MLS Real Estate Comps from Local Realtors in Your Area - The Best House Estimate
When it comes to finding an accurate home value, we at Real Estate Comps Today believe there is no substitute for the knowledge of a local Realtor who is an expert in your area.
That’s why we only use local Realtors to find real estate comps (neighborhood comps of recently sold properties) that are the most comparable to your home for the best possible house value estimate.
It’s the only effective way to find a truly accurate house value. An experienced agent can help you learn things about your house value that instant home value websites like Zillow or Chase Home Value Estimator Tool could never know.
When comparing Realtor Comps Analysis vs Home Value Websites, their simply is no comparison. The two are completely different tools for estimating your house value.
When evaluating a property with home comps, Realtors take into consideration many factors that even the best home value websites cannot. They will look at the current trends of the market, recent trends in home sales, the condition of your home compared to neighboring properties, certain features like a pool, a fabulous view or beautiful landscaping, surrounding amenities and so much more.
For example, a recent MLS comps search showed the comparable sold prices in a particular neighborhood, but the agent knew that those houses had been demolished. The point is that records are only records with no insight.
Using only public data from automated sources without the insights of an expert could spell disaster. Starting with an inaccurate house value could mean:
Not qualifying for that home loan.
Paying too much for a new home purchase.
Selling your house for far less than you could have.
Paying more property taxes than necessary.
Losing thousands of dollars on an investment.
Not having enough home owner’s insurance in the event of a disaster.
To prove this point, we recently did our own experiment comparing the accuracy of Instant Home Value Websites to a CMA (Comparative Market Analysis) which is an MLS Comps Analysis from a Realtor.
We used the house of one of our co-founders, who had recently re-financed for remodeling. Since she already had a recent appraisal, we used that amount as the actual house value.
Take a look at these results:
$514,651 - CMA Before Appraisal
$500,000 - Actual Value Confirmed by Appraisal
Automated Home Value Websites: $606,483 - Zillow Zestimate = $106,483 Off $682,000 - Chase Home Value Estimator - $182,000 Off $588,078 - ForSaleByOwner Pricing Scout - $88,078 Off $622,000 - Eppraisal - $122,000 Off $606,259 - Trulia Estimate - $106,259 Off $700,000 - Realtor com - $200,000 Off $718,000 - Remax Home Estimate - $218,000 Off
Do you see how far off the automated house values can be?
Let's take the example of the most drastic margin of error above. The Remax Home Estimate was $218,000 off of the actual house value. Can you imagine paying $218k more for a house than it's worth? Can you imagine selling your house for $218k less than it's worth?
That is only one example of what can happen if you count on the inaccurate value from an automated home value website. And that is why it is so important to use only MLS Comps and Analysis from a local Realtor in your area who really knows your market.
The good news is that a CMA can often be as accurate as an appraisal.
Fortunately, from our home value website, you can now order Local MLS Comps Online with an In-Depth Analysis anywhere in the U.S. from a Realtor in your area.
Just fill out our 2 minute order form and you’ll have your Comps usually within about a day.
Unrivaled Support And we take it even one step further. Not only will you get the most accurate home values from our website, but we will also personally inspect your Comps Report to make sure you receive only the best Local MLS Comps and analysis.