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Automated Property values can be confusing for someone who is looking to sell a Property. Automated Property 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 Property 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 Property.
One reason why automated Property values are bad is that they do not necessarily incorporate accurate current market MLS information on a Property. Websites that provide automated Property 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 Property. If this information is not completely accurate, it can throw off the predicted value of the Property by a considerable margin.
Another reason why automated Property values are bad is that they do not have a way of factoring in improvements to the Property. Many owners can increase the value of their Property by completing remodeling projects. Improving your kitchen, bathrooms, and other areas of your Property can add tens of thousands of dollars to the value. On the other hand, people who do not care for their Property will see a big decline in Property value. Automated Property values do not have a way to incorporate this information into their values..
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