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I purchased the house in late 2018 for $170,000. For early June of this year, the Zillow estimate was showing $208,000. Now today it's $230,000. I checked the other websites such as realtor and trulia and the estimates are the same. Any reason why this is happening?
I purchased the house in late 2018 for $170,000. For early June of this year, the Zillow estimate was showing $208,000. Now today it's $230,000. I checked the other websites such as realtor and trulia and the estimates are the same. Any reason why this is happening?
You are in a market that is appreciating and the online appraisals are playing catch up to the values as more sales close.
Of course, online appraisals are typically meaningless.
The quick rise recently is probably because of closings in May and June from April listings.
Where I am, April is the hottest listing month, with people wanting to sell as soon as the kids are out of school.
The $208,000 estimate is 7% annual which is pretty normal. There are other places that increase at 10%, or 4%. It depends on your location.
The increase to $230,000 in a matter of 3 weeks amounts to 570% which is kind of meaningless because you don't actually expect your property to be worth 1.2 Million by this time next year.
The short term fluctuations just come from recent sales in your neighborhood.
Our house value went up $200k last month, 16% ($20k more than we bought it 25 years ago) according to Zillow. It’s just the algorithm reacting to recent nearby closings and doesn’t necessarily mean that much wherever it’s happening for that short term. Best to assess every six months or so.
I purchased the house in late 2018 for $170,000. For early June of this year, the Zillow estimate was showing $208,000. Now today it's $230,000. I checked the other websites such as realtor and trulia and the estimates are the same. Any reason why this is happening?
Demand is being fueled by low inventory and low interest rates.
I'm seeing the same thing in Phoenix. I bought my house for $238,000 in June 2019. Current Zestimate is $362,200, up $37,590 (+11.6%) in just the last month. And, guess what, 5 comparable houses in my subdivision sold since April between $350,000 and $400,000. It's not just imaginary.
The $208,000 estimate is 7% annual which is pretty normal. There are other places that increase at 10%, or 4%. It depends on your location.
The increase to $230,000 in a matter of 3 weeks amounts to 570% which is kind of meaningless because you don't actually expect your property to be worth 1.2 Million by this time next year.
The short term fluctuations just come from recent sales in your neighborhood.
Proving, yet again, that Zestimates are meaningless.
Demand is being fueled by low inventory and low interest rates.
I'm seeing the same thing in Phoenix. I bought my house for $238,000 in June 2019. Current Zestimate is $362,200, up $37,590 (+11.6%) in just the last month. And, guess what, 5 comparable houses in my subdivision sold since April between $350,000 and $400,000. It's not just imaginary.
Seems to me $238,000 for a house in Phoenix in 2019 is WAY undervalued. In LA you can't even get a 400 sqft studio for $500,000.
I feel like Zillow always wildly overestimates values. Not sure if they're just trying to scare people into buying for fear of constant price increases while simultaneously encouraging home owners to sell for hugely inflated values to try to cash in. Seems like an artificial pump machine. Our realtor's algorithm is no where near as bullish on prices as zillow's estimates often come in at. Zillow always seems to be high compared to all other websites, at least in our area.
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Proving, yet again, that Zestimates are meaningless.
