How accurate are online property valuations?
In the property world, online valuation websites have been a game-changer for information-starved buyers and sellers. But while these sites contain lots of useful property info, their estimates are…
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How accurate are online property valuations? In the property world, online valuation websites have been a game-changer for information-starved buyers and sellers. But while these sites contain lots of useful property info, their estimates are still just one piece of the fair-market-value puzzle. Here are some key points to consider with online valuations... No one has physically looked at the property. It could be risky to let a computer algorithm determine how much you should pay for the biggest asset you will ever buy.
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Especially when no one from that valuation website has visited the property in person. You can learn local real estate values better than any computer program by undertaking your own market research. There are some things computers can't measure. Algorithms can't take into account the condition of the property and other critical factors that influence value like ease-of-access, sun aspect or the general feel of the home. Some houses you walk into and fall in love with and it can be hard to explain exactly why. No two houses are the same. If you are comparing apartments or terraced houses with other similar properties, then values may be easy to estimate. But in an area with standalone properties of varying ages, that have had extensive renovations over the years, it's harder to compare apples with apples.
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