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Why is the owner's estimate so ridiculously high? Is he high?

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June 23 2009
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Answers (3)

It doesn't matter what an owner thinks his house is worth as normally buyers get a mortgage and the house will be appraised.  

Most "smart sellers" that chose to sell (or are forced to sell) in this market are getting a very good opinion of value from a licensed appraiser "before" deciding on an asking price.  Unfortunately some Realtors may be overly optomistic of the value and actually hinder the seller because the seller may ultimately lower the house to the market after 6 months of not selling.  Then the prices are even lower in a declining market.  So don't be penny wise and pound foolish by overpricing in this market. Pay the small price to get a full appraisal by a licensed appraiser in your area.
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August 24 2009
If you click on the "owner's estimate" link, it takes you to a page showing an explanation by the owner of what upgrades have been done and why their estimate is higher than Zillows.  I don't know that I agree with their increase in value, but it at least lets you know what upgrades the home has.

Best wishes,
Loree Nichols
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June 29 2009
the owners estimate is just than - an estimate. 
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June 23 2009
 
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