If you’ve ever wondered “are home values accurate in Woodmoor?” you’re not alone. Homeowners everywhere are questioning what their home value is in the current economy. While finding your true home value can be complicated, it is possible especially if you work with the experienced realtors at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team.
Having an accurate home value is extremely important, even if you aren’t selling your home. Home values fluctuate based on several factors including the desirability of your location, current market trends, supply, demand and more. Some homeowners want to rely on the price they originally paid for their home. But because home values change over time, this method can be wildly inaccurate.
A large part of the reason that getting an accurate home value is so important is that it will be the foundation from which you price your home to sell. Having both a fair and competitive listing price is paramount to having a successful home sale.
The Importance of Home Values
Your listing is the first impression potential homebuyers get of your home – so make it a favorable one! Listing prices that are too high threaten to scare off potential homebuyers who are familiar with area prices and know they can get a comparable home for less. Listing prices that are too low, however, mean that you are cheating yourself out of potential profits. Instead, you want the perfect listing price balance of a home that is priced aggressively to sell and one that will net you the most profits.
To find that pricing “sweet spot”, you’ll have to find a way to calculate your home value that is accurate and based on the most up-to-date information available. The best way to do this is to work with a professional to get a home valuation. With the professionals at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team, you’ll easily be able to answer the question “are home values accurate in Woodmoor?”
Some home sellers, however, 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 Woodmoor?
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 Woodmoor (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 Woodmoor 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 Team 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 Woodmoor?” 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.