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[quote=Anonymous][quote=Anonymous][quote=Anonymous]what does zillow.com say[/quote]

Huh?  Does this have any bearing?  Would an appraiser pay any attention to Zillow?  Anyway, Zillow says $393k, but it says $420k for the house next door which is in terrible shape and completely unrenovated and definitely worth way less than ours.  It says $538k for the house a few doors down that is under contract for $575k.  I don't think that Zillow is very helpful or accurate.  It is probably based on tax assessments and we got lucky as our assessment is now slightly lower than some other comparable houses (e.g. the house next door that's in terrible shape).[/quote]

It's not based solely on tax assessments, it's also based on comps and SF, i.e. the product of average price per square foot of local comps x SF of your house per tax records (which are often wrong). That said, I agree it's not very accurate b/c it doesn't factor in remodeling, improvements, condition, etc.  By way of example, it is currently off (too low) by $25K on our current home in DC, which we are under contract to sell in 2 weeks -- the Zestimate is $366,500 and we are selling for $393,000 (private sale w/ no agents).  It is off by $150K (again too low) on the new home we are buying in Montgomery County -- the Zestimate there is $747,700 and we are buying for $900,000 (another private sale w/ no agents), which was $20K under the appraised value per the bank's (conservative) appraisal.[/quote]

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