What is my home really worth?

We all see this question plastered all over the internet and typically the link leads back to Zillow or Trulia where the property owner inputs their address and then is shown an "estimated" value. The problem with this process is that Zillow and/or Trulia are not the most accurate source for a CMA (competitive market analysis).

Real estate professionals like myself, are required to take classes that teach them how to produce a very accurate CMA for a seller. There are software programs utilized that allow the broker to select like kind properties within a certain mile radius but this is just the beginning. These programs then allow the broker to adjust for additional features found in the target property and the comparative properties. Thus if the comparative property has a 5th bedroom the broker reduces the value of the host/target property to reflect that it only has 4 bedrooms, etc. Zillow and Trulia do not do this to this extent. Yes, they will compare one property to the other based on known details such as lot size, square footage, age, location, etc. but these websites have no idea whether or not your property has an upgraded gourmet kitchen or hardwood floors throughout that cost you $50,000.00.

Contact a Realtor to get the real value of your home:

Only a Realtor with access to the software programs and the property database available can produce an accurate CMA. As make sure the Realtor generates this report from the available software programs (usually available within their MLS account) and is not just going to Zillow and getting the value.

A good friend of mine owns a rental property in Concord, NC but lives out of state. His tenant came to him wanting to purchase the property which always makes things much easier most of the time. The tenant enlisted the help of a local Realtor to represent his best interests, which is the right thing to do. Unfortunately, this Realtor took the quick and easy way out and went to Zillow to come up with a property value and thus based the offer on this assessment.

My friend, used to be a Realtor in North Carolina for several years and conducted his own CMA. Even with using Zillow as part of the process, he based the value estimate on the cost per square foot of recently sold properties within a 1-mile radius with most being in the same subdivision. The value of the property was $18,000 more than the buyers’ agents' estimate and substantiated. The property ended up selling for just $5000.00 less than the estimate which equaled an additional $13,000.00 in selling price. Had my friend not been educated in the process of getting an accurate CMA, he might have been convinced to sell his property for much less than its’ realistic value.

Don't Go It Alone:

If you are reading this and are located within 50-miles of Charlotte, NC contact me and I will provide you with an accurate CMA of your property for no-cost to you. You are not obligated to list your property for sale with me or at all. I am happy to provide this information to you as a courtesy. Call me today and let me help.