Housing values

These days, many people are using the online services to get values either for a home that they are selling or a home that they are considering buying. The problem is that most of them are inaccurate, highly inaccurate. I tested one on my own home. It stated that my home is worth $184 per square foot. Now, if someone would offer me $120 per sq ft, I would sign and be gone tomorrow! Here is one of the problems with these systems: To price a home in any subdivision, assuming that there are homes in there that were built at different times and different amenities and lot sizes, one must look at the past year's sales and see which ones compare to the subject property. This is why you need a knowledgeable Realtor or Appraiser. These apps don't take that into consideration. If you have one home that was built in 2007 and another built in 2015, the values will not be the same. Also, the size makes a difference. Let's say that the subject neighborhood has homes ranging in size from 1700 sq ft to 2200 sq ft. All other things being equal, the smaller home will be worth more per sq. ft. than the largest one in the neighborhood. This is an over-simplification. There are many more factors involved. I'm hitting the high points. This is why I get calls from people whose homes have been on the market for some time with no offers. Mr. Seller, not listening to his Realtor, priced his home above market value.