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Automatic valuations such as Zillow's "Zestimate", Realtor.com, Redfin, etc., base their findings on quantitative data such as (# of bedrooms, bath, square feet, year built), not that these items are not used by appraisers but there is a difference. There are no professional agencies governing and overseeing results. No continuing education including ethics every two years and no comparable sales or adjustments shown. Automatic valuations are not used by banks or any lending institution to estimate a property's value for a mortgage. 
Now there is nothing wrong with taking a peak. After all, Zestimate can be within 5% of fair market value slightly over 50% of the time and especially when the property is listed for sale on the MLS.

Posted by Richard Wayne Abatelli on May 10th, 2021 10:16 AMLeave a Comment

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