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Find the value of your home

It's can't find my home - since it's new. But - some similar townhomes next to me are going for 140K 🙂
 
Zillow is not 100% accurate. They only take into account the appraisal value of the house. If your house hasn't been appraised recently (by the town or whatever), the numbers are totally off. Case in point, my parents' house was last appraised at $130,000 about 12 years ago (the Zillow value) but houses in their neighborhood now go for $350,000+. So the Zillow number is completely useless in this instance. Their house is set to be reappraised by the town (they want more tax money!) so that might change soon, but something to keep in mind...
 
Originally posted by: mikej007
Zillow is not 100% accurate. They only take into account the appraisal value of the house. If your house hasn't been appraised recently (by the town or whatever), the numbers are totally off. Case in point, my parents' house was last appraised at $130,000 about 12 years ago (the Zillow value) but houses in their neighborhood now go for $350,000+. So the Zillow number is completely useless in this instance. Their house is set to be reappraised by the town (they want more tax money!) so that might change soon, but something to keep in mind...
Click to expand...

:thumbsup: correct.

My parent's home is appraised at $510,000 by Zillow, but it's value has been estimated at closer to $800k by a real estate agency (lillian whateverhername)
 
Neat site but my parent's house is wrong. Location, appraisal value, it looks like the only thing it got right was the # of bedrooms.
 
considering it is showing the value about 50K short of what a house just sold for accross the street, and it's showing the value for $150K less than the asking price of this one corner house, I would have to say it's pretty damn innacurate.
 
Originally posted by: mikej007
Zillow is not 100% accurate. They only take into account the appraisal value of the house. If your house hasn't been appraised recently (by the town or whatever), the numbers are totally off. Case in point, my parents' house was last appraised at $130,000 about 12 years ago (the Zillow value) but houses in their neighborhood now go for $350,000+. So the Zillow number is completely useless in this instance. Their house is set to be reappraised by the town (they want more tax money!) so that might change soon, but something to keep in mind...
Click to expand...

Houses are appraised once every 12 years? We get appraised once a year, and that's what you pay property taxes based off of.
 
Zillow is totally out of whack for my zip code. Unless, of course, my house really did increase in value by $120,000 Nov-Jan but lost $60,000 in the last two weeks.

If you live in a zip code with lots of new construction Zillow won't give good results. Zillow looks at your last sale, assigns your house a percentage against the median price at that time, and then adjusts the value of your house based on the movement of the median sale price for your zip code. In my zip code, most of the new construction has been McMansions so the median price has gone through the roof, pulling up the Zillow values of the more modest houses with it. Now another subdivision in my zip code with more modest houses has reached the mushroom stage pulling the median price back down and thereby sending the Zillow value of my house plunging.

Zillow might work in a built out zip code but not here at the urban frontier.
 
Did my neighborhood, not even close (60+% error on two homes)
Did my father's neighborhood, not much better... the townhouses in his subdivision are selling for nearly double what that site says.
 
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