Avoid the Biggest Mistake Homeowners Make
If you're planning to sell your home (whether it's in DC, Maryland, or Virginia), you may be tempted to get a quick value estimate from a national real estate website, such as Zillow. Unfortunately, many homeowners who are selling their homes trust this value, which is often inaccurate.
In this article about Zestimates' inaccuracies
, the LA Times reported that Zillow's Zestimates have a median error rate of 8%. On a $1,000,000 home, that's $80,000! Relying on home value estimates may mean losing thousands of dollars of your hard-earned equity. You can avoid this home selling mistake by requesting an accurate evaluation of your property, called a "comparative market analysis," from a local real estate agent.
What is a Comparative Market Analysis?
Real estate agents use a comparative market analysis (CMA) to determine the price for a homeowner's property. A comparative market analysis often takes into account information from recent sales of similar properties, neighborhood sold reports, and recent home improvements.