Are Online Estimates Accurate?
The first place that downtown Boston condo sellers look to determine the value of their home is Zillow or other online companies that offer estimates. The problem is the estimate is only as accurate as of the data that they have (i.e. number of bedrooms, number of bathrooms, etc). There are times when the value can be off by thousands of dollars.
Online estimates may give a false sense of the value of the property. If it is an inflated value, then often times seller wants to list higher, and then the property will languish on the market accumulating days on market.
Perhaps the best way to look out online estimates such as Zillow is to compare them with a game. You can have a little fun with it but, you can’t replace the know-how of a skilled local real estate agent.
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