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Wanna know what your neighbors house is worth?


Bruce B
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Probably some of it is based on data available as public record. At least in my county, the Property Valuation Administrator keeps track of the last sale price of property, as well as assessing the current fair value in order to compute property tax. This information is available on their website, other places might have a more complex process you have to go through to get it.

 

Strangely though, this site has pretty much no pricing information on my area.

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What is this? It looks like the price I paid for my house like... 3 years ago. Surrounding properties (like next door) have a 50k+ more price tag (same exact units).

 

Is that what they paid? Because LOL.

 

EDIT Judging by the data it's based on the last time the home was appraised or sold I'm guessing.

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Dang that is pretty cool. Seems to be fairly accurate based on what homes in my neighborhood have sold for recently. My home has gained 80k in value in the 5 years I've owned it which is pretty much what I expected. I have put in quality vinyl windows and a central A/C unit recently and I'd like to know how much value that added to my home.

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I find the site fascinating and was able to use it before buying our house in April. However, Zillow's estimate and the Competive Market Assessment we got from the real estate agent were pretty different. Our problem was good in that Zillow was saying the house was a lot more that what we were going to pay for it. It was overestimating by at least 20%! So please don't use the Zillow estimate as a decision point if anyone is seriously considering selling their house.

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My brother showed me this site before my wife and I bought our house a month ago. It works really well if you can get a Zestimate (like his house back in Oregon), but here in Wyoming it's primarily based off of square footage. We can't even see a satellite view of our neighborhood.

 

So our 1922 arts and crafts home with a custom kitchen, fully tiled bathroom, complete structure wiring etc. etc. appraised out at $150,000 when we bought it but shows up as being worth $97,294 on zillow.

 

It still is a pretty sweet site though.

 

Michael

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I find the site fascinating and was able to use it before buying our house in April. However, Zillow's estimate and the Competive Market Assessment we got from the real estate agent were pretty different. Our problem was good in that Zillow was saying the house was a lot more that what we were going to pay for it. It was overestimating by at least 20%! So please don't use the Zillow estimate as a decision point if anyone is seriously considering selling their house.

 

Wise words...I joked about selling my house based on that "zestimate" but I know full well my house isn't worth $450k. It was more wishful thinking than a serious consideration on my part. :)

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  • 2 weeks later...

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