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Rita Ranch Home Values

What happened?  From one week to the next the home values in the entire area have dreduced ALL homes by over 20K each?  When home values in arizona in general have gone up?
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August 26 2013 - Rita Ranch
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Answers (6)

Zillow and the other on line valuation sites just look at recent sales in the area. There may have been a sale since the last valuation that skewed the value. A Realtor could clarify that for you. And if you needed an appraisal for either a purchase or a refinance, the appraiser would either not use that transaction if it did not reflect the norm (could have been a non arms length transaction) or they would adjust the valuation for the cause of it's outlier position.
 
Some areas in Tucson have gone up in value of the last few months, and unfortunately some areas have still declined. Your best bet is to speak with a knowledgable Realtor if you need to know the value. 

  

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August 27 2013
As a Realtor, I can send you a Cost Market Analysis of your home.  This will show the historical closings in the subdivision and the active listings as well.  
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August 26 2013
Valspe

No one in the real estate industry are using Zillow.com "Zestimate" in determining the home value for either a purchase or a refinance.   Maybe a loan officer may pull it to see if it is close before they start the process but from there the property must appraise, that is the true worth of the property.   In the end, Zillow is not used by anyone in the real estate industry, at least not by apprasiers, lenders, or Realtors who know what they are doing.   It is just a number, please do not allow it to get you upset.  Over the past 6 years of experience in the real estate industry here in Tucson, AZ I have seen the "Zestimates" swing all over the place, and just are not that accurate.

If you really want to know, call a local Realtor to conduct a CMA or pay for an appraisal.   In today's market, a property is really worth whatever it can appraise for.

Spirit
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August 26 2013
Hi Valspe,

Both answers below are very relevant. I also want to add that the zestimate takes an aerial snapshot in order to produce comps for properties. This can be spot on or further from the truth. Its basically a computer spitting out number based upon old and outdated inputs. I highly recommend speaking to a local realtor and get a free estimate for your homes value. This should not cost you a thing as most are happy to help and give advice. Please feel free to contact me directly.

Best, 
Michael Shiner.
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August 26 2013
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Over one week-end they devalue homes in an entire area by that much? It would not be so bad if banks and lending institutions did not weigh zillow's valuation on a much heavier scale than zillow's disclaimer.
I'm not buying it.  Seems a little fishy.
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August 26 2013
Hi Valspe

I know the Rita Ranch area very well, I have bought several homes in that subdivision and the overall area code of 85747.   Zillow.com and their "zestimate" are a nice free tool, but should not be a consumers only tool in their belt.   Their "Zestimate" are based off public data sold data and they calculate an algorithm, the numbers changed overnight but to be honest, they were not that accurate to begin with.   If you read their own fine print, they state the "Zestimate" may be off up to +/-20% which is a large swing, they suggest you speak with a local Realtor.  That would be my suggestion too, please do not let their "Zestimate" get you down about your home or its value.  Just a ballpark guestimate, enjoy your home.

Spirit
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August 26 2013
 
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