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What is Your Home Worth?

Wednesday, January 12, 2022   /   by Tara Turner

What is Your Home Worth?

What is Your Home Worth?

A variety of websites have emerged in recent years that attempt to estimate what your home is worth. If you intend to sell your home it is important that you understand how these estimates are determined before you use them to set an asking price. 

These websites use something called Automated Valuation Models (AVMs). Computer programs designed to make estimates based on averages. Here is the first problem with this approach, every home isn't average and computer models don't know the condition or uniqueness of each home. The other problem is that models used by different websites rarely agree, so which estimate is correct? As a homeowner, you're likely to hope that the highest value is correct. Buyers on the other hand, want to negotiate based on the lowest price that sites suggest.

Determining the right price requires looking at recent sales, seeing what other homes on the market are asking, and understanding exactly how your home compares. 

Never make pricing decisions based on a website's generic analysis. Talk to your Realtor and make decisions based on as much information as possible.  

If you have any questions relating to buying or selling a home, please give us a call at 909-255-1070. Mitchell Stein License# 0208163

Stein Team Realty - Keller Williams College Park
Mitchell Stein Dre# 02081632
2440 W Arrow Route #5C
Upland, CA 91786
DRE# 01885348

Based on information from California Regional Multiple Listing Service, Inc. as of May 22, 2022. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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