There are more websites out there than ever claiming to know what your house is worth. Which of these websites are the most accurate? And can you fully rely on the information they give you?
When selling your home, it's important to make sure you have the most accurate valuation of your home. List your house too high and you won't get any offers. List your house too low and you are costing yourself money. But how can you figure out which home value estimate is the most accurate?
The 5 Best Home Value Estimate Websites
If you're a homeowner looking to sell, you're likely to find information flying at you from every direction. There are countless websites out there purporting to tell you what your house is worth. Which of these can be trusted?
Zillow is the number one go-to website for many home buyers and sellers alike. It's one of the biggest and most popular sites out there and is very user-friendly.
Zillow's Zestimate tool is updated daily, based on millions of public and user-submitted data points. To get a Zestimate for your home, all you have to do is enter in some basic information. You can also use Zillow's listings database to browse what similar homes in your area are selling for.
Trulia is another popular site and set up in a similar manner to Zillow, but it gives you the estimate in a slightly different manner. After you enter in your address on Trulia, it gives you the average listing price for similar homes in your area. Trulia also lists all of the standard details about homes, including lot size, square footage, and the number of beds and baths.
Redfin Estimate offers a quick and easy tool for homeowners to get an estimate. On Redfin, you can enter details about any property, learn about the neighborhood, view property taxes, valuations, and more.
Redfin is also a broker that uses updated data from the Multiple Listing Service (MLS), making it one of the most accurate home valuation websites out there.
Realtor.com is another site where you can enter in you address and get an estimate about your home valuation. Realtor.com also offers a number of other helpful details, like median listing prices in the area, the quality of local schools, and local property tax assessments.
Eppraisal.com works the same as the other sites listed above — enter in your address and get a valuation estimate. But privacy-conscious homeowners may find Eppraisal appealing because they don't have to give over any other personal information, such as name or email address, to get the estimate. Eppraisal also offers details on homes sold recently and information on current refinancing rates.
The Difference Between an Estimate and a CMA
Internet home estimate tools are incredibly useful, but even the best websites will tell you that their home value estimates are just that — estimates. These estimates are based on the available data and assumptions about other comparable sales in the area. Sometimes they're accurate, but sometimes they're not.
A comparative market analysis (CMA) will give you much more detailed and accurate information than even the best home value estimate website. To conduct a CMA, an experienced real estate agent will do more than just look at your address and number of bedrooms and bathrooms — they will do a detailed analysis of all the different factors that can affect home valuation.
A CMA will compare your home to similar current, expired, and sold listings in the area. It will look at whether all of the homes in your neighborhood are similar or have variations in age, size, and amenities. It will consider the school district, square footage, age/condition, lot size, and other intangible advantages and disadvantages.
How to Get the Best Home Valuation
To get the best CMA for your home, it's best to work with a real estate agent. A CMA from an experienced local agent is bound to be more accurate than a number you get from simply entering an address on a website.
All sellers want to get top dollar for their home, and an accurate CMA should be one of the first steps you take when selling your house. To figure out the best listing price for your home, it's important to use every tool available to you.
Clever Partner Agents aren't just top real estate agents in their market — they will also provide you with a free CMA, with no obligation to sign with them as your listing agent.