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Automated home value tools like Zillow and other real estate websites aren’t always reliable. Although the conversation is often about how accurate these tools are, I’d like to bring up a new question. How accurate is the information that’s going in?
These algorithms predominantly rely on information given about your home. This information, derived from public sources, compares your property to the homes you compete against. Unfortunately, there’s not much policing of this information, which can cause inaccuracy and skewed data.
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Be a conscious consumer.
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Although these tools are a great place to start the buying or selling process, you have to be careful, because the data just isn’t reliable. There is a "garbage in, garbage out" effect going on. The results are only as good as the information going in, which happens to not be good at all!
Again, these sources can be useful for trending information, but be a conscious consumer regarding those specific figures. You need a human source to provide an accurate home value.
If you’re thinking about buying or selling a home in the surrounding area, you can reach me by phone or email. I’d be happy to discuss and serve your local real estate needs!