Anybody get an appraisal on a house recently?

[Squisher]

And if you did, how close was that figure to Zillow, Realtor.com, etc.?

I bought my house in '05 for $335K and the online services are saying it's now worth $149K, but I'm thinking they're off. I called the bank about doing a refi and they quoted me 5.25% because they claim I'm $13K underwater and I have to refi under some federal program for underwater mortgagees.

Now, I can pay $400 for an appraisal with the hope that it comes in closer to $200K. We're talking about a 2400 sq. ft., 4 bedroom, 2 full bath, 2 half bath, 3 car garage, with a walkout basement that faces a pond.

What do you say? Should I pay the $400 on this gamble?

 

[IronWing]

We're not going to be of much help. All real estate values are local.

Edit: If "online service" is Zillow then ignore their estimate. Look at their recent completed sales for a better idea of what houses are really selling for. Ignore the sale prices for houses on the market, only look at completed sales and the date of sale. More recent = better indicator.

 

[Squisher]

We're not going to be of much help. All real estate values are local.

Edit: If "online service" is Zillow then ignore their estimate. Look at their recent completed sales for a better idea of what houses are really selling for. Ignore the sale prices for houses on the market, only look at completed sales and the date of sale. More recent = better indicator.

That's the thing, I did that, but there aren't any recent sales being shown. I could go into the township tax records to go back further in time, but that would be time consuming.

 

[FelixDeCat]

Valuations are really a matter of what someone is willing to pay. By the looks of it, a house like that (not knowing SF, amenities, etc) would go for about $215k in Texas.

My parents home was purchased in 1980 for $44k, hit a low of $25k in '86 went up to $105k in 2006 and has dropped nearly 40% to $55k, 30 years later. Accounting for inflation, it should be worth at least $114,800, assuming nothing else.

After spending nearly 17 years in the mortgage industry, I would say do it only if they can guarantee you will qualify for that program. Also, look for comparitive properties for sale around yours to give you a hint at the market.

 

[Tsaico]

I purchased a investment home (which has backfired on me BTW) at Short sale of 185k, at the time zillow placed it at 205 at the time, the insurance company put it at $250k. Now zillow is showing it at 276, the bank says 200k, (wanted to get a line of credit), the private appraiser put it at $300k.

I say all three of them have no real idea what it is, and the only real way to have an idea is to look other sales in your area. Hopefully your house in a track home neighborhood, so your house is similar to others in the area in design, layout, and size. In my case, it isn't, but the average sale in my area has been between 260-320. I would guess my place to be $250 ish.

 

[Squisher]

I'm thinking that $149K is starting to approach a figure where you'd have a hard time building the house for that amount.

I just thought if enough people responded that the online services were significantly off, that I'd take the chance and get the appraisal.

 

[DAGTA]

Sadly, Zillow is very close to accurate for recent comps done on my house.

 

[Oakenfold]

Yes, I received an appraisal last week.

No idea how zillow calculates their value but based off my experience it's been way off in my area (sometimes higher, sometimes lower).

Anyhow I would find out what tool your local realtors use in looking at recent sales (an example is listingbook.com) from the MLS. You may even have the information available through your local MLS online. Do you know what homes are being listed at on the market for in your area? That's another good indicator for you (although keep in mind active listing does not equal sold, you really need to look at sales history).

If you aren't sure what I'm talking about I would recommend paying the $400.

 

[CrazyAznDriver]

zillow is way off in my neighborhood

 

[Shawn]

Appraiser said $110k, Zillow says $135k. Bought for $72.5k.

 

[Jumpem]

Zillow was ridiculously high on the house I just sold. More than 50% too high.

 

[wiredspider]

So how much do you still owe? Zillow is by no means accurate. Are there any homes for sale in the area? Or even recent sales? Might be able to look that stuff up, Zillow usually even has that info for you.

 

[Squisher]

So how much do you still owe? Zillow is by no means accurate. Are there any homes for sale in the area? Or even recent sales? Might be able to look that stuff up, Zillow usually even has that info for you.

Owe $162K.

 

[JulesMaximus]

Your house is worth what you could realistically sell it for. Talk to a Realtor who is familiar with your area. They can tell you what other homes have sold for recently and give you a pretty good idea what your house is worth.

 

[Slew Foot]

Yeah, the only thing that matters is recently closed homes in the area. Preferably within 1 mile of your house in the last three months. Appraisers pretty much strictly go by sqft and lot size with a small fudge factor for condition and "other" (i.e. we got an extra 15% added on to our appraisal because of the view).

 

[blackangst1]

Your house is worth what you could realistically sell it for. Talk to a Realtor who is familiar with your area. They can tell you what other homes have sold for recently and give you a pretty good idea what your house is worth.

Zillow would have that info, and the Op said nothing has sold recently.

The only thing Zillow is good for is comps. If you want a true appraised value, youre going to have to pay fopr a real appraisal.

 

[Fritzo]

That house is worth way more than $149K, market crash or not. Should be in the $220-$270 range if you're anywhere in the midwest or mountain states.

 

[nickbits]

That house would be 180-200 where I live.