Most online value estimation sites will only be able to judge a value if your local tax office has updated their online database. The results given are only going to be as good as the information available. To know a more accurate value for your home, you will need to hire an appraiser.

One of the major drawbacks to online estimators is that they do not take into account specifics of your property that a realtor or appraiser would. For example take two identical houses that were built in right next to one another in 2001. House A has finished their basement added a deck and built a fence, while House B has remained unchanged since being built. In many cases the online property valuator would give both properties the same value, when in reality House A is quite possibly worth tens of thousands more.

Online value estimators also do not take into account any upgrades inside the home that have been made or updated. Only a true appraiser who comes out to the property can give an accurate value of the property.

A Legal Appraisal by a licensed appraisal is the only true and accurate tool to evaluate the value of a home.

When using an online estimator, make sure they use previuos "sold" prices, not current list prices. If the address of the comparables used are listed, go and check them out to see how they compare.

Many online value estimators are actually tied to a realtor that will visit you within 1 to 2 days after entering your information, as a means to be the first realtor to visit you. The down side is that they may give you an unrealistic amount that you can expect to receive from the sale of your home, as a means to get the listing.

There are many different sources on-line for free estimates of the value of your home. Unless you are getting a true appraised value of your home you should not pay for the online estimates. If you would like a list of links that can help you determine the value of your home please contact me.

You can usually keep a finger on the pulse of the market by reading newspaper classifieds (real estate section), and inquiring of the price when a home in your neighborhood is for sale. This will achive far better results to determine the general value of your home, than using an online value estimator.

Online value estimators should not be used as a reliable method for determining value on a property. There is no substitution for a complete appraisal carried out by a board certified or state licensed appraiser.

On-line value estimators are more accurate in areas where there are very similar homes, this is known in real estate as the theory of comformity. In areas where there are homes of different architectural types, size and in general are not similar, the value estimators can be off by huge amounts. So if you live in a tract with a lot of recent sales your estimator can get you quite close. I you don't live in a tract or you live in a rural area the estimators are quite useless.