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Automated Home values can be confusing for someone who is looking to sell a Home. Automated Home values are not worthless, but they are definitely “worth less” than a manual evaluation by a Real Estate Professional. They should be used as a reference tool ONLY and should not be relied upon as an appraisal or a legitimate opinion of value. While automated Home values are very convenient and easily accessible online, there are many disadvantages which come with them that can make them a bad option for assessing the value of a Home.
One reason why automated Home values are bad is that they do not necessarily incorporate accurate current market MLS information on a Home. Websites that provide automated Home current and forward looking (since they rely on "sold" inventory - OLD DATA) and their values may not accurately represent the number of bedrooms, bathrooms, square footage, lot size, and other factors which can influence the value of your Home. If this information is not completely accurate, it can throw off the predicted value of the Home by a considerable margin.
Another reason why automated Home values are bad is that they do not have a way of factoring in improvements to the Home. Many owners can increase the value of their Home by completing remodeling projects. Improving your kitchen, bathrooms, and other areas of your Home can add tens of thousands of dollars to the value. On the other hand, people who do not care for their Home will see a big decline in Home value. Automated Home values do not have a way to incorporate this information into their values..
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