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Answers (7)
Best Answer
- D. Scott Secor, "D. Scott Secor"
- Contributions:86
LOL
Zillow's "Zestimates" are seldom accurate. Some are way too high and others way too low.
An accurate assessment would be based on a careful review of recent home sales in the immediate neighborhood. The most accurate method would be to consider ONLY homes sold within the past three months that were of near identical size, room counts, style, amenities, condition, and location relative to major arteries or bodies of water (crossing any major boundary usually changes EVERYTHING). These are among the criteria that an appraiser would use to establish value. Anything else is just a guess ... or guess-timate/Zestimate.
Not even current "taxable market values", based on your County Tax Assessor's assessment, are reflective of nothing in the current market. Recently I have seen properties sell for half ... or even double ... the tax assessor's "taxable market value".
Also consider that no matter how much the value of a property may decline, government revenues NEVER will. The objective of the assessor's office is to manipulate value (or the mil rate) to achieve the amount of revenue required to fund ever-expanding government excesses, with absolutely no regard to the taxpayer -- or reality!
Consult a licensed Realtor in your area for their opinion on the valuation, otherwise commission a licensed Appraiser. Please keep in mind that the true value of any real estate is established only when it is SOLD.
Zillow's "Zestimates" are seldom accurate. Some are way too high and others way too low.
An accurate assessment would be based on a careful review of recent home sales in the immediate neighborhood. The most accurate method would be to consider ONLY homes sold within the past three months that were of near identical size, room counts, style, amenities, condition, and location relative to major arteries or bodies of water (crossing any major boundary usually changes EVERYTHING). These are among the criteria that an appraiser would use to establish value. Anything else is just a guess ... or guess-timate/Zestimate.
Not even current "taxable market values", based on your County Tax Assessor's assessment, are reflective of nothing in the current market. Recently I have seen properties sell for half ... or even double ... the tax assessor's "taxable market value".
Also consider that no matter how much the value of a property may decline, government revenues NEVER will. The objective of the assessor's office is to manipulate value (or the mil rate) to achieve the amount of revenue required to fund ever-expanding government excesses, with absolutely no regard to the taxpayer -- or reality!
Consult a licensed Realtor in your area for their opinion on the valuation, otherwise commission a licensed Appraiser. Please keep in mind that the true value of any real estate is established only when it is SOLD.
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2239
Are you using a Realtor? If so, have you asked him/her to show you comps?
- Naima Sumner, "Dallas Ft. Worth PRO"
- Contributions:2848
A zestimate is not an appraisal. It is simply a number that has close to no value in Texas.
It works very well for some other states such as CA or NY but since Texas is a non-disclosure state, sales prices are not made public. Zillow gather their info from public data.
You need to work with a local Realtor who will do a market analysis on the home you are contemplating purchasing. It may very well be overpriced or price right.
Naima
It works very well for some other states such as CA or NY but since Texas is a non-disclosure state, sales prices are not made public. Zillow gather their info from public data.
You need to work with a local Realtor who will do a market analysis on the home you are contemplating purchasing. It may very well be overpriced or price right.
Naima
- Michael Diamond, "Michael Diamond"
- Contributions:37
Zillow is a good tool for you to get an idea as to what the area properties are selling for. But it is not as accurate as you might think. Seldom are the properties used to make a Zestimate are true comps.
Contact a local Realtor they will give you the most accurate information about how much the home is worth. Good Luck!
Contact a local Realtor they will give you the most accurate information about how much the home is worth. Good Luck!
- Jim Harris, "Jim Harris"
- Contributions:3
Contact a local professional who understands your market. Zillow is a great tool, but the estimates lack enough neighborhood knowledge to be accurate.
It is unfortunate - as I love Zillow - but working to adjust client's expecations of value after looking through Zillow is a daily task.
Buyers and Sellers set price. Appraisers comment on value. Since the change in appraisal rules, even appraisals aren't fool proof.
It is really up to the local professional to help their clients do the right thing. Now more than ever.
Good luck!
It is unfortunate - as I love Zillow - but working to adjust client's expecations of value after looking through Zillow is a daily task.
Buyers and Sellers set price. Appraisers comment on value. Since the change in appraisal rules, even appraisals aren't fool proof.
It is really up to the local professional to help their clients do the right thing. Now more than ever.
Good luck!
- HomeSand.net, "White Picture"
- Contributions:4398
Usually, Zestimate has 20% (+-) tolerance, even more on some properties.
- Diane Dillard, "Diane Dillard"
- Contributions:24
The value of a property is based on the LOCAL market. As far as appraisals are concerned, it is extremely difficult to find "like" comps in our area because we have very few subdivisions where houses are alike. Most house in our area are custom built, therefore, they have very diversified features. One can get an "educated opinion" from a realtor, and the opinion may be very close; but in this situation, I would recommend getting an appraisal to give you a better idea of the value.
sale price of a home is $30,000.00 more than zillow has it valued @ is it really way over priced???
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