Home Selling in 60120>Question Details

kathleenhelm…, Home Buyer in Elgin, IL

I bought my house 2 yrs ago for 115k in Elgin,il. I was looking a zillow estimate and it said my house is only worth 87k is this an accurate est?

Asked by kathleenhelms1, Elgin, IL Sun Mar 17, 2013

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Kathleen

Although the estimate may be flawed, it could come into play when it is time to sell your home. Use it as one point of reference only. If you are thinking of selling, have 2-3 brokers come in to present to you and give you an idea of what your house value may be. If your house has lost $25,000+ in value, make sure that at least one of the agents understands short sales in case that is an avenue you need to explore.

Geoff Ommen
Broker Baird & Warner
847-271-2622
geoff.ommen@bairdwarner.com
http://www.geoffgetsit.com
1 vote Thank Flag Link Mon Mar 18, 2013
Please DO NOT TRUST ANY estimates you find on zillow or other websites, understand that it is a computer trying to put together numbers, and that is all it is a machine adding and dividing some numbers.... does not really help you!

You do need an experienced local Realtor, who will have a look at your home, also telling you what is
up to date and what is not and what needs to be updated, or what you need to do to make your home ready for sale, if that is what you intend to do, if you just want to know what you home is worth in today's
market the experienced Realtor will take inventory of your home, lot size, location, upgrades etc. and
then compare yours to those recently sold, and will make adjustments plus or minus to those sales numbers to come up with a sale price range for your home, much more trustworthy, but then of course
those are also estimates based on the current market facts, which can change over time..... or depend
on the negotiations with a ready and willing buyer and what that ready and willing buyer is willing to
pay for your home....

If you need the recommendation of a local Realtor in Elgin, let me know and I gladly send you a good
recommendation ....

Good Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and
Investors alike....And always with a SMILE :)

Covering for @Properties Chicago & suburbs, and with her trusted Partner
Agents US & world wide properties. French, German, some Spanish &more EdithSellsHomes@atproperties.com or EdithSellsHomes@gmail.com
Check out my website at http://tinyurl.com/YourRealtor4Life
Get to know me! Learn about my experience, expertise, services! Read letters
of recommendation! Sign up to search for properties in my expanded service area.
HAVE THE MOST WONDERFUL DAY :)
1 vote Thank Flag Link Mon Mar 18, 2013
Never trust Zillow's property estimates. They are wrong more often than they are right. If you want the most accurate valuation of your home, you need to hire a real estate appraiser. If you simply call a real estate broker, you will only get a basic idea of property value and their report (if you get one) cannot be used in any legal transactions.
1 vote Thank Flag Link Mon Mar 18, 2013
Real Estate laws vary from state to state. I am not sure what this gentleman from Florida means by a broker's market analysis not being able to be used in any legal transactions. I have worked in the Fox Valley area of Northern Illinois for 10 years.
If you are looking to refinance, then yes, you need to have a certified appraiser give you a report. Your lender will order that. If you are planning on selling your house I would be happy to give you a complimentary market analysis. If you need a valuation for any other legal matter, check with your attorney. Many times a broker analysis will be sufficient. Your attorney will advise you on that.
Zillow does not factor in the many variables that factor into the market value of your house. Condition, location, and improvements, just to name a few things, will affect the value.
Flag Mon Mar 18, 2013
A good way to see what it may be worth if you were to try to sell it now, would be to find a few similar non foreclosure and non short sale homes nearby and see what they just sold for.
Zillow is usually off and trails behind the appreciating market.
The only true way to find out what a buyer would pay is to put it on the market. The rest is a lot of guesswork.
0 votes Thank Flag Link Fri May 31, 2013
Zillow has a margin of error in every county. When prices were rising it always appeared they were too high and I can only guess as prices were coming down their estimates were too low. Find comparable info in your area and you should have a very good idea where you stand. It is very essy for myself or any Realtor to get you that info.
0 votes Thank Flag Link Fri May 31, 2013
Zillow is far from accurate. You need to get a market analysis of your home from a licensed real estate broker which will be based on what homes have sold in your neighborhood in the last 3 months if there are enough homes similar to yours - number of bedrooms, baths, basement, sq. ft, etc. the time span may be longer if there is not enough comparables recently.
0 votes Thank Flag Link Sun Mar 17, 2013
Kathleen,

For an accurate market analysis of your home, I suggest you have a professional visit your home and provide you with the most accurate comparables. I would love the opportunity to help you.

Hope to hear from you soon.

Maria Ascencio
RE/MAX Platinum
(630) 945-0139
0 votes Thank Flag Link Sun Mar 17, 2013
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