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What would you say is the value of our house?

August 13th, 2014 at 10:29 pm

It's almost net worth update time, and I'm scratching my head trying to figure out how to value our new house. Which source would you trust?

Zillow says $369K
Redfin says $467K
Listing price was $469K
We paid $465K
But with closing costs it really cost us $473K
The bank appraised it at $550K
Taxable value according to city is $381K

I'm tempted to go with Redfin, because they showed the houses they compared it with, and they all sold for $460K-$500K. Our bedroom count is one less than the $500K sales.

Posted in Uncategorized | 5 Comments »

5 Responses to “What would you say is the value of our house?”

  1. Carol Says:
    August 13th, 2014 at 10:34 pm 1407969240
    1407969240

    $465,000 because it is what a buyer (you) paid.

  2. Buendia Says:
    August 13th, 2014 at 11:05 pm 1407971134
    1407971134

    Zillow underestimated our house, too. I'd go with Redfin...

  3. scfr Says:
    August 14th, 2014 at 12:06 am 1407974778
    1407974778

    I'd start with what you paid since that represents the current fair market value. However you may want to think about shaving some off of the purchase price to cover your eventual selling costs. If you were to turn around and sell the house right now, what would you net after paying real estate agent commission, sales tax (if applicable where you live), and sales related costs such as fix up, staging, etc. It will mean your NW will take a bit of a hit but it is reality.

    When we bought our house I shaved 8% off the purchase price which was conservative but I didn't want to over-inflate the value of my non-financial assets.

  4. PatientSaver Says:
    August 14th, 2014 at 12:25 am 1407975930
    1407975930

    I'd get 3 realtors in there to physically SEE the house; if they're knowledgeable about your local area, you'll get a far more accurate appraisal than on of these online websites. The websites can't assess the many individual flaws or strong points in condition like a live person can.

  5. Looking Forward Says:
    August 14th, 2014 at 03:35 am 1407987326
    1407987326

    Zillow does underestimate in our area too.
    I'd use price you just paid.. $465k.

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