Selling your home? Finding a good asking price is tricky but important.

A recent story in the Chicago Tribune details the rise of automated valuation models (AVMs) - algorithms used to value homes based on data, such as recent nearby sales, neighborhood trends, and other information such as local permitting. A Zillow Zestimate is a example of a commonly known AVM.

When selling your home, you may be tempted to rely on a Zestimate (or similar) for your asking price, rather than seeking the opinion of an appraiser or experienced real estate agent. Because your Zestimate may include outliers, the Zestimate could under- or overvalue your home. The problems with undervaluing are obvious. But if you overvalue and find a willing buyer, your house may under-appraise the loan value and crater your deal.

An experienced appraiser or real estate agent, along with team at Levine Law, can guide you through the selling process. Contact us at www.levinelawma.com.