Can You Trust a Zestimate or City Assessment?
Can you trust Zestimates or the city’s property tax assessment for a true valuation of your home? Not in today’s Hampton Roads market. Tune in to learn more. Buying a Hampton Roads home? Get a full home search Selling your HAmpton Roads home? Get a free Home Price EvaluationToday I wanted to cover a topic that a lot of people are talking about: how do Zillow’s Zestimates and the city’s tax assessment on your property calculate your home’s value?Starting with Zestimates, you should know that these valuations can be all over the place. When it comes to both Zestimates and city tax assessments, keep in mind that no one has actually seen the inside of your home when assigning its value. Typically, Zestimates are more accurate in neighborhoods where all of the homes are the same or there are only a few different models of homes. If you’re in an area where the homes are very different or in a rural area, the Zestimates are going to be highly inaccurate. Also, Zestimates can vary a lot based on the condition of your home. Zestimates typically assume that your home is updated and in top condition. The same goes for city assessments; if your home hasn’t been updated in years or is in need of repairs, that’s not going to be factored into the assessed value.For a true home value, you need to consult with an expert.Zestimates are getting more accurate, but for a true value, you need to consult with an expert. The same is true with your city assessment. These will always be at the high end of the market and assume your home is in absolute mint condition and fully updated. City assessments can also trail the market by about a year.Right now in our market, values have been going up a little bit, so the city assessment may be a bit lower than top market value. On the flip side, if we’re in a declining market, then city assessments may be a little higher. While both of these options are a decent gauge for home value, the best thing to do is call a local Realtor to find out what has sold in your local area and how your home stacks up against comparable properties. If you have any questions or you’re wondering what your home’s value is in this current market, give me a call or send me an email. I’d be happy to help you!