What's Your Property Worth?
One of the recent trends in real estate has been for national websites like Zillow and others to offer “automatic” valuations of your property. When we real estate professionals have challenged their numbers or asked how in the world they came up with their valuations, they have mumbled something about “complicated computer-generated algorithms”.
Our local High Country real estate market is quite unusual in that, unlike big cities, we seldom have two properties that are exactly alike. Even homes that are right next to one another may have completely different views or lot terrain. Seldom has a whole development been built at the same time. Immediately adjacent subdivisions or neighborhoods may be surprisingly different. An “automatic” valuation system or “algorithms” cannot take these varying conditions into account. For that, you need a real, live, experienced real estate professional who is familiar with the nuances of the local market.
To help you establish an appropriate asking price for your property, I would prepare a Comparative Market Analysis Report (a “CMA”) that would look at similar properties that have sold within the past year and others that are now on the market that would be likely to be shown with your property. I would select comparable properties that would appeal to a similar buyer. CMAs differ from appraisals by considering on-the-market properties as well as sold properties. There is no charge for this helpful report and information.
If you are a Buyer and I am representing you as your Buyer’s Agent, I would prepare a similar market evaluation for you for property you are considering purchasing. Again, there is no charge for this personal service.
So, while “automatic” valuations are increasingly available, they are still not as reliable as your friendly real estate agent! I’m here to help!