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Note to self for next net worth update

April 23rd, 2017 at 01:23 pm

In light of Zillow's drastic reduction in home valuation, I decided to adjust the value in my net worth calculation. eppraisal has it at $472,235 and Zillow $436,873, so I chose a midpoint of $454,554.

Minus 6%, that's $427,281.

While I'm at it I thought I'd update the UK flat. I think I have it valued lower than it's worth, but I also never accounted for how much it would cost to sell. I know we'd have to pay our management company 10% and I imagine there are other closing costs involved, so I'll say I need to take 15% off the value.

I had the flat valued at 180K pounds, but I think it's closer to 200K. At a 1.25 exchange rate that's $250,000, and minus 15% it's $212,500.

Slightly less than what I had in my net worth calculation, but it seems more accurate.

4 Responses to “Note to self for next net worth update”

  1. rob62521 Says:

    We always hope our net worth will continue to increase and when things like Zillow and such go down, it makes it tough to admit that sometimes there are decreases. You are still doing well.

  2. AnotherReader Says:

    Your duplex is difficult to value using computer algorithms. Those algorithms work best in cookie cutter subdivisions. If you know the comparable sales in the area, your estimate will likely be much more accurate.

  3. ceejay74 Says:

    Good point. I think what I came up with above is a safe estimate. The duplex across the street sold for $499K, but I heard they rolled closing costs in, so it was actually less than that. The place is somewhat similar to ours but the number of bedrooms and square footage are less than ours.

  4. LivingAlmostLarge Says:

    Sounds reasonable estimates.

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