Accuracy Of Electronic Real Estate Valuation Estimates In Franklin, TN

You may see electronic real estate valuation estimates when searching for home buying and selling information on the Internet. As a real estate consumer, you may find yourself using these estimates. You should not rely on these estimates without first understanding how they are calculated.

The Process of Computing Electronic Real Estate Values

Electronic real estate valuation estimates normally reference home facts from public sources. This includes particulars such as finished space, number of rooms, and home age. It is entered into a database and run against preset formulas to compute the current value of a house.

Limitations of Public Property Details

Unfortunately, public information is not usually up-to-date. Usually, the data is old, and it may not incorporate value adding (or subtracting!) alterations to the property. Additionally, it will not include items that can directly impact the market value of a home, such as the quality of components.

Accuracy of Electronic Real Estate Valuation Estimates

Because the information referenced by electronic real estate valuation estimates is limited, it should not be considered as fully accurate. Most online tools indicate an estimated margin of error somewhere. However, those margins may be significantly higher locally and vary from area to area.

Why You Might Not Want to Depend on Electronic Real Estate Valuation Estimates

As a real estate consumer, solely relying on electronic real estate valuation estimates might be a huge mistake. When listing real estate, you might incorrectly price your home and lose critical time. As a home buyer, you may alienate a seller and lose out on your dream home by submitting too low a price.

A proper price range involves an experienced professional evaluating detailed information from more than one source and comparing it to comparable properties that recently sold. This is where I, as a real estate professional, play a key role. When marketing a property to sell, I can prepare an analysis that determines a certain price range. As a buyer, I will help you identify an offer price that positions you for the best chance of success, particularly in multiple offer situations.

Remember the accuracy of electronic real estate valuation estimates in Franklin, TN provided above when searching on the Internet and feel free to contact me, if I can answer any of your questions.