walla walla washington real estate
509-382-2020

Jan 29, 2018

Updated Feb 12, 2018

You may run into electronic property valuation websites as you search for real estate information online. As a home buyer or home seller, you will find yourself comparing the estimates to the listing price of a house. It is critical that you understand how these websites work prior to doing so.

How Electronic Property Estimates are Determined

Electronic property valuation websites often pull property details from public sources. This includes property features such as living area, number of rooms, and construction type. It is placed in a database and processed against preset formulas to determine the value of a house. 

Accuracy of Public Records

Public information is not always up-to-date. Many times, the information is outdated or has simply incorrect information to begin with. For instance, it might fail to list alterations to the building from recent years. It can completely ignore information that may influence the price of a home, such as the condition of the home, curb appeal etc. Public records are based solely on black and white stats available.

Accuracy of Electronic Property Valuation Websites

Given that the information used by electronic property valuation websites is limited, it can never be fully accurate. Most online tools will even have a margin of error in its fine print. That margin can be quite significant, resulting in figures that can be higher or lower than actual market values.

Why You May Not Want to Depend on Electronic Property Valuation Websites

As a home buyer or seller, completely relying on electronic property valuation websites would be a huge mistake. When selling, you might mistakenly overprice and waste essential marketing time. As a home buyer, you may anger a seller and lose out on your dream home by offering too low a price. An accurate price range requires a knowledgeable professional evaluating comprehensive property details from multiple sources and comparing a home to comparable sold properties. The type of comparison performed by a person cannot be mimicked by a computer, so this is where your real estate broker plays a key role.

When marketing a home to sell quickly, a real estate professional can compile an analysis that returns a particular price point. On the buying side, your agent will help you identify an offer price that gives you the best opportunity for success, especially in multiple offer situations. Keep the information on Washington electronic property valuation websites accuracy in this article in mind when browsing on the Internet and consult with a local real estate professional for the most accurate information.

Blaine Bickelhaupt, DB, Licensed in WA & ID
Blaine Bickelhaupt
DB, Licensed in WA & ID
Mission Statement: To be known for the way business is conducted, using ethical standards, and creating great customer moments. Time after time, Blue Mountain Realtors will build a foundation of trust, and professionalism that will create a unique experience. Blue Mountain Realtors, the region's leading real estate company, now doing business in Dayton and Walla Walla. Licensed in WA & ID.
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