How Much Is Your Home Worth in This Market?

By Jason Giulieri

Jason, originally from the sunny Australian coast has lived in New York for over a decade. He has more than 20 years experience as a real estate investor with expertise in residential rentals; single family and multi-family renovations; and sales. Jason has extertise serving a varied clientele including first time home buyers, those up or downsizing and investors seeking to grow their portfolio.

Recently, the housing market has been booming in the Capital Region, making people wonder how much their home is actually worth. If you are a homeowner who’s thinking of selling your home, your first instinct would be to go online and check home estimate websites to find out the value of your property. While convenient, are the estimates actually accurate? I know I wouldn’t trust a website to tell me the value of my home or how much equity I have, and for some good reasons.

The first reason why you should be wary of home valuation websites is because their results are solely based on algorithms to determine your home’s value. And while they are using public sales data just like a professional would, they might miss factors like noise from a nearby highway or a beautiful nature preserve behind your home. They also cannot distinguish between a recently updated home and one with outdated features.

Another reason is that I found out that a major online estimate website admits that for New York State, their valuations are only within 5% of the actual sales price. That means a $500,000 home could be undervalued by $50,000. Imagine pricing your home way lower than it deserves; it’s a major loss for sellers.

Although there’s nothing wrong with using these websites, use online valuation tools as a general starting point and not a final basis for your home’s value. The best way to go forward is to consult a local real estate professional. A professional like me and my team often list homes for tens of thousands to $100,000 more than any of the website’s estimates. Not to mention that it’s more accurate.

When it comes to pricing accuracy, there’s no substitute for a professional Realtor. We live and breathe the Capital Region market and understand the nuances of different neighborhoods based on current trends. We can also see the unique features of your home to make it special and highlight those details to potential buyers.

Don’t settle for an inaccurate online estimate; get a consultation with me, your local human real estate expert. You can contact me via phone, DM, or email, and I will ensure that your valuation is personalized based on your home’s unique features and the current market.