My mom sent me an email earlier in the week with a link to this real estate estimate site. You type in your address (or any address) and it pops up with other home "prices," either sales data or estimate. That information was not clear to me. In a matter of seconds, a value pops up on screen with the supposed value of the property.
I was a little skeptical about this because upon entering our information a value popped up that didn't seem to come close to recent sale prices of homes in our neighborhood (and neither did the other values of other properties) and in the small circle of home values was included a very small value ($87,000) that must have been for property or improperly input. I mean, really, where can you buy a home for that price in Howard County, MD, or any suburb for that matter. I'm guessing that amount factored into the lowered home values for the rest of the properties.
The Washington Post has an article today cautioning against the use of this tool to properly evaluate the market value of a property. All in all, it's a fun thing and I wouldn't tell you not to try it, just proceed with caution!! My mom seemed to think it was pretty accurate, but for me, I just don't think I agree with it!
I was a little skeptical about this because upon entering our information a value popped up that didn't seem to come close to recent sale prices of homes in our neighborhood (and neither did the other values of other properties) and in the small circle of home values was included a very small value ($87,000) that must have been for property or improperly input. I mean, really, where can you buy a home for that price in Howard County, MD, or any suburb for that matter. I'm guessing that amount factored into the lowered home values for the rest of the properties.
The Washington Post has an article today cautioning against the use of this tool to properly evaluate the market value of a property. All in all, it's a fun thing and I wouldn't tell you not to try it, just proceed with caution!! My mom seemed to think it was pretty accurate, but for me, I just don't think I agree with it!
1 comment:
interesting...it was just a little lower than what it was appraised at a couple summers ago. it actually may be right on now since no one can sell in this neighborhood with all the new houses going up everywhere!
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