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Answers (7)
Best Answer
- Dan, "the_country_hick"
- Contributions:4699
You still did good for todays market. You were just given $16,000 of equity. Most people do not end up buying with an appraisal above what they paid.
At least now if you were to resell you should be able to do so without losing much if any money. As prices drop more you have some protection against future price drops.
Sometimes an appraiser appraises low, at least according to the real estate agents. A zestimate is often off by a large margin compared to real sales prices.
When you bought the house I hope you were buying it to live in and not for resale.
At least now if you were to resell you should be able to do so without losing much if any money. As prices drop more you have some protection against future price drops.
Sometimes an appraiser appraises low, at least according to the real estate agents. A zestimate is often off by a large margin compared to real sales prices.
When you bought the house I hope you were buying it to live in and not for resale.
- John Cantero, "MarketingSpecialist"
- Contributions:189
Sounds like you still got a good deal. The estimates on Zillow should not be relied upon. It is always best to use a Realtor who would provide you with a market analysis and help walk you through the buying process.
Congratulations on your instant equity! But, I get your confusion. While I employ Zillow and other Non-Multilist engines for marketing a home, I do not rely on them for value. Many times they use old data or "update" data as provided by the home owner. The best most complete data would be gained from the appraiser. That is the official value of the home. Secondly would be by the sale price. That indicates what the market will bear....if someone is willing to pay for it. Thirdly, using a Realtor you can get comps of similar homes in the area, before purchasing or before selling (if you are setting a price). While the comps are only guidelines you would have an idea if you are in the ballpark.
All in all you still did really well. I hope you enjoy your new home!
All in all you still did really well. I hope you enjoy your new home!
- Mario Avila, "Mario Avila"
- Contributions:69
Owasso Real Estate
The appraiser has to use comps that are only 6 months or in some cases 90 days old. This can affect the comps for your house greatly. You will probably see an increase in your home's value as the market shifts upward and other properties go up as well.
The appraiser has to use comps that are only 6 months or in some cases 90 days old. This can affect the comps for your house greatly. You will probably see an increase in your home's value as the market shifts upward and other properties go up as well.
- Lori Cain, "LoriCainTulsa"
- Contributions:44
Sounds to me like 'congratulations' are in order. Depending on how long you plan to stay in this home, consult a real estate professional before making improvements. With $16,000 instant equity, you are really ahead in this market.
- Steve Reese, "SoldonShawnee"
- Contributions:124
Woo hoo! Sounds like you got a great deal--instant equity is a good position to be in. Enjoy it! Try not to compare what an online estimate--or in this case, zestimate--says about your property. These Web sites gather their information from public records and use broad algorithms to arrive at their figures. They cannot replace the human factor to accurately compare your home with similar recent sales.
Steve Reese
Prudential Carolyn Harris Realty
Shawnee, OK
Steve Reese
Prudential Carolyn Harris Realty
Shawnee, OK
- SoCal_Engr
- Contributions:5666
Not sure what your concern is. You bought the house for $16K less than the appraised value, almost 14% off. You seem to think it's in a nice neighborhood, and sounds like you were satisified until it appraised at $119?
Were you actually thinking it would appraise for the Zestimate of $168K? Zestimates are not appraisals, and should never be relied on for valuations.
Still, you got a house for less-than-appraised-value and in what you say is a nice neighborhood. Not sure what you're unhappy about.
Were you actually thinking it would appraise for the Zestimate of $168K? Zestimates are not appraisals, and should never be relied on for valuations.
Still, you got a house for less-than-appraised-value and in what you say is a nice neighborhood. Not sure what you're unhappy about.
I just purchased a home that had a zestimate of 168K. I bought it for 103K it appraised at 119. ??
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