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So if a house says Zillow value $ 187,000 and the range is $ 121,000 to $ $187,000 then according to conditions and varying factors , that price is pretty close ?
Zillow said my condo was worth $115k when I was in the process of buying it. I offered $73k, and bought it for $75k. The appraisal came back at $88k. Not very close at all...
It depends on where you live. Texas is a non-disclosure state so the values on Zillow are WAAAAAYYYYY off. They have no way of getting sales prices, only mortgage amounts, and that means nothing. You don't know if they put down 3.5% for FHA or 30% because they had some nice savings.
Contract on our current house is for $524K. Zestimate is $489. Difference is 7% House appraised at $525K.
Contract on the house we are buying is $1,200,000. Zestimate is $1,082,000. Difference is 10%. House appraised at $1,200,00.
Both of the houses that I listed above sold higher than the Zestimate but I have seen houses listed 7-10% swings the other way.
For a $500K house a 7% swing gives a range of $487-561. That's a pretty large range.
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