How accurate are online property estimates?

As I have been known to poke gentle fun at Trulia’s “market”analysis for Marblehead (they seem to record only a tiny fraction of sales) it is only fair that I post this excellent Trulia article about the accuracy of online estimates of value.

Source: Zillow

Source: Zillow

While the article highlights 6 signs that on online estimate is wrong, the key statement is that online, computer-driven estimates are reliable: “….in areas in which there are tracts, subdivisions, or planned communities where the homes are very similar to one another.”

Bingo. If you live in a condo in a building of 50 similar units trust the online estimate. Otherwise…..well you could always ask a real estate agent.

If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

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