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Property value affected by insurance claim?

The value of our home used to be one of the highest on our street, but in recent months it has dropped below our neighbor's, even though their sq. footage is less. Could the reason be an insurance claim we made earlier this year (busted pipe)?
  • November 07 2013 - Chandler
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Answers (2)

Are you referring to the estimated value that Zillow provides?  If so , please understand this type of so called estimate is a computer generated based value based on on your zip code and not even specific to your subdivision from fair market value on any given home.  I have not checked recently, but in the past the Zestimate values have varied plus/minus 30%. This Zillow valuation guess cannot be relied upon.  The only way to determine the value of you house with any accuracy is to hire an appraiser or get an experienced real estate agent to do a Comparative Market Analysis (CMA) or better yet a Broker Price Opinion which is more exacting and makes adjustment for upgrades and reductions for defects. 

I too would doubt that the Zillow software would take into account a prior insurance claim, since there is no way to know if it was repaired or not.

  • November 08 2013
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Zillow's zestimates don't take into account insurance claims.
  • November 08 2013
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