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

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

You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.

@OliverReports