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How to Determine Home Value and Why it Matters

June 20th, 2019 · Leave a Comment

It’s the question real estate professionals are asked more than any other: What is my home worth?

“Understanding your home’s market value and pricing it accordingly provides the foundation of a successful property sale,” said Berkshire Hathaway HomeServices Florida Network Realty President and CEO Christy Budnick. “If a home is overpriced, it may take longer to sell, resulting in a lower sales price than a properly priced home.”

To determine a home’s value, online valuation estimators are a good place to start. The technical term for these tools is automated valuation model, or AVM, and they’re available on many real estate websites including Berkshire Hathaway HomeServices Florida Network Realty.

On the company’s home page, FloridaNetworkRealty.com, visitors may link to enter an address to get a market report with three current market value home estimates from real estate reporting platforms. The estimates are based on automated computer modeling from public records. The tool provides a buyer breakdown showing how many people are looking for similar homes and a list of recent nearby home sales.

The valuation tool is a useful starting point but online home value estimates are an algorithm’s best guess of a home’s value based on recent sales and property tax assessments, and different platforms can vary by thousands of dollars. While they are a good source of information, don’t base any important decisions on online valuations without talking to a Realtor.

“There isn’t a machine that can walk through your home and provide you with a valuation that is 100 percent accurate,” said Josh Cohen, Managing Broker of the Metro Offices of Avondale and San Marco. “Online tools do not provide an analysis of supply and demand, economic conditions and other specifics about the property. Online tools can’t match the experience and knowledge of our market experts, who provide information you can trust.”

To learn more, visit the Berkshire Hathaway HomeServices Florida Network Realty blog.

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