How do national home valuations (ex: Zestimates) affect the buyer's perceived market value of my home?
Usually you will find a valuation range along with an average value from the national home valuations. If you have not tracked the valuation change between the home off the market and when it is active on the market, you may be quite surprised to see how drastically the values fluctuate. There are two reasons behind the fluctuations. Home valuations from national websites are not able adjust home values as precise as Realtors are due to the amount of local and private MLS data. In order to stay relevant in the public eye, national sites typically adjust to the list price. You can also track the adjustments they make if you were ever to make a price reduction. Usually it is reasonable to use national sites valuations to see the range of how the public may value your home. To receive an accurate value for your local market, you will benefit from a local valuation or market analysis.
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The home value estimator utilizes public data to provide a current value of the specific address provided. If you have questions about the price point, price ranges or areas of in the Lake Minnetonka area that would be comparable to a specific home, contact lifetime local Paul Johnson, REALTOR with Lakes Sotheby's International Realty's, at 952.641.6500.