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Answers (4)
- (Vince) Vinh Phan, "vincephan"
- Contributions:13
A realtor in your market will help you get a better understanding of the value of your home, ask him or her to provide you with a comparable market analysis, which should display recent activity in your area. You will see how many homes have sold, how many are for sale, how long they have been on the market and how quickly they have sold. These are just some basic variables that realtors provide in order to determine market value. Hope this helps and good luck.
- Eric Egeland, "Eric P. Egeland"
- Contributions:491
The Zestimate is just a starting point & not an actual estimate as it does not take numerous things into account.
One cannot value their home on the assessed tax rate as this is also does not take much into account other than GLA, lot size, and age of the home.
The appraisal could also be off/wrong and it will almost certainly be worth less now than it was appraised for in 2008.
I would recommend talking to a Realtor who is active in the area and give guidance as to where your home may actually sell and not just 'appraise it'. Often homes are worth less than an 'appraised value' as the current inventory (and possible distressed inventory in your area) continues to push values down
- JCSW
- Contributions:2
Thanks Philip - The only reason I thought it may have merit was that a loan officer checked Zillow while I was on the phone with her. Her comment was "Wow, that can't be right". Not sure why she even bothered to check it if it is that unreliable???
JC
JC
- Philip Sencer, "Philip_Chicago"
- Contributions:551
The zillow estimate is almost always way off. Most folks understand this and pay it little attention. The calculations for determining your taxes have zero relation to the market vlaue of your house.....never did. An appraisal in 2008 also has little relation to the actual market value today.....which is probably 5-15% less.
You need to find a coule of agents to do a market analysis of your property in 'real time'....todays actual market..........if you are thinking of selling. I would try to wait a couple of years if you can. It's tough out there for sellers.
philip
Based on taxes my house is worth $290,000. It was appraised at $325,000. Zillow has it at $186,000?
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