Would you ever leave the value of your home to luck? Maybe I’ll list my home at $10,000,000 and see if I get lucky.
If appraisers were like the cable guy, I’d provide a window of value and tell you your home is worth between $400,000 and $800,000 :). Zillow’s range of accuracy can be like this or worse. On the first day of class at Appraising 101, the instructor stated “appraising is an art, not a science.” Zillow is a science, solely based on statistics. Sometimes Zillow’s zestimate is relatively reasonable, however sometimes it is significantly off, and it can be as unreliable as the cable guy.
Here are three recent appraisals I performed:
If these homeowners relied on Zillow, the first homeowner would be leaving $65,000 on the table if they listed it at $560,000 and accepted an offer right away. Considering this homeowner purchased their home for $605,000 several years ago in a market that has gone up slightly, it is evident that there would be a small amount of appreciation.
Zillow doesn’t know the second homeowner in Warren just completed a $150,000 renovation. They can now get rid of the monthly Private Mortgage Insurance (PMI) charge on their mortgage. PMI is charged when a homeowner puts less than 20% down when purchasing a property and it is a way for the bank to mitigate risk. When questioning “is Zillow’s zestimate accurate?”, understand that they have not been inside anyone’s home and therefore the interior condition is assumed. Whether a home is completely dated or freshly renovated can significantly impact the value of the real estate.
Finally, and most surprising, Zillow is acting like it is 2005 on this Summit property. The township has the third home assessed at $2,900,000 and there is full support for a value of $2,400,000. The homeowners will be saving about $8,000/year on taxes. If the township were to rely on Zillow for taxing this property, that would mean the taxes would go up even more than the high amount that they are paying currently.
If you feel that your taxes are too high, don’t try to confirm your assessed value with Zillow, instead consult with a real estate appraiser.
Banks often order a ‘drive by’ appraisal when the homeowner has a lot of equity in the property and they are looking to take a small home equity loan out. The risk is far less to the bank in this situation. Perhaps in a scenario like this, banks can use Zillow where the accuracy of the value is not as critical.
If you need a real estate appraisal, whether it is for buying/selling, divorce, estate planning or a tax appeal, you may be wondering – is Zillow’s zestimate accurate? This article should clear things up and help you make a more informed decision to refrain from relying on an algorithm. Call American Realty Appraisals for the most accurate real estate valuation results at 908-233-1337.
Evan from American Realty Appraisals came out to our home last spring to conduct a home appraisal in support of our property tax appeal. He arrived promptly at the agreed time, was very professional and conducted a thorough walk through. We were very satisfied with the results of his appraisal - they were well-researched and accurately captured the features of the home. His appraisal proved to be a crucial element in a very successful tax appeal. I would gladly recommend his services to others.
I was extremely pleased in my experience with American Realty Appraisals. Evan was very knowledgeable and was happy to answer any questions I had. His appraisal was useful in our being able to successfully appeal our taxes. It was worth every penny. He also shared some suggestions on how to shore up insulation efficiency around the house. 5 Star service. thanks!
Evan was extremely helpful in our obtaining a favorable result from our tax appeal and I highly recommend his services
If you want the Do's and Dont's. I would say DO use Evan. It was a very smooth and easy process. He worked around my schedule. His turnaround time was very impressive. Price: He was in line with the other quotes I received. And you DON'T need to worry. I will recommend him and use him again
Prepared the documents to submit for a tax appeal and accompanied me to the tax appeal hearing to present my case. I have used American Realty Appraisals twice and have won my tax appeal each time.
I was appealing my real estate taxes and American Reality did an appraisal on my home. The appraisal went well and as a result the tax appeal was successful and our real estate taxes were lowered.
I was ignoring go through Tax appeal process because I thought it was so cumbersome with very little chance of winning. In this process, I used Evan for a tax appeal. Not only we won but it was very easy and simple process between him and the lawyer. I highly recommend to use Evan, he knows what he is doing!
The tax appeal through you and Lisa Walsh was successful, and you may use me as a reference any time in the future
Evan was great. He was instrumental in helping me to appropriately lower my taxes via an accurate appraisal. I highly recommend his services to anyone in need of an appraisal in NJ.
When the interest rates dropped last year, I decided that it was a good idea to refinance my mortgage. I was recommended to American Realty Appraisals by my mortgage company. They were affordable, expedient, and ultimately put together a very comprehensive report with figures, photos, and local comps. I would highly recommend them to anyone looking for a professional and honest appraisal company.
Evan and his team at American Realty Appraisals are simply the best at what they do. As a mortgage banking professional, I have worked with dozens of appraisal firms over the years and I continually return to American Realty Appraisals when I can for their expert advice and service. I would highly recommend them if you are an individual looking to have your home appraised, or a banker looking to add a high quality appraisal firm to your list of approved appraisers.
Before I went to list my home, I hired Evan at American Realty Appraisals. I wanted an unbiased opinion of what my home was worth. He provided a thorough report that gave me piece of mind and a leg to stand on when it comes time to negotiate. I was also pleased with how fast he turned the report around after the inspection.
I am an attorney in Westfield and I refer all of my clients to American Realty Appraisals. I have worked closely with Evan Siegel for the past two years and I have been impressed with his professionalism, integrity and expertise as an appraiser. Relying on his appraisals, I have been able to negotiate property tax reductions for numerous clients in Union County. I highly recommend American Realty Appraisals for all of your residential real estate appraisal needs.
ARA did a great job of handling my tax appeal. The guidance was spot on and the staff, specifically, Evan Siegel, was professional and knowledgeable. The outcome was excellent and I'm saving a good amount of money on my real estate taxes. Thanks ARA!!
I used Evan for a tax appeal project. It was a seamless operation between him and the lawyer. Zero blips, and we won.
Mr. Siegel performed an appraisal for my home for tax appeal purposes. He was very professional and helped me lower my taxes by 17%. I am quite satisfied with his work.
Highly recommend. Excellent service, professional, prompt. Great result