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I purchased this home last month for $522,000.00 The value is listed for $441,500. Appraised $600k

The sale closed on 2/8/2010.  THe appraisal was done on 12/23/2009.  By comp method was 600k and by replacement method was 800k.  What gives with zillow valuations.
  • February 18 2010 - Star
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Answers (2)

Zillow estimates work best when you are selling similar homes in homogeneous communities and your home is unique.  Considering the orignal owner paid $369K for the bare 12+ acres, I think you made a great buy for 4800+ sq. ft. home!


Keep in mind the folks here on Zillow have never been in your home and neither has the tax appraiser/assessor.  Lot prices have tanked recently here in the Boise area; however the construction costs have not changed that drastically when you exclude the lot pricing.

 
If you are looking at reselling it, I would be glad to  come out and review the home and show you different ways to consider the value of the property.

Jim



 
  • February 18 2010
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If you just closed 2/08/10, the tax records may have not been updated yet. Zillow might use that public tax info to calculate your value.

The best way to get an accurate estimate of value is to have a local REALTOR or appraiser give you their opinion. You'd probably have to pay for and appraisal, but most REALTORS will to it at no charge.

You'd want to talk to a professional who is experienced with the market activity in your area. Real Estate is an extreemly local market. You know what they say....location location location!

The definition of Market Value is the price a ready, willing and able buyer will pay. Looks like you pretty much determined the value of your property when you closed on it! :)
  • February 18 2010
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