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Answers (5)
- Heather Stevenson, "Heather Stevenson"
- Contributions:62
WillKim,
I know that it can be disheartening to find out that your neighbors home has dropped in value and wanting to know what effect that has on the value of your home.
An estimate of value is just an indicator, and while I like the Zillow tool, Zestimate, to use as a temperature gauge, until you have an agent perform a true CMA (competitive market analysis) on your home you won't know the true estimated value of the property. Also, remember that most appraisers only go back into the history of closings 3 months. If a home was an REO that closed in September currently for most would not now be a relevant comparable.
The best thing to do is to contact a local REALTOR® that you trust and have them perform a competitive market analysis for your property. If you don't know a REALTOR®, you can find many great agents here at Zillow. Completing a CMA is a free service a REALTOR® does for their clients or prospective clients. If you do not want to use a REALTOR® then you can have a full appraisal completed, however that would cost you between $300 - $400.
Keep in mind that the appraised value is only good when the appraisal was completed. Also, all homes in Corona have dropped in price during this downturn, but a home is a great investment and property values will increase again in the future.
Heather J Stevenson
I know that it can be disheartening to find out that your neighbors home has dropped in value and wanting to know what effect that has on the value of your home.
An estimate of value is just an indicator, and while I like the Zillow tool, Zestimate, to use as a temperature gauge, until you have an agent perform a true CMA (competitive market analysis) on your home you won't know the true estimated value of the property. Also, remember that most appraisers only go back into the history of closings 3 months. If a home was an REO that closed in September currently for most would not now be a relevant comparable.
The best thing to do is to contact a local REALTOR® that you trust and have them perform a competitive market analysis for your property. If you don't know a REALTOR®, you can find many great agents here at Zillow. Completing a CMA is a free service a REALTOR® does for their clients or prospective clients. If you do not want to use a REALTOR® then you can have a full appraisal completed, however that would cost you between $300 - $400.
Keep in mind that the appraised value is only good when the appraisal was completed. Also, all homes in Corona have dropped in price during this downturn, but a home is a great investment and property values will increase again in the future.
Heather J Stevenson
- Vince Curtis, "SoCal Appraiser"
- Contributions:4701
Your neighbors drop in value - and your drop in value - is due to the economy, not Zillow, nor any single low Zestimate.
Corona has showed a 4% drop in values over the last 12 months, really not as bad as most other areas....
And to Cameron and Kydia - Spam, advertising, or self-promotional content is not allowed in Zillow Advice. This includes, but is not limited to, any contact information such as phone numbers, email addresses, or website URLs .... lets not start looking like Trulia.com
Corona has showed a 4% drop in values over the last 12 months, really not as bad as most other areas....
And to Cameron and Kydia - Spam, advertising, or self-promotional content is not allowed in Zillow Advice. This includes, but is not limited to, any contact information such as phone numbers, email addresses, or website URLs .... lets not start looking like Trulia.com
- Cameron Novak, "Real Estate Agents"
- Contributions:139
Hi Kim,
A reputable real estate agent or broker can check this out for you and will likely not charge you for the info. What makes you think the value of the neighbor's home affects yours? Are you concerned because you are selling?
Cameron Novak
[contact information and website removed by Zillow moderator]
A reputable real estate agent or broker can check this out for you and will likely not charge you for the info. What makes you think the value of the neighbor's home affects yours? Are you concerned because you are selling?
Cameron Novak
[contact information and website removed by Zillow moderator]
- LydiaKray
- Contributions:65
Hi WillKim,
The zestimate which is the estimate of your houses value is not as accurate as you might want to believe. To come up with the true value of your home you can have a reputable experience Realtor run the comparables in your neighborhood. Some other deciding factors of your homes value has some also to do with the location in the neighborhood, if there is a pool, upgrades etc.
Lydia Kray
Tarbell Realtos- Corona/Eastvale
[contact information and website removed by Zillow moderator]
The zestimate which is the estimate of your houses value is not as accurate as you might want to believe. To come up with the true value of your home you can have a reputable experience Realtor run the comparables in your neighborhood. Some other deciding factors of your homes value has some also to do with the location in the neighborhood, if there is a pool, upgrades etc.
Lydia Kray
Tarbell Realtos- Corona/Eastvale
[contact information and website removed by Zillow moderator]
- Ryan Halset, "RyanHalset"
- Contributions:730
Hi Steve,
You (and many others) have noticed a quick change in home estimates because Zillow started the process of changing their proprietary Zestimate algorithm yesterday. Feel free to click here to view the announcement or view the blog update.
Remember that Zillow simply provides an estimate, and is not a substitute for a comparative market analysis provided by a local professional.
Thanks!
Ryan Halset, Realtor
Boardwalk Real Estate | Seattle, Wa
You (and many others) have noticed a quick change in home estimates because Zillow started the process of changing their proprietary Zestimate algorithm yesterday. Feel free to click here to view the announcement or view the blog update.
Remember that Zillow simply provides an estimate, and is not a substitute for a comparative market analysis provided by a local professional.
Thanks!
Ryan Halset, Realtor
Boardwalk Real Estate | Seattle, Wa
why did the house value of my neighbor dropped and effect ours?
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