Is the value of your home the number from Zillow like this one? Or, is it this number from Redfin? Or this number from Core Logic? Or this one from ATTOM Data?

Guess what! They are ALL wrong. Why? I am going to tell you.

I am Jodi Bakst, Broker Owner of Real Estate Experts, working in Durham and Chapel Hill North Carolina. Let’s talk about the numbers and what you have to do to find the real value of a home.

Online systems pull information about your house from the tax records and other sources. For the home in my example, the tax records have the wrong square footage. This is the most important number in valuing a house. If this number is off, the value will be off.

Whether you're selling your home or are just curious, knowing your home’s REAL value is crucial. Most of us look at online estimates like those from Zillow and Redfin. This is a perfectly fine place to start. I look at them too and I send information like this to my clients. They are an excellent point of reference.

But that is all they are. A data point.

In addition to the tax records sometimes being wrong, the systems can’t see the upgrades or the lack of upgrades in a house.

Take this house for example that was just listed in Chapel Hill. Zillow thinks it’s worth $845,000. Look at the pictures. This house needs a complete redo but because of the surrounding sales, the valuation is way higher than what the house is really worth.

If you don’t have a true market value for your home, you might under or over price it. It is extremely important to make adjustments between the differences in your home and the comparable sales, including lot value adjustments if you have to look outside the neighborhood.

Over 28 years in the business, I’ve helped hundreds of homeowners price their homes right. You never want to leave money on the table.

The online systems tell you something but you still need to put pen to paper and evaluate the differences between properties. Don’t underestimate the impotence of having a knowledgeable Realtor prepare a Comparative market analysis (CMA). Look at these pictures. What is one house has this kitchen and another comparable house has this kitchen. And, look at these two bathrooms and what about the differences between these screened porches.

These differences, in addition to the square footage, number of bathrooms and more need to be taken into account when pricing a home.

But, what about an appraisal? Is that a good way to get a value on your home? You can rely on a professional appraisal but it depends on when and why it was done. For example, if you got an appraisal for a refinance, the value given may not be the market value. I have seen refinance appraisals be wildly off. In the case of a refinance, all you need is a decent number to get what you want regarding the refi of your loan.

So, which option is best? If you’re selling, a CMA is a must have. If you’re refinancing, an appraisal is necessary and will be ordered by the lender. And, if you’re just curious, online tools are a perfect starting point. But, if you really want to know the true, current market value of your home, you want to get a comparative market analysis.

If you’re thinking of selling and want an expert valuation of your Chapel Hill or Durham home, click the link below and schedule a time to talk. I am happy to prepare a CMA for you. I am really good at pricing properties. It’s a skill I have cultivated over the years, and I am proud of it.

If you enjoyed this video, hit the like button and subscribe to my YouTube Channel.

And, If you want to know what’s happening in the local real estate market, watch the video I recently published comparing the Triangle to the national market. Sneak peak, the Triangle is outperforming the national market.

I am Jodi Bakst with Real Estate Experts. Check back weekly for new content!