Recent estimates and recent closings should be checked together before you commit.
If you are deciding whether a number in Mercer Island, WA is reasonable, I would test it from more than one angle. That is the safest approach. A typical estimated home value recently was $2,269,020, while the typical closed price over the previous 30 days was $2,382,500.
Recent figures in Mercer Island, WA place the typical estimated value at $2,269,020 and the typical closed price at $2,382,500 over the previous 30 days. The estimated value also sat 1.9% below the prior month and 3.6% below 12 months earlier, which tells me current value testing should be careful and current.
That combination is useful because it keeps one number from doing too much work. I would test an asking price or offer against both recent value estimates and recent comparable closings. In Mercer Island, WA, that double check reduces the risk of leaning too hard on either a broad estimate or a single standout sale.
Check the proposed number against recent estimated value first. Then confirm it with comparable closed sales by type and size. Use two tests, not one. That gives you a firmer basis for the decision.
