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Answers (3)
- Larry Tollen, "Larry Tollen"
- Contributions:384
What are you basing this information on? If you are basing it on your Zestimate I would not be overly concerned.
Zillow is not for giving an appraisal value. This can only be done by a licensed appraiser who works in your area. Zillow's purpose is to provide a rough estimate of market value (the Zestimate) and to provide accurate information on real estate sales and price trends throughout the country.
That said Zillow can easily be off by 10% in either direction and in some instance even more.
If a local appraiser or Realtor has given you this information they are basing it on actual sales of comparable properties located in your immediate area and if this is the case then your area is trending downward at the moment. I don't know your area well, so I cannot tell you with any real authority what the cause may be.
- Lisa Palermo, "Lisa Palermo"
- Contributions:77
i abosolutely agree... unfortunately i feel we still may see an additional 10% reduction in home values before we level off...
- Patti P. Chrisman, "housebroker"
- Contributions:37
I am not an agent in your area but I can say that what we are seeing in different parts of the country is some lower appraisals. I have spoken to several lenders and appraisers in our area and it seems that foreclosures and distress sales are lowering values for some folks. Appraisals are based on comp sales. If a certain neighborhood has recent homes that have sold cheaper than normal for the neighborhood, these comps can bring the other values down. Appraisers try to use the most current sales and those that are closest in proximity.
my home ( address 28 Utopian Place Airmont NY ) value has dropped 5% - WHY
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