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When selling your home, it can be a very challenging task to know exactly how your home compares to similar homes. Just by comparing the many different “real estate” websites; like Zillow, Trulia and Redfin, you will see a broad range of results due to the automatic algorithms they use.
These computer algorithms often fail to take into consideration most of the relevant data and features in determining value. (e.g., updates and changes you have made, the condition of the home, the quality of finishes, location-specific metrics) Ask yourself, If you’ve done any changes or updates since purchasing the house, how does a computer algorithm know about them?
Without recent sales data about your home, computer algorithms rely on things like county tax records. We are aware of how accurate the county can be. Insert sarcasm.
In Chicago, price per square foot can vary widely on the same block. An experienced agent can provide you a price range that’s more accurate because we know what buyers want and what is currently in demand. There is no substitution for the human factor in determining value.
Keep in mind; no lender relies on computer algorithms to determine the appraised value, but instead,