Appraisal vs, Zestimate Vs Market Value? How much is my home worth?

Dated: October 1 2021

Views: 2236

How much is my home worth?

Home Price

Is it the appraised value, the "Zestimate," or the "Just Market Value" from the county?

This is a great question that I recently covered in interview below:

Key Terms:

  • Appraisal: Ordered by a lender to verify home value before funding a mortgage.
  • BPO: Brokers professional opinion is done by a licensed real estate broker and is often used by asset managers and institutional investors.
  • CMA: Comparative Market Analysis done by Realtor to determine the market value of a home. This should always be done before listing your home for sale. 
  • "Just Market Value": this term is used by the county tax collector to determine your Ad Valorem taxes each year. This number is calculated by the county appraiser’s office using local sales data, a formula of values for square footage and property features, and an algorithm to put that all together. The price I sell a home for is often 20% + different than this number.
  • "Zestimate": This is an algorithm that Zillow uses to estimate the value of homes that show up on their website. The system makes this calculation with zero physical input, instead relying on local trends, sales data, and estimates of the current condition of the home. This number is incredibly unreliable and often frustrates homeowners when they think it is too low. It also peeves buyers and investors when they look at homes that are in terrible condition and see the "Zestimate" value the home as if it was in perfect turnkey condition.
  • "Market Value": This is an economic term that simply says, something is worth whatever someone else is willing to pay for it. 

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Ben Coughanour

Whether you are buying or selling, remember Ben, your local Realtor. Mangrove Bay Realty specializes in real estate sales. I love helping new clients with what is often the biggest investment of thei....

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Appraisal vs, Zestimate Vs Market Value? How much is my home worth?

How much is my home worth?Is it the appraised value, the "Zestimate," or the "Just Market Value" from the county?This is a great question that I recently covered in interview below:Key Terms

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