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How accurate are online home appraisal tools?

There are many websites that claim to provide accurate home appraisal values with just the click of a button. These home appraisal tools, or automated valuation models, use public records and recent home sales to calculate the approximate value of your home.

However, the accuracy of these calculations can vary by geographic location. Some counties, or entire states, simply do not make this information available to the public. For example, the state of Texas is a non-disclosure state. Data that is typically helpful in these calculation cannot be accessed by these online tools.

In many cases, these online tools provide a good starting point. They will provide you with a rough estimate of the appraised value of your home. However, there is no substitute for the real thing. Most lenders will only accept an appraisal that has been completed by a state certified or state licensed appraiser.

A residential real estate appraiser will be able to provide a valuation that includes all of the most up-to-date information. For instance, the appraiser will include all of the unique features and amenities of your home in their calculation. This may make a significant difference in the market value of your property.



Related: Cost of Real Estate Appraisals



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ProMatcher Staff, ProMatcher
Orlando, FL 32803

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