Online Price Estimation

I’m not a computer or a robot, and I can prove it. Just ask me to select a crosswalk from a grid and the computer will confirm, I’m a human. Along with my “humanness” comes the ability to understand the different qualities of a property and the effects they have on a price estimate.

While there may be websites that provide you with instant estimates of value for your local property, be cautious about taking those estimates as “fact”. While these tools are cool, in the same way, it’s fun to play with a magic 8 ball, the “knowledge” the algorithm has to share with you is limited to the data input the estimator receives. For example, does the algorithm know about the unaddressed potholes on a street that drive the whole neighborhood crazy? Does it know about the terrible traffic that surrounds the charming neighborhood school every morning and every afternoon? Does the estimator know about the growing camp of the unsheltered living under the trees in the adjacent vacant lot? I’m going to tap into my humanness and answer, no. The online estimator does not know about these things, and they do not know about mold in a house, unlevel floors in a house, strange odors that will keep a property from selling, low ceilings, oddly placed commodes, carpeted bathrooms, or anything else that may be lurking behind a property’s front door.

Estimators will work within a specific distance or zip code and compare those homes’ data of square footage, bedroom and bathroom count, lot size, and more to come up with pricing. They also rely upon the always popular tax district appraisal of a home’s value for information, and we all know how accurate those numbers are believed to be. It’s important to note that when a website gives you an estimate of your property’s value, that is in no way an indication of what the property will definitely sell for or what you will pay for a property. For the most accurate data about home sales, the number of days a property spends on the market, and how much inventory competition there is today, your first call should be your local Realtor, not your home computer. Some property locations are more desirable than others and homes historically sell quicker and for more in those areas than in others. Only a local Realtor will know the difference between a house two blocks away that is not within the boundaries of a particular neighborhood but shares the same square footage and bedroom count.

Galveston Island is full of neighborhoods fitting that exact description and quirky homes are plentiful here. No algorithm will be precise at determining these indicators of value. Local Realtors use the most up-to-date data and when we sort the data, we do so with a keen eye for what sells and why. We look at properties within certain areas and know the difference in sales pricing in our hyperlocal, street-by-street market. We are trained to specialize in our area and practice the trade with expertise and a desire to help you achieve your goals, and a local Realtor has the responsibility to put your goals above their own.

As always when using these sites, you’ll notice disclaimers that look like this, “Information is deemed reliable but is not guaranteed and should be independently verified. The providers of this website and associated content make no warranty, either expressed or implied, as to the accuracy of the data contained within or obtained from this webpage.” When you need that information “independently verified” call your local Realtor. Online estimators are fun, but if you have any interest in buying or selling a local property, you’re much better off speaking with a professional about numbers which will change as rapidly as the market does. For more information and for estimates on your property or any other, please contact your local Realtor and remember that while online estimates can sometimes get close, many variables can greatly affect the accuracy of the estimate.