Profile picture for camato1999

Appr values off? Says this house was last sold for $695K and has incr in value 4.2% since last sale?

If this home has increased in value 4.2% since its last sale as the chart which compares it to the town, county, state US etc says - then the estimate should be $725K not around $500K - what is the deal???  These inconsistencies worry me as I have heard banks use this site to check values - how can some of these homes be so volatile???
  • Question refers to 355 Grand St, Newburgh, NY 12550
  • January 26 2009
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (3)

Profile picture for pnunes68
Green and white, taht should work better. I was wondering about that purple color. It didn't seem quite right for that house. Although, I have seen a couple of similar shingle style homes in Yonkers with a lot of purple, so I assumed it was some kind of trend. I guess it kinda appeals to some people, softens the austerity of the granite and shingles, a little whimsy maybe for an an otherwise imposing architecture.
  • February 11 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for camato1999

Thank you Paul.  Just FYI - this conversation has continued in the Newburgh Advice section if you are interested in seeing.  http://www.zillow.com/advice-thread/conflicting-info-on-Zillow-value-appriciation-estimates/195625/

PS: We are hoping one day very soon to return the exterior color to its original palate.  I will be happy to see the purple go - hopefully you will fondly refer to the house as the green and white house instead :)

  • February 11 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for pnunes68
The Zillow secret formula. When you bought this house at $695k, the Zillow estimate price was much lower at that time (I remember since I was interested in this house back then). Zillow does not assume that the SELLING price is the MARKET price at that time (people do over-pay after all). Zillow does this for a very good reason. It is not uncommon for the published selling price to be too high or low compared to market price (people overpay/underpay, distressed sale, in-family sale, etc.) Zillow is programmed to not give too much weight to published sale numbers when it falls outside a range or is too far in the past.

The fact that the last selling price was higher than Zillows does skew the current price a little higher. Keep in mind that as time passes, the last sale price factors less and less in the current market price. Current comps will have a larger weight in the formula.

Newburgh is a funny real estate market. It is historically very volatile so you need to sit tight since you bought near the recent peak. I wouldn't worry too much about Zillow's pricing unless you need to refi or sell.

You have good taste in homes. I always like to drive by the purple house when I'm in town.

Paul
  • February 11 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.