If you were to highlight one of the most frequently asked questions from home sellers, it would be “are home values accurate in Trail Ridge?” After all, your home is likely to be your most valuable asset and, as such, having an accurate assessment of its value is vital.
Your home value is a key part of pricing your home for sale. A fair and competitive price will ensure that your home sells quickly and for the most profit.
It’s not always easy to find your home value, however. Some home sellers attempt to rely on what their home was worth at the time it was purchased. Because home values tend to fluctuate over time, it’s unlikely that the current and past home value will match. A home value that is too high will result in a listing price that is too high. An overvalued listing sale price will likely deter potential homebuyers who could get a comparable home in the area for less. A price that is based on an undervalued home assessment will cause you to lose out on potential profits. Finding that balance between value and profit is key to having a successful real estate sale.
The Importance of Home Values
The best way to get a true and accurate home valuation is to use a professional. A professional home valuation will be based on up-to-date data and comprehensive information that only they have access to. This ensures that every “i” is dotted and every “t” is crossed when getting you the absolute best guideline from which to price your home. With a home value from a professional that you can be confident in, you can then list and begin to aggressively market your home for sale.
When asking “are home values accurate in Trail Ridge”, there are some other methods of valuation. These methods are not as reliable or accurate as the home value from a professional.
Some home sellers will rely on free online home valuation tools such as the Zillow Zestimate in order to get this number. Although this is a great place to start, Zillow should not be your final step in the valuation process, nor should you rely on its estimate to determine your listing price.
Are Zillow Home Values Accurate in Trail Ridge?
On the Zillow website, you will find a handy tool that is an innovation of Zillow called the Zestimate. It is a proprietary tool that provides homeowners with a way to estimate the value of their homes. It mostly relies on publicly available and user-submitted data to make its value determinations. Although you could easily use the Zestimate to keep track of the estimated value of your home throughout the years, it is not at the same level as a professional home valuation.
Zillow Zestimates rely on past sales in Trail Ridge (comparables) to determine the basic value of your home. Unfortunately, it does not take into consideration factors such as home improvements or upgrades that have been made, renovations or additions, neighborhood turnovers (high selling neighborhoods have more recent data to incorporate into the algorithm), or the conditions of the neighborhood itself. Therefore, the Zestimate can be wildly inaccurate.
In fact, Zillow’s FAQ page states that the “median error rate for on-market homes nationwide is 3.2%” and the error rate for off-market homes is 7.52%. These numbers can add up to significant losses, so it is always advisable to speak with an experienced and local realtor to determine the value of your home and a reasonable asking price.
How Does Zillow Determine Home Value?
In order to determine your home’s value, the Zillow algorithm takes all of the homes located within a certain zip code, bundles them together, and then averages them out given certain parameters such as single-family homes with approximately 2,000 square feet and 3 bedrooms. That average is the value the Zestimate gives for a home that meets those criteria. Zillow home values in Trail Ridge do not factor in specifics for your individual home which could raise or lower the value.
Benefits for Home Sellers of Expert Home Valuations
When you work with an expert realtor who can give you a professional home valuation, you can rest assured knowing that the value estimate will be accurate. You can use it to determine the most reasonable and profitable asking price for your home, especially if the valuation is based on local knowledge of the current real estate market.
Our team at Your Home Sold Guaranteed Realty - Barb Has The Buyers can give you this valuation and help you use the information to determine the right asking price for your real estate listing. Using factors about your home that Zillow does not take into account is the way that our team can guarantee our valuations are more accurate than any other online home valuation tool. No matter what the current market looks like, we will make sure you are able to sell your home fast and for top dollar.
Our Realtors Can Get You Accurate Home Values
Have you and your family decided to sell your home and have been wondering “are Zillow home values accurate in Trail Ridge?” If so, you have come to the right place. Our team of real estate professionals are here to give you the answers you need to any and all questions you may have. We will also ensure that you get the most accurate home valuation so that your real estate listing’s asking price is both reasonable and profitable.
To get more information about home valuations or to start your home selling journey, give us a call at 719-301-1802 or fill out the form below with the requested information to get a detailed response from one of our realtors. With our team on your side, we guarantee you have the best possible home selling experience by achieving your real estate goals.
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