There are a variety of reasons why the valuation estimate might not meet your expectations:
>Firstly, the accuracy of the automated valuation model is limited by the inputs provided. If the inputs are incorrect the outputs will be adversely affected.
>Secondly, it is important to recognise the inherent accuracy limitations in computer generated valuations. There is no physical inspection of the property and invariably factors affecting valuation will not be fully accounted for. Inaccurate estimations are unfortunately an inevitable feature of the service.
>Thirdly, valuing a property is not an exact science. The value of a property differs between individual buyers and sellers. Even after physical inspection, it is widely recognised that property professionals estimating the open market value of a property typically demonstrate a 10% standard deviation of percentage error.