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Answers (5)
Best Answer
- Melina Tomson, "Melina Tomson"
- Contributions:290
There is no way to have an accurate zestimate on a property like that. Once it is done, the updated information can be entered into ZIllow for creation of a more accurate zestimate.
Just FYI, installing AFCI's (Arc Fault Circuit Interrupters) seems to be an acceptable way to deal with the knob and tube wiring. If the contractor plans to rewire the entire home, that's always preferred, but often that isn't cost effective. I haven't had any insurance issues with clients and old homes when the put in the AFCI's.
Just FYI, installing AFCI's (Arc Fault Circuit Interrupters) seems to be an acceptable way to deal with the knob and tube wiring. If the contractor plans to rewire the entire home, that's always preferred, but often that isn't cost effective. I haven't had any insurance issues with clients and old homes when the put in the AFCI's.
- wetdawgs
- Contributions:26804
When a house is in standard move in ready condition, if you are lucky the Zzestimate is plus or minus 20% of the market value of the property. Therefore, the condition you describe does not automatically mean the house should be priced less than the Zestimate. Perhaps the market price of the house is 30% above the Zestimate when it is in liveable condition.
It is easy to put too much weight on the Zestimate, be very cautious and instead get an appraisal.
It is easy to put too much weight on the Zestimate, be very cautious and instead get an appraisal.
- sreut
- Contributions:3
Thank you for your advice Paul. Would it be safe to say that the actual market value of this specific home is below the 'Zestimate' because it is in the process of being fixed up? (In other words, it is definitely not in 'move in' and/or lendable condition for a first time home buyer with little money to put down.)
- Paul Griffin, "mslarealtor"
- Contributions:15
Speaking just on the value of the house here... As I'm sure you're aware, Real Estate agents can only provide you the "marketable" value of a property. Marketable value is that which you could expect to sell the home for if you put it on the market. The trick, here, is finding that value and then deciding if its worth it for you to pay to fix the place up. I don't know what the exact formula Zillow uses for their Zestimates is. I will give you this advise... have an agent do a CMA on the property no matter what Zillow says. They know the current market that they work in every day, they know the trends and, most of the time, they have good gut instinct for this kind of issue. Good Luck!
- sreut
- Contributions:3
I ask this question because I am interested in a 1930s home that is not yet on the market. The home owner is a contractor and is fixing the house up. The exterior siding needs a large amount of work. Some of the siding is missing and the chipping paint is lead based. My lender would require that the exterior is repainted. The house also has a mixture of knob and tube wiring and more current wiring. I believe my lender would also require that the knob and tube is replaced, as home insurers would not insure it. The kitchen is in process, as the counters, cabinets, sink, and most appliances were not there. The garage needs siding work, painting, possible window replacement, and extensive interior cleaning. Also, the Zillow Zestimate says that there is a fireplace in this house, but there is not. How do I know what an accurate 'Zestimate' would be for this house, knowing that a Zestimate is informal and not an appraisal. Thank you for any ideas, thoughts, and help!
Do Zillow Zestimates assume that the home is in 'move in' and lendable condition?
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