Robot Home Valuations - Are They Accurate?
Robot Valuations Are Simply A Raw Collection Of Data - Not Trends
There are many online tools and websites out there that claim to give you an instant value of your property by merely submitting your address.
Third-party valuations such as these are a raw collection of data from recent homes sold in the vicinity that share similar characteristics of your home, which can provide a 'snapshot' of value - However, what that data does not take into account is:
Updating/Remodeling (Has any updating and/or remodeling been done to your home compared to the others - or vice versa.)
Location (Private setting? Busy road? etc.)
Condition (Fixer? Pristine condition? Somewhere in-between? etc.)
Floorplan/Layout (Is there Functional Obsolescence? How does the floorplan operate? How is space utilized? etc.)
Any other variables that may alter the value - there are many!
A newly added element in this extremely competitive market where offers are well over the asking price - robot valuations don't have the data of the final sales price from the asking price until at best 30+ days once a property goes pending. This even creates issues for appraisers in this current climate to dictate the value of properties - let alone robots. Until this onslaught of sold data becomes common knowledge - they are a guessing machine at best.
As your trusted advisor and real estate professional, I invite and encourage you to please reach out to me if you want me to take a closer look at the market value of your home.
Customer First | Real Estate
