Most of the popular real estate websites have home valuation tools that can be interesting and fun to interact with. In the matter of a few seconds, we can find our home online, and see how our home's value is changing from month-to-month.
But keep in mind these online valuations are often a gross approximation of the market, not a true reflection of it.
Take this Madison area property, for example. According to one popular website, this home's market value increased by almost $140,000 in a single day. This happened because the home was listed for sale on May 1st at a price that was much higher than the tool's estimated value. When the home hit the market, the website automatically updated its value based on the list price of the home.
This
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