A lot of homeowners may turn to the internet to get an idea on what their property is worth. Are the varying on-line sites accurate? We asked Kay Mukaigawa of Engel and Volkers for the answers in this edition of Living Akamai.

“The Zillow Zestimate and other sites are automated home programs which can provide a good starting point, but they are computer generated estimates. The figures provide are based on information they also find on line including past sales and public data. Nothing really takes the place of a physical site inspection to determine value. Through this you can incorporate detailed information on upgrades. A new kitchen, high end appliances, money saving upgrades like photovoltaic or PV panels can add so much more to a home’s value but they may not be taken into account when determining the value using a computer generated estimate. Even view channels and the condition of a home can create a huge impact on value yet something you cannot fully appreciate unless physically inspecting a home. In addition, knowledge of the neighborhood, understanding zoning and potential for improvements and even negative concerns like shifting or past damage to the property are important factors in determining market appeal and ultimately, a property’s value.”

Kay also provided an update on the current status of the real estate market.

“The median prices for single family residences rose to a record $1,125,000 last month.  That’s up 22% from the same time last year. The number of closed sales dropped a bit, but that was simply due to lack of inventory for single family homes.  The median prices for condominiums rose 8.6% to $497,000 and the actual closed sales increased by 9% to 486 units.  We continue to remain in a strong Seller’s market even though mortgage interest rates have been steadily rising.”

If you’d like to learn more about the market and have any real estate questions, feel free to give Engel and Volkers a call at (808) 725-2000 or visit online at evrealestate.com