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Answers (4)
- James Gordon ABR SFR SRS, "jmgordon"
- Contributions:171
It's only a Zestimate don't sweat it. 36% of the time Zillow is off by more than 20% on the price of a home in our area. If you want a better idea of the value shoot me your address and I can email you back a sight unseen better idea of value if you want.
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
WHEN did you buy it ? Zillow shows Trentons values are going down by 4% a year...maybe thats the difference ?!?! Either way it means nothing....I would not worry about it..
- Michael Walker, "Michael Walker"
- Contributions:164
You're not alone. I've seen values all over the board. An estimate is just that, an estimate. It doesn't mean that's the true value of your home. The true value of your home is what a willing buyer is willing to pay and what a willing seller is willing to sell for. There are several sites including zillow.com that try to estimate the value of a property using a proprietary formula (which isn't perfect). If property values in your neighborhood have gone down recently, it'll be reflected in your zestimate. The average sale price in some areas has gone down due to the large volume of bank-owned or distressed property sales. Those properties have sold at a discount and it's reflected in the averages. Does it make your home worth less? Keep track of it over time and you'll see that it can swing back and forth by a few thousand dollars. I wouldn't worry. Use it as a tool to try to see what's happening with real estate values in your neighborhood. When it comes time to sell and place your home on the market, have your Realtor prepare an estimate of value on your home - also known as a Comparative Market Analysis.
- Steve Roake, "Steve Roake"
- Contributions:285
Maybe you overpaid....maybe the value went down. Maybe Zillow is wrong. (Yes, I said it). Maybe you're wrong. Who knows. Who cares. Its a website that estimates value. Its not perfect (Zillow is not perfect?).
My property cost 147,00 but the Zestimate is only 139,00 . WHY ?
I mean 139,000
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