This house is still new according to the MLS sheet in the window. No sign out front. I did a zillow search on it, and the amazing thing is that it shows it's worth $495,777. I dont think so!!! Its worth more like $199,777, if even that much. Right down the road there are new ones listed at $199,000.FROM ZILLOW:
ZESTIMATE™: $495,777 What's this?
- Zestimate
- A Zestimate home valuation is Zillow's estimated market value. It is not an appraisal. Use it as a starting point to determine a home's value.
Learn more
The Value Range is the high and low estimated market value for which Zillow values a home. The more information, the smaller the range, and the more accurate the Zestimate. See data coverage and accuracy table
- Value Range: $456,115 - $639,552
- 30-day change: $44,352
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- Tax Assessor's Value
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Depending on the jurisdiction where you live, this value could be the tax assessed, tax appraised, or market assessed value. This value comes from the taxing authority of the city, county or state where you live; this is not Zillow's value.
Note: Tax assessor's values differ from Zillow's Zestimate, which is computed by entering numerous data points into a proprietary formula, often resulting in a more accurate value estimate.
Last sale and tax info
- Sold 12/19/2006:
- $495,000
- 2007 Property Tax:
- $5,860 (This doesn't go away in foreclosure -- Mr. Banker still has to pay it.)
Mr. Pipe Dream, Realtor: "Ah, well, the housing market is great. It's on its way up. You had better buy soon if you're lookin' to buy. Look how much houses have come down...it isn't going to keep going down you know. Here, let me pour you another glass of Kool-Aid? You look thirsty."
4 comments:
Hey, it's Drew from Zillow.
I'd love to help, but I don't see the address of the home you are referencing in this post. I'm happy to do some further research to help give you a better idea about the reasoning behind the difference in values between this home and neighboring homes. Please either leave a follow-up comment or e-mail me (drewm at zillow dot com) and I'll follow up with you.
Thanks.
The address of this house is on the first picture of the brochure.Enlarge it and you will be able to read it better. Here is the address in case it wont enlarge for you
1940 San Ramos Dr
Modesto,Ca, 95358
Let me know what you come up with.
I'm not sure exactly what you're looking for in the way of an answer -- since sales usually take a couple weeks at a minimum to filter through the county office, our data providers, and finally to zillow's database, Zestimates won't be completely caught up with the local market. But according to Zillow's Q3 report, the Modesto MSA was down 10.4% in Q3 with a median zestimate of 285k. -17.7% over the past year. Hope this helps a little bit.
I am enjoying your blog. We are hoping to buy in 2-3 years and I think the prices will have bottomed out by then. The same thing is happening in my neck of the woods. Unbelievable.
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