Your home is not worth what Zillow estimates, what the county tax data says, or what website generated pricing models suggest. Your home is definitely not worth what the appraiser said it was two years ago when you re-financed; or what your neighbor’s home sold for at the market’s peak.
Looking at asking prices on Realtor.com can be misleading. Only 1 out of 10 homes in the Tampa Bay area will sell near the asking price this month. Homes that stagnate on Realtor.com are the losers of the sales derby, not models to emulate.
Services such as Zillow use a geographic radius to determine values rather than taking into account such factors as: neighborhoods, builders, lot (size, location, pond, conservation, cul-de-sac), pool, spa, kitchen, upgrades, and whether a home is in a gated community, a golf community, or has any neighborhood amenities.
Hilsborough County and Pasco County tax roll values are based upon purchase prices, which may have little relation to current values.
Appraisals for re-financing purposes can be circumspect. With prices changing so rapidly, any appraisal more than 3 months old should be updated. Appraisals, by definition, are backward looking. Understanding a home’s worth based upon the last 3 sales is helpful, but it will not tell you what price is necessary to sell you home next month.
Wondering what your home is worth? Call Team Bohannon today.
- by Dale Bohannon
