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Wednesday, May 21, 2014

Real Estate Report: Don’t Rely on Online Appraisals

By Judy Szablak

When looking to buy or sell a home in Westport, it’s easy to find estimates of value online, and pricing your home through these online sources without a Realtor is easier than ever. Or is it?

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Featured home: this home at 2 Medwell Lane is listed at $1,299,000.  (CLICK TO ENLARGE) Photo courtesy of The Riverside Realty Group – Westport

The pricing disparity between sites like Zillow, Homes.com, Trulia and others can leave you scratching your head as to which one is correct. 

Prices can vary on these sites as much as 25 percent—for the same property. For instance, the average price of a home on the market right now in Westport is about $2.4 million.

One site would say that home would be priced at $3 million, while another could say the value is more in line with $1.9 million. That would be a very costly six-figure mistake.

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