Home valuation tools like these simply use algorithms and generic data to “guess” your home’s value.
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Automated systems do a poor job of valuing qualities and characteristics that are intangible. Fresh paint, remodeling efforts, quality building materials, etc. are most likely not considered. On the flip side, structural issues, deferred maintenance, and other worrisome issues won’t be reflected.
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In fact, Zillow exited the home-selling business in 2021 after citing their own issues accurately predicting home prices. 🤔 https://www.entrepreneur.com/article/395528
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Check out this article for more insight on the topic: https://www.fool.com/the-ascent/mortgages/articles/why-online-home-valuations-are-often-wrong/