What is my Home Worth? The Truth About Internet Home Estimates

With the internet playing such a large part in the real estate market these days, it is important to understand the accuracy of the data provided by vendors such as Zillow and Trulia. Take a look at this interesting video from the Wall Street Journal that provides a frame of reference for home value estimates online. Estimates can be as much as 20% – 50% off given gentrification of a neighborhood or upgrades owners have made that don’t factor into the complicated algorithms these websites use to assign a value to a home. While nationally, the median error rate for Zillow is 7.9%, its important to note that these are called estimates for a reason and a consultation with a real estate professional or a property appraisal specialist is necessary to get an accurate assessment of your homes value.

Video: Wall Street Journal – The Fuzzy Math of Home Values