Often, when people start to look for a home, the first thing they do is go find an online estimate of the property. While this is a good idea for creating an overall picture of the home, it is not the end-all and be-all, and not only that, but many of these online estimates can be way off. Today, we show you how to properly navigate the world of online estimates, and what kind of role it should play in your decision.
The biggest thing to remember about home estimates is that they’re just that—estimates. They are not the price set in stone, as it can fluctuate greatly depending on a variety of factors. Remember: everything in real estate is negotiable. Depending on the results of the home inspection, current market conditions, and the mentality of the seller, you could easily get a home for more than 20% off of the estimated price. Just because an estimate is high, does not mean that you should avoid it at all costs.
Now, this is not to say that estimates do no good, as they provide a ballpark expectation of what you could wind up paying for the house, and is a great place to start when first looking into homes. Some popular websites for home estimates include zillow.com and truilla.com, where both will use prior listed prices for a home in their formula to create an estimated price. Generally speaking, both get within a reasonable estimate for a home price, but as with many things in life, there is always room for error.
The only time you can take a price for granted is the price on the closing documents. Other than that prices can be extremely volatile, especially in today’s market.
Online home estimates may be good, but an estimate provided by your American Dream Agent will be much closer to what you will actually pay, as they know the local market conditions, and all of the insider information. Not only that, but with the guidance of an American Dream Agent, you can easily save countless dollars during the negotiation phase, as they will do everything they can to lower your payment to the lowest it can possibly be.
To take advantage of our highly-experienced real estate staff, come on in and see what we can do! With us, no matter where you are or where you go, you can be assured that you have an agent for life!