With the internet it has made it alot easier to search for homes and obtain information about properties. I was reading an interest article in Smart Money about people obtaining property values on homes on line. The article went to say that big national sites like Zillow and Trulia people were putting alot of faith in the values they find on these sites. But come to find out alot of the data you find on housing values can be all over the board being maybe too high or too low.
So I decided to put these sites to the test on a recent sale I had in West Knoxville in Fox Run on a home located at 12530 High Forest LN. I sold the home for $425,000 in March of this year. So I went to Zillow and look up the value they had on the home which was $491,100 is the value they had for the home. So you are thinking the buyer made a heck of a buy on this one. Next I went to Trulia $388,493 …OOPS they buyer paid TOO MUCH!!!
The is the problem with these sites they are all over the place when it comes to values on homes. That is exactly the point of the article in Smart Money which is causing many buyers to believe that these sites are sharing true market value.
Here in West Knoxville our Neighborhoods have felt prices fall back because of the economy but not to the point of some other parts of the country. Recently I wrote about values in Montgomery Cove and Mallard Bay and as you can see in the post things have remained pretty steady of the last couple of years.
The best way to determine value is to have your Realtor run the comps for you on the home you are interested in buying. That way you can make an informed decision and make an offer based on those findings. You will know if the seller is asking too much, price right or too low from the other homes that have sold.
Need Help? Call Me 865-696-9002 or email me [email protected] would love to help you find your next home.