March Appraisal - $245K. Tax assesment value $274. Zillow $311K What's wrong? Are you nuts?

dbylkas
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I purchased my home at 7605 Julynn Road, Colorado Springs, CO for $260K in January 2007. By December of '07, it had a value of approximately $280K. However since that time the value has drasticlly decreased to $245K. Zillow indicates that the value has increased from $262K to $312K since January '09. That is impossible! I refinanced my home in February '09 and the appraisal came back at $245K. There are seven homes that have been on the market for over a year within 3 miles of my home. The market has continued to decline in Colorado Springs. My property tax statement (which uses the highest value between January 2007 and June 2008) indicates the market value of my home is $274K (in December '07) It has declined since that time, but Zillow lists it at the highest value in it's history. How can that be in this housing crisis, where the "bottom" is still not been established. Please respond.

David Bylkas
719 761 0395
dbylkas@usa.net

Question refers to 7605 Julynn Rd, Colorado Springs, CO 80919

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June 18 2009

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Answers (1)

Linda Aanestad, "Linda Aanestad"
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Hi David,I don't know anything about the thing with Zillow, or where and why they would even have a need/interest in valuing your property if it isn't listed for sale. I haven't used Zillow for very long so am not completely familiar with everything they do. Regardless, it just sounds like an automated program to me. Nobody can give an accurate value without actually seeing your home. In looking at the old MLS entries on your property, it looks like you have a very nice home. A general market range for similar homes in your neighborhood is $247,500 to $277,900 (this one had an extra-large lot of .27 ac). I, obviously, haven't seen your home in person nor have I seen the comparables. This range is simply based on sales from this year and is not intended to be an accurate valuation or appraisal.