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Answers (2)
- NTETS, "Mr Caveat"
- Contributions:6436
well on the one hand zillow doesn't track things like a new roof or thermostat, how could they? they value all homes using a mathamatical formula that presupposes certain constant's in the real-estate market. average price/sq foot is very highly correlated to other nearby houses, and so is, for instance number of bedrooms and baths... people dont want to pay more than the guy down the street did for the same house. zillow also uses historical data to say that house X has always sold for 14,000 more than the comps suggest it would, so i can say there is likely something special that this house has.
the fact that zillow's zestimate has fallen is correlated strictly to your local economy. the best way for you to find out what your house is worth today is to get a CMA
the fact that zillow's zestimate has fallen is correlated strictly to your local economy. the best way for you to find out what your house is worth today is to get a CMA
- Frank Gentile, "FrankGentile"
- Contributions:228
Unfortunately your home value is more dependant, in many ways, on the overall market conditions than some of the feautres your home has. Not to say they are not adding to your homes value but a newer kitchen or bathrooms may have increased your return to potential buyers more than windows, insullation or other. This is partially because buyers will assume the homes they are looking at have roofs in good condition. A new roof will probably help you sell quicker, but may not translate ultimately into your sale price. Also- don't forget that Zillow is a tool used for estimating value. For a true picture of what your home is worth you'd be best served contacting a local pro that will take all the market variables into account.
I've installed a new roof, new energy-efficient thermostat, yet home value is down from year ago. Y?
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