I read last week that real estate agents shouldn’t be asking, what is your home worth, but, rather, what is the value of your home. Apparently, there’s a difference. Especially, when you’re trying to get your sellers to lower their price.
Anyway, how can you find out the value of your home (meaning, house or condo)?
Well, a logical person would ask a real estate agent, or three, to come by, to give an estimate.
Apparently, that’s too time consuming, or something, because, now, all these websites are offering to do the work, for you.
Whether or not these estimates are accurate, is another question. It’s the equivalent of using an online mortgage loan calculator, in my mind. Meaning, useless.
Anyway, here’s a story about someone who used these online tools.
Checking the estimated value of your home these days is a bit like following stock quotes.
That’s mainly because many homeowners have come to see their property’s price as a kind of stock, giving them equity they might use to buy a nicer place, pay for repairs — or to feel rich.
To follow the possible changes in the value of their homes, more homeowners are turning to free or nominally priced online tools that spit out a probable home value. Unlike a stock with a daily closing price, a home’s value is colored by several variables: neighborhood, the home’s condition, the regional housing market, and an agent’s or home buyer’s rose-colored glasses.
To find out how good such Web sites are at generating consistent numbers, we pulled up estimates on one home in Seattle, a 1918 Craftsman purchased for $230,000 in February 2004.
More: Pros and Cons to Calculating Your Home’s Value Online – By Jane Hodges, The Wall Street Journal