Are There More Homes Coming to the Market?According to a recent survey from the National Association of Realtors (NAR), one of the top challenges buyers face in today’s
How Accurate Are Zillow Zestimates For Nyack
Dated: January 16 2017
Zillow provides only one source of information when you are looking to sell or to buy a house. They derive their information from public records, including tax assessment. One issue with using tax assessments is that many of our local tax assessors use formulas to provide the assessment that may have no apparent correlation with the market value (i.e. one town in the county puts all assessed values in 1985 dollar values to put all properties on a level playing field.)
Buyers should be wary of relying solely on the Zestimates that Zillow provides. Automated Valuation Models (AVMs) simply cannot replace en expert's analysis. The AVM does not take into account many things, such as: updated kitchens and baths, finished basements, high-end appliances, size of lot, fenced yard, beautiful landscaping, condition of the roof, and many other things that improve the value of a home. Your Real Estate Professional will take these things and others (such as location, commutability, school district, etc.) into consideration.
For more information on how the Zestimates work, take a look at this informative video and then check out the local stats below it.
2 Stars for Rockland says they don't have very much information and data on home values in Rockland. Less than 50% of the homes that sold in Rockland were within 5% of the Zestimate. And, less than 70% are within 10% of the Zestimate. When expanding the range to 20%, Zestimates still fall short of even covering 90% of the houses in Rockland.
Westchester also only gets 2 stars and the Zestimate difference from actual sale price is that less than 40% of sales fall within 5% of the Zestimate and less than 83% are within 20%. That's a pretty huge difference.
If you're going to buy a home or sell your current home, you need the expertise of a professional -- someone who works in Real Estate every day. Hire an appraiser and a local Realtor(r) to help you understand the true value of your home when selling. Knowing the true market value of a home helps to determine what offer to make and that is critical to achieving agreement and getting to the purchase of your new home. As always, getting guidance from an expert is just good business.
I am a Licensed Real Estate Associate Broker and work full time helping people to achieve their dreams of home ownership or their dreams of selling their home or both. I love working with buyers and s....