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Answers (4)
- Lori Davis, "Lori Davis Realtor"
- Contributions:3
I frequently hear this very question... good job ....
essentially to piggy back on the two previous replies i would say
yes - your best source for an estimated value on your home is local realtors - they are active in your neighborhood and familiar with most homes that have recently sold - i have been both a residential appraiser and now a realtor - and i will tell you even an appraisal is subject to conflict - it is not as objective as most people think
otherwise - robert is right in noting that government agencies tend to be behind the time - but also - as much as i LOVE zillow - they are not able to weed out the bank owned homes - or - sometimes when a home owner puts a their home into a trust it is recorded as a transfer of ownership for one dollar - so if that transaction is considered in it's zestimate - obviously it is going to bring the "average" sales price down considerable .... follow?
i work the south east oakland county area and am very familiar with the 696 and woodward avenue area - so feel free to conntact me directly if you want more information :)
Lori
[edited by Zillow moderator to remove contact information. Please refer to Good Neighbor Policy]
essentially to piggy back on the two previous replies i would say
yes - your best source for an estimated value on your home is local realtors - they are active in your neighborhood and familiar with most homes that have recently sold - i have been both a residential appraiser and now a realtor - and i will tell you even an appraisal is subject to conflict - it is not as objective as most people think
otherwise - robert is right in noting that government agencies tend to be behind the time - but also - as much as i LOVE zillow - they are not able to weed out the bank owned homes - or - sometimes when a home owner puts a their home into a trust it is recorded as a transfer of ownership for one dollar - so if that transaction is considered in it's zestimate - obviously it is going to bring the "average" sales price down considerable .... follow?
i work the south east oakland county area and am very familiar with the 696 and woodward avenue area - so feel free to conntact me directly if you want more information :)
Lori
[edited by Zillow moderator to remove contact information. Please refer to Good Neighbor Policy]
- sunnyview
- Contributions:25139
Tax assessments are about maintaining a tax base for community services not about appraising homes especially in a falling market. A Zestimate is not an appraisal just like a appraisal is not a sale.
If you need specific information on your home value, it is best to call several local agents and get a thumbnail CMA based on the most current MLS info on recent sales and listings. Most are happy to help.
If you need specific information on your home value, it is best to call several local agents and get a thumbnail CMA based on the most current MLS info on recent sales and listings. Most are happy to help.
- Dave Roberts, "davesonoma"
- Contributions:6
Markets tend to move much more quickly than government agencies. The price for real estate is measurable day by day as transactions are completed and key numbers like average price per square foot become known. Zillow and savvy agents can use those numbers to project prices for homes that haven't sold...like yours.
Meanwhile government assessors might only update value once a year at the most. They are not going to be eager to reduce their property tax revenue by lowering your assessed value. They probably will, eventually, but you should contact your local assessor to determine how you can challenge their valuation.
Please keep in mind that Zillow list of your home's value is only a rough estimate based on many factors. It's not based on an in-person appraisal or a site visit. It also doesn't factor in recent repairs or remodels or any specific amenities your house may have that aren't easy to evaluate remotely. The more your home differs from your neighborhood standards, the more likely the estimate is not a true market value.
Meanwhile government assessors might only update value once a year at the most. They are not going to be eager to reduce their property tax revenue by lowering your assessed value. They probably will, eventually, but you should contact your local assessor to determine how you can challenge their valuation.
Please keep in mind that Zillow list of your home's value is only a rough estimate based on many factors. It's not based on an in-person appraisal or a site visit. It also doesn't factor in recent repairs or remodels or any specific amenities your house may have that aren't easy to evaluate remotely. The more your home differs from your neighborhood standards, the more likely the estimate is not a true market value.
- Pasadenan
- Contributions:21466
Because a tax assessed value has absolutely nothing to do with present market value, and because a machine generated opinion of approximate market value has a wide tolerance range and does not take into account many specifics.
Though you can petition the county tax assessor if you want, and you can change details about your home on Zillow that may affect Zillow's machine generated opinion, there is no direct method to alter the machine opinion.
If you want to look at other machine generated opinions from other sources, you might try:
Homesand.net
Eppraisal
realquest.com express
cyberhomes.com
trulia
chase
homegain
homes.com
(No matter what you read or what anyone told you, most AVM programs do not use the Assessor value as their sole basis for their value opinion. Zillow uses that as just one of the variables and adjusts it based on local tax rules.).
Besides, the properties rarely get re-appraised more than once every couple years, other than normal inflation factors that are applied. And we are still in a declining bubble correction market. So most recent purchasers get to pay taxes based on what they paid, rather than based on present market value.
Though you can petition the county tax assessor if you want, and you can change details about your home on Zillow that may affect Zillow's machine generated opinion, there is no direct method to alter the machine opinion.
If you want to look at other machine generated opinions from other sources, you might try:
Homesand.net
Eppraisal
realquest.com express
cyberhomes.com
trulia
chase
homegain
homes.com
(No matter what you read or what anyone told you, most AVM programs do not use the Assessor value as their sole basis for their value opinion. Zillow uses that as just one of the variables and adjusts it based on local tax rules.).
Besides, the properties rarely get re-appraised more than once every couple years, other than normal inflation factors that are applied. And we are still in a declining bubble correction market. So most recent purchasers get to pay taxes based on what they paid, rather than based on present market value.
why has Zillow listed my home value way below my assessed value
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