How Accurate Are Online Home Value Websites?

This is a topic near and dear to every homeowner. Many real estate websites offer a free online home valuation offering you a glimpse of what your home might be worth. Understand this, each of these websites, use their own proprietary algorithm to give you an idea of what your house might be worth. This algorithm because it is proprietary per website, meaning there is no way to see the factors in the use of each algorithm. In other words, the results are almost always 100% flawed.

What these websites are good for

These real estate sites are good for getting very rough preliminary view of only sold homes around your area, at best. These websites do not take into consideration sold properties, current listings, individual property uniqueness, segmented market statistics, individual square footage, lot size, bedrooms and bathrooms and of course curb appeal, all of which a full appraisal report does consider.

If you’re thinking about refinancing your house, after speaking with the loan officer, pay the $450 for an appraisal. Not only is probably more than likely worth it considering home values are up, but it’s the only way truly knowing what home is worth. If you’re not willing to invest for an appraisal, you’re never going to be able to complete a refinance, let alone know what your net tangible savings will be,moreover,  you could be missing out on a valuable opportunity considering the current direction of mortgage rates.

See if refinancing your home makes sense, start communicating with an experienced loan officer today. Receive a no obligation refinance loan quote now!

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