Here's a clip I borrowed from the Texas Association of REALTORS website.
It's true. There are a lot of online home-value-generators. A really popular one is Zillow. I like Zillow. It has a lot of good information and its fun to look at the valuations.
One word of advice, "Don't base your offer or your sales price on a Zillow zestimate!" They are often wrong and you could make a mistake that costs you several thousand dollars. This is especially true is the home you are selling/buying is anything other than the cookie cutter house in a cookie cutter neighborhood.
For example: A home in with some acreage will almost always be valued wrong.
Here's an actual example: 8863 FM 418, Silsbee. You can see it on Zillow Here. The Zestimate of value $181,000. The actual sales price according to the Beaumont MLS was $160,000 and it sold in January of this year. If you based your offer on the zestimate you would have over paid by about $20,000.
There are a lot of examples I could post here but the whole point of this blog post is that when it comes to finding the real market value of a home you are selling or a home you plan to make an offer on is to get the advice of a professional REALTOR.
Do you need to know the value of your home? Contact me today.