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How is my home value determined

I have the same size home that my neighbor does.  His house is for sale and shows a value of 243,000.  My home shows 230,000.  I have many more upgrades and a full finished basement.  How does that work?
  • July 02 2010 - Algonquin
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Answers (1)

Zillow cannot account for all variations in evaluating homes.  Therefore, Zillow should not be used to value real estate.  The only times the value of your home really matters is when you need to sell or refinance.  Otherwise, its just a number.  If you are thinking of doing either of the above, an appraisal or CMA by a REALTOR would give you a much better estimate of the home's value.  Ultimately, the value is determined by what a buyer is willing to pay (and what you're willing to accept and more recently what a bank is willing to lend on it).
  • July 02 2010
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