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Answers (5)
- lynrosect
- Contributions:129
I mean the "tax assessment" for my CT home was 97% of my actual purchase price in March 2010.
- lynrosect
- Contributions:129
The appraisal for my CT home was 97% of my actual purchase price in March 2010. The zestimate average at the time was $3,000 above my actual purchase price. The zestimate average is currently $27,000 above my purchase price. Due to many recent home sales in the area, the zestimate has increased significantly.
I used the zestimate range when I was making offers on homes in shoreline CT. I believe the zestimate average value is not as accurate as the zestimate range. Due to neglect or improvements, some homes many be worth more or less; however, all of the homes I investigated in 2009-2010 were in no way worth more than or even close to the zestimate range top value.
I used the zestimate range when I was making offers on homes in shoreline CT. I believe the zestimate average value is not as accurate as the zestimate range. Due to neglect or improvements, some homes many be worth more or less; however, all of the homes I investigated in 2009-2010 were in no way worth more than or even close to the zestimate range top value.
- Rachel Rosen, "RachelRosen"
- Contributions:1493
Hi Suz,
Here is a link to the stats we have on our website for CT.
http://www.zillow.com/howto/DataCoverageZestimateAccuracyCT.htm
We are within 5% of the sales price between 20% to 28% of the time.
Here is a link to the stats we have on our website for CT.
http://www.zillow.com/howto/DataCoverageZestimateAccuracyCT.htm
We are within 5% of the sales price between 20% to 28% of the time.
- Dana Voelzke, "danbury_realtor"
- Contributions:824
Hello Suz395,
I don't know exactly how Zillow comes up with their figures, but it is some type of proprietary formula. Below is a link to their own explanation of what a Zestimate is.
In the discussion, it definitely states that the Zestimate is not an appraisal, nor is it a market analysis that is done by a realtor. You can also update the info on your home if you think the facts about your home are incorrect.
http://www.zillow.com/wikipages/What-is-a-Zestimate/
I also just wanted to add that most of the town appraisals (full amount, not the assessed value), are well above market value in most cases given the market decline that has been ongoing since 2008.
I don't know exactly how Zillow comes up with their figures, but it is some type of proprietary formula. Below is a link to their own explanation of what a Zestimate is.
In the discussion, it definitely states that the Zestimate is not an appraisal, nor is it a market analysis that is done by a realtor. You can also update the info on your home if you think the facts about your home are incorrect.
http://www.zillow.com/wikipages/What-is-a-Zestimate/
I also just wanted to add that most of the town appraisals (full amount, not the assessed value), are well above market value in most cases given the market decline that has been ongoing since 2008.
- FriendshipProperties
- Contributions:783
It is probably just a coincidence since prices have been on the decline for a while.
In CT you are using tax assessment values for your zestimates ... these values are 70% of appraisal!
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