It’s On the Internet, So It MUST Be True!

So I was at a party the other night and someone was trying to name all of the locations of the Summer Olympics and the years that they were held.  Before I could say "Barcelona," my husband pulls out his phone and has the information at his fingertips. So much for impressing everyone with my superior ability to recall useless information!

Of course we know that the Internet is a great source of all kinds of information. Whether you are looking for trivia or pop culture, or even comparison shopping new car prices, it is a great resource. But be very careful when you put too much stock into some of the information you get online. There are some things that still need a personal touch and a local expert. 

This is especially true for Real Estate. While the proliferation of real estate websites can give you great information about properties that are currently for sale, as well as statistics and information about communities and school systems, be careful when relying on them to provide you with home values. Automated online estimates are often flawed. They rarely use the same criteria that a licensed real estate professional or appraiser uses.  Look at the comparable sales that the estimate is based on. Are they the same style as your home? The same age? The same size? Or even the same town? Or is the site comparing your 1,300-square-foot, 50-year-old ranch to a 2,200-square-foot, 7-year-old colonial in the neighboring town?  Also, be careful when drawing your own conclusions based on the properties that are currently for sale.  Remember – these properties haven’t sold. We only know what the seller is asking for them. We don’t know what a buyer is willing to pay for them.

If you want to know the market value of your home, my suggestion is to ask a real estate professional. You must know one. And if you don’t, I am sure you know someone who does.