Avery Garrett Team
Avery Garrett Team
(317) 721-2274(317) 721-2274

Zestimate, Schmestimate!

What is Zestimate?

 

Zestimate is Zillow.com’s “proprietary” home valuation tool. It appears in your home’s page on Zillow.com, whether it is for sale or not.

 

How is my Zestimate Calculated?

 

Zestimate values are calculated from county tax documents, which are public record. Essentially they are your county’s tax assessment of your home.

 

Is Zestimate what my Home is Worth?

 

NO! Your home’s worth is equal to the most someone is willing to pay for it! Market conditions dictate that. For instance, right now home inventory is low in the Indianapolis area, meaning there are fewer homes available relative to home-buyers searching. This means if your home is desirable, more people are going to want it, and of course, value goes up! It’s all about supply and demand.

 

Should I have my Home Re-Assessed to Raise Zestimate?

 

NO! All you will do is raise the property taxes you are paying currently, and what the eventual buyer will have to pay. Taxes are included in mortgage payments. An increase in taxes mean an increase in payment. An increase in payment means higher debt-to-income ratios, meaning less people will be able to get a loan on your home! No bueno!

 

How can I get a Fair Market Value of my Home?

 

Contact me, or another Realtor! We work in this market every day. We know what it is doing, what other homes have been going for, and can base our valuation off of market trends in your specific neighborhood. Pricing a home is as much of an art as it is a science. We consider numbers, and trends, but often times it is more of a feeling, or an instinct.

 

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