Don’t Rely Too Much on National Auto-Generated Home Value Estimate

Posted by Murphy Realty Group on Saturday, June 24th, 2017 at 10:30am.

Ulster County Home Value

Today’s Ulster County homebuyer starts their journey on the internet the majority of the time. With the formation of national sites like Redfin, Trulia, and Zillow, understanding the "true state" of the local market is more confusing than ever. These non-local services try provide intelligence by giving automatically generated property values. While these figures can provide some indications, they can never replace the true worth provided by a seasoned realtor that is local to the Ulster County area.  The big national sites use an algorithm to give an educated guess. In many cases, it can provide an estimate that is far from accurate.  To find an Ulster County home value, a realtor that is well versed on the market in the area is the best bet.  Working with one of our local realtors, they can evaluate the homes for you with accuracy. Online services are a great source of information when finding a rough value of Ulster County real estate, but determining a home’s true value is best done using local resources.

The "Auto-Estimate" Margin of Error

Zillow admits that it provides an estimate for its users that should be regarded as a starting point. They have even named their service a “Zestimate.” Their proprietary algorithms take into consideration recent sales, property taxes, and public data. It is updated about three times per week to stay on top of current changes. The company is aware that they are not 100 percent accurate. In their disclaimer, they state that they have an error margin of 8 percent but here in Ulster County it is much higher due to the nuances of the local market. A home value analysis performed by a local realtor considers all of the same data and more.  Additionally, a visit to the property allows the realtor to consider value not calculated by the auto-generated value tools.  In most cases, the realtor and the appraiser are really close in their numbers.

Why Using a Realtor Is Better Than Online?

There is absolutely nothing wrong with going online and browsing to see what's in the area. Some sites are more reliable than others. However, when it comes to getting a true price, you must count on your local realtor to help. They can give you the true price of the home and make sure that you are looking at homes within your budget. Using the local realtor's website will give you updated pictures and true information to help in your home search.

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