The ultimate question for homeowners right now is, "What is my home worth?" Websites such as zillow.com are killing our industry with their misleading values of homes. Zillow.com says my home is worth $469,900, but that my neighbors across the street who have the exact same house and a new roof, their home is worth $424,000. The true value of both our homes is closer to $400,000, which is down about 15% since 2005.
A home's worth is based on so many factors, the biggest being what the market will bear, that it is virtually impossible to get an accurate market price on these home value websites. It really takes a true real estate professional, such as an agent or appraiser to give a correct home value. Trying to convince a client that their home is worth a lot less than these home value websites report is quite difficult and makes for an uphill climb in trying to price a client's home accurately for sale. Take these home value sites as a means to a general idea as to the value of your home, but calculate at least at 10-20% difference, either higher or lower, but typically lower.
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