Zillow provides you with an estimate or ballpark number. For an accurate estimate of curent market value contact a local agent in your area and ask for a market analysis using recent simialr sold properties .
All the best,
Although no one but Zillow knows how the "Zestimates" are calculated - they seemingly use some sort of formula based on public square footage and tax information. Although it's a "fun" barometer of general values - there are too many variables that they don't know about each unique property, and therefore cannot provide accurate valuations.
Hope this helps!
As a rule, Zillow is not a good indication of the true value of your home.
Investment properties in Norristown can be all over the map, and depend greatly on location and cash flow. My question to you is: Are you worried about the appraisal on a property you have under contract for sale, or are you trying to refinance the property to avoid foreclosure?
Joshua Stein, REALTOR®
Coldwell Banker Preferred – Conshohocken
Office:(610) 828-9558 * Cell: (215) 866-8030
Direct:(484) 270-1165 * Fax: (215) 999-5894
PA License #RS317975
You can also contact an appraiser who does this every day. I know that people want to save money by avoiding professionals but sometimes, saving a few dollars can wind up costing you thousands of dollars or even a home in this case.
I tell my clients, past, present as well as consumers, that they can contact me with any question any time.
Prudential Fox and Roach
I own rental properties, too. Zillow does not offer reliable property valuations--in fact, sometimes Zillow is so off, its estimates are laughable. If I were you, I'd hire a good appraiser, who will appraise your home using the "income approach." This uses the income & rate of return generated by the property, rather than comparable sales to determine the property's value. Investors approach me frequently, wanting properties generating a specific rate of return. They often purchase several of these investment properties in a group.
Hire a good appraiser, then a good real estate agent that specializes in investment properties. You can't go wrong. Good luck!
In my experience Zillow is NOT a reliable barometer on value.
Rental property sale prices are impacted by a number of factors including income and cash flow; the only way to TRULY evaluate a real estate investment is After Tax Rate of Return.
This will impact your ability to sell the home but migh not affect the appraisal since THAT is based on the recent sales of like properties in your neighborhood.
Please feel free to give me a call @ 215-450-0605 or email ken.krauter@ prufoxroach.com. We can then discuss your specific situation and put together a plan to reach your goals.
Ken Krauter: CRS, ABR, SFR, e-Pro
Prudential Fox & Roach Realtors