Here’s why tax-assessed values and Zestimates are way off right now.
An interesting conversation we have all the time with our buyers has to do with the tax-assessed value and Zillow Zestimate of a home. Assessments in the city are way off. We currently have a listing with five offers. The assessed value of the property is $1.1 million, but the list price is $2.1 million. It’s going to end up selling closer to $2.4 million.
In this case, the Zestimate is relatively accurate at $2.1 million. However, with five competitive offers, it’s going to probably sell for about $300,000 more than what the Zestimate says. Typically, we’re finding that Zestimates are off by around 10%.
You need a trusted real estate advisor who knows the market and what buyers are willing to pay. If you’d like to know the true value of your home, give us a call at 609-398-5333. We’d love to hear from you and answer any questions you have.