Chat GPT Is Taking The World By Storm, But AI Property Estimates Might Not be Good for the Home Seller

March 17, 2023

Property estimates are very easy to obtain these days. I know, it is very tempting to check the value of your property on websites such as realestate.com.au giving an instant estimate without making a single call, I too have been guilty of this in the past.

Source: Realestate.com.au

These websites provide users with an estimate based on algorithms that take into account factors such as location, property features and recent sales in the area, however, are unable to account for the individual characteristics of what makes a home, a home.

For example, a beautiful 4-bedroom Queenslander with a well-designed floorplan and large kitchen, will be valued the same as a 4-bedroom that has fallen to disrepair and a less desirable floorplan.

The overall condition of your home, its unique features, and the current demand in your local market can all have a significant impact on the price that your home can sell for. A computer algorithm simply cannot take all of these factors into consideration.

Additionally, these algorithms rely on historical data, that can be outdated or irrelevant to current market conditions whereas, real estate agents instead can utilise current market trends, current offers, and personal insight to gain a real understanding of market value.

More often than not, houses often sell for significantly more than the generated estimate provided by these online tools.

If you have recently made improvements to your home, or you just feel like your home as a significant advantage in the market, then the online estimate will not give you the estimate you want.

This is where it starts the hurt the consumer.

If a potential seller looks to get an estimate of their property and might think twice after finding out online however might potentially miss out on the market completely.

Eventually losing out when they finally decide to sell.   

What Should you do next?

Online property estimation tools may be a quick and convenient way to get a ballpark figure of your home’s value, they should never be relied upon as a definitive valuation.

For accurate and comprehensive advice on the value of your property, it is always best to seek out the services of a qualified and experienced real estate agent.

They can provide you with a comprehensive market analysis based on current market conditions, recent sales in your area, and the unique features and condition of your property.

Additionally, a real estate agent can provide you with valuable advice on how to prepare your property for sale to maximize its value, as well as assist you in negotiating the best possible sale price with potential buyers.

In the meantime, there are a number of simple improvements to your home that can help raise your property value when you are trying to sell.

  • A spot of paint makes all the difference.

The cheapest and most effective way to modernise a home is with a fresh coat of paint. A new coat can help update even the oldest of homes and with minimal effort. It remains the number one cost effective improvement you can do to improve property value.

  • Turn your attention over to some new taps.

Another inexpensive improvement is the replacement of tapware within the home. Combined with a fresh coat of paint, new taps really help modernise the look of the home, especially if the homes original tapware are still present.

  • Presentation is everything.

First Impressions are vital when viewing a property, therefore, having the presentation perfect for the property viewing is essential. This doesn’t have to cost a fortune either, new decor like lamps, cushions and rugs are inexpensive from places like Kmart and Big W but make a huge difference and can dramatically increase the perceived value of the home to prospective buyers.

How can Zevesto help?

Zevesto has one of the largest internal databases in Brisbane to match buyers, sellers and renters, so your house sells or rents up to 38% faster and for a higher price.

We at Zevesto are able to Leverage this database in conjunction with our real-estate agents combined experience of over 90 years, to fully understand the current market conditions and deliver the highest possible value you home can achieve.

Click Below to find out more and Request your Free Appraisal and Sale Accelerator Session Today!

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