an informed decision when providing a loan.

That is typically accomplished by using recent sales of comparable homes in the area, along with a physical inspection of the house and neighborhood, to deduce market value.

When using an online appraisal service, a key factor to consider is that internet appraisal sources are not in the neighborhood.

The data they rely on is general in nature and does not typically take into account factors that can greatly affect the value of a home. Things such as the proximity to busy streets, schools, power lines, shopping, vacant land, run-down homes, etc.

And even though they all seem to use similar information databases, all of them interpret the data differently. Some may take into account the change in value of all houses in a zip code, or the city in general.

Or they may differ in what properties they consider to be comparable sales by zip code, by distance, size, or age. And they seem to weigh physical factors differently, such as the number of bedrooms, bathrooms, and square footage.

As a result, I’ve found that you can input the same data to several different sources and you will get back a wide range of values, which makes these sources iffy at best.

If you want to get the most accurate idea of your home’s value, it’s best to employ the services of a recognized, local appraiser.

Local is the key word. They work in the area and understand all the variables that can affect the true value of your home.

I’d be delighted to discuss this in more detail or answer any other questions you may have about real estate. Feel free to call me!

Brad

Brad Reed, Realtor  –  RR Gable All Brokers Group 
direct: 323-449-7416  –  www.MyBurbankHome.com

.

************************************************************

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s