We at Real Estate Comps Today believe there is no substitute for the knowledge of a local Realtor who is an expert in your area
That’s why we only use local Realtors to find recently sold properties that are the most comparable to your home in every possible way.
It’s the only effective way to find a truly accurate house value. Why? Because an experienced agent can help you learn things about your property value that an instant home value website like Zillow could never know.
Forbes: “Check out the value estimates for your home on Zillow, Realtor.com, Redfinand Trulia, and you’ll likely be shocked at how much they differ.”
What Is A Comps?
When evaluating a property, Realtors take into consideration many factors that instant home values websites cannot. They will look at the current trends of the market, recent trends in home sales, the condition of your home compared to neighboring properties, certain features like a pool, a fabulous view or beautiful landscaping, surrounding amenities and so much more.
For example, a recent MLS comps search showed the comparable sold prices in a particular neighborhood, but the agent knew that those houses had been demolished. The point is that records are only records with no insight.
Risk In Online Property Value
Using only public data from automated sources without the insights of an expert could spell disaster. Starting with an inaccurate house value could mean:
Not qualifying for that home loan.
Paying too much for a new home purchase.
Selling your house for far less than you could have.
Paying more property taxes than necessary.
Losing thousands of dollars on an investment.
Not having enough home owner’s insurance in the event of a disaster.
Test Accuracy of Comps
To prove this point, we recently did our own experiment comparing the accuracy of Instant Home Value Websites to a CMA (Comparative Market Analysis) which is an MLS Comps Analysis from a Realtor.
We used the house of one of our co-founders, who had recently re-financed for remodeling. Since she already had a recent appraisal, we used that amount as the actual house value.
Take a look at these results:
$514,651 – CMA Before Appraisal
$500,000 – Actual Value Confirmed by Appraisal
Automated Home Value Websites:
$606,483 – Zillow Zestimate = $106,483 Off
$682,000 – Chase Home Value Estimator – $182,000 Off
$588,078 – ForSaleByOwner Pricing Scout – $88,078 Off
$622,000 – Eppraisal.com – $122,000 Off
$606,259 – Trulia Estimate – $106,259 Off
$700,000 – Realtor.com – $200,000 Off
$718,000 – Remax Home Estimate – $218,000 Off
Do you see how far off the automated house values can be
Let’s take the example of the most drastic margin of error above. The Remax Home Estimate was $200,000 off of the actual house value. Can you imagine paying $200k more for a house than it’s worth? Can you imagine selling your house for $200k less than it’s worth
That is only one example of what can happen if you count on the inaccurate value from an automated home value website. And that is why it is so important to use only MLS Comps and Analysis from a local Realtor in your area who really knows your market.
Accurate Comps Reports
The good news is that a CMA can often be as accurate as an appraisal.
Fortunately, from our home value website, you can now order Local MLS Comps Online with an In-Depth Analysis anywhere in the U.S. from a Realtor in your area.
Just fill out our 2 minute order form and you’ll have your Comps usually within about a day.
And we take it even one step further. Not only will you get the most accurate home values from our website, but we will also personally inspect your Comps Report to make sure you receive only the best Local MLS Comps and analysis.