online-home-valuations.html - George Lorimer - ProWest Properties

Understanding Online Home Valuations

When using an online home valuation tool, you need to understand that the results won't likely be 100 percent accurate.  However, this isn't to say that the results will be far off, either.  

To use an online home valuation tool, you'll simply need to find an online site that offers one -- there are plenty of sites that offer this type of online tool free of charge.  The tool itself is quite simple to use, usually requiring that you enter the address of the home you would like to perform an online valuation on.  A few other questions may be asked, such as does the home have any additions, including additional square footage or an unattached garage.  Simply answer the questions, and then you'll be provided an online estimate on the amount that the home is worth.  

An analysis conducted by the 2007 Wall Street Journal found that some online home valuation tools are almost spot on when it comes to accurately estimating a home's worth.  One tool had an average appraisal difference of only 7.8 percent when compared to actual appraisal amounts.

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Online home valuation tools should be viewed as an extremely valuable resource to turn to when estimating the worth of a home.  However, actual appraisals are what counts.  Still yet, online valuations do serve as a great starting point for buying or selling a home.  When using an online valuation tool, you should make sure that you are only using it to gauge the value of a home.  Afterward, a professional appraiser needs to make an informed estimate.  If for some reason you absolutely don't want an actual appraiser to come to your home, you'll need to combine your online home valuation with that of your real estate agent to give a fair buying or selling price.  

Once the appraisal process is over, you'll want to sell your home for two percent less than what the appraisal said.  This not only ensures your home isn't overpriced, but it also entices home buyers to start a bidding war on your home, which can end up very nicely for you.  And don't forget to encourage any interested buyers to look up the home's value on the site that you used to conduct the home valuation appraisal.  Knowing that your home will be listed well below that price is sure to encourage buyers that they are getting a truly great deal on a truly great home. 

The Takeaway

An online home valuation tool should be your next best friend if you're searching for a home or looking to sell yours.  You can receive an estimated appraisal on your home free of charge, which helps you decide the next step to take in the home-buying or home-selling process.  Do keep in mind, though, that actual appraisals will help you target the actual value of your home. 

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