Source: Inman News
September 4, 2014
Automated valuation models often overlook key property-specific variables
There are dozens of Internet sites out there that reveal how much your home is worth. They are called “automated valuation model” (AVM) sites, which use statistical modeling techniques that calculate the property value by comparing it with similar-sized homes that have recently sold in your area. These tools crunch their data with publicly available numbers from several listing services and combine them with regional trends to set a sale price for your property.
Cool, right? Now, here is the question that every seller asks themselves: Do I still need a real estate agent to help me through this “assessment” process? Well, there is a reason for the existence of a real estate agent; actually, I should say there are several reasons why these professionals are so important in any real estate transaction. May I dare to list these reasons?
1. These tools are not always accurate
2. There are several factors contributing towards the price of a home that the tools do not necessarily catch
3. Here is where a Realtor’s experience counts — A LOT — in this process
Read the full article here.
Maria Krahn is an Affiliate Broker with Marx-Bensdorf, REALTORS... Maria has earned the Senior Real Estate Specialist designation as well as the Accredited Buyer Representative designation..
Maria Krahn, ABR, SRES
5860 Ridgeway Center Pkwy Ste 100
Memphis, TN 38120
Firm License #59679
Agent License #328329