If my experience is valid, it's important for everyone to check their home's value through LOCAL real estate professionals. I'm very disappointed to note that the figure I'm given by this online service bears no relationship to the realities of the market here in the Baltimore-D.C. corridor. The value I'm given is $50-75K below what my home and identical homes in the immediate area are actually valued at and selling at. I don't believe any 1-size-fits-all valueing service can tell the real story. It's a starting point, but there's no substitute for getting market-specific information!
I concur. My house was purchased less than three months ago, and the home value monitoring is showing it less than the sale price, and below what the VA appraisal calculated. It is also not listing the same comps (sold in same area, reasonable size/beds/bath, reasonable close time frame) that I reviewed when I was evaluating to purchase.
I am not sure if you have spoken to member services support yet, but if you have any concerns or additional questions - I would recommend you contact them here: 1-800-531-8733 or click here to provide us with the details from above, along with your member information. Thank you.
Hi Rev John,
There are a few things you can check to ensure a more accurate home value estimate. Does the tool list the correct number of rooms and square footage? If it does not reflect your homes current room count and size, most of the time it is because the county is reporting the incorrect information. You can get this corrected by contacting your local county tax office.
If just the value seems off, please keep in mind it is just an estimate based on similar home sales in the market.The evaluation does not take into account special features or upgrades you might have completed. A full property appraisal report completed by a local appraiser (like you suggested) would be necessary for the most accurate results.
All that being said, if the value is drastically different from comparables in your area we would like to look into this for you! If you give us a call at 1-800-531-8722 we can have a member service representative take a look at what is going on. Thank you!
Thanks for the reply. I'm not looking to sell right now, but I do track my home's value through several sources. I'll check to see if the USAA tool has the correct information on the home. The tool currently reflects a value about $26K lower than the lowest-priced recently sold comparable, and about $93K less than the highest priced comparable sold at. Comparing size, features, etc., we should be somewhere in the high end of that wide range. I'll check the tool to see if the info is accurate. Thanks.
I noticed that the USAA home monoriting service compares any type home sale in your area. In my town this service compare all sales which include moble homes including land and no land which are within 1 mile from my home. We are a beach community with stick built homes ranging from $200,000 - $2,000,000 . Homes similar to mine sold recently in the $300,000's and USAA has mine at $270,000. The latest comparables sold in the $325,000 to $370,000 in the last couple of months and my house has a 28 foot inground pool. This service is not correct and there is no way to correct it, it just makes me angry.
We appreciate you taking time to post your feedback in Community. Rest assured, we have forwarded your feedback to our Member Feedback Teams for review and consideration of future service enhancements.