Recently I was browsing Zillow looking at the “Zestimate’s” for our homes and it seemed like our “Zestimate’s” were on the low side. The housing market hasn’t been great but the values in our development were averaging about 220k. I can’t speak for the the rest of you but that’s about a 50k drop for me.
While reviewing the details that Zillow listed for my house I noticed a number of errors. They had an incorrect number of bedrooms, bathrooms even the overall square footage was wrong. It turns out that Zillow gets it’s info from county assessment records. So if the county records are wrong then your Zillow info will be wrong and your “Zestimate” could take a hit.
This can be a real problem because banks and credit unions use websites like Zillow to appraise the value of your home for refinancing and home equity lines of credit. A lower “Zestimate” could also impact your ability to sell your home by making it harder for potential buyers to get financing. It also lowers the entry price point for negotiations as a potential buyer will use your “Zestimate” as a frame of reference for what he/she might be willing to pay.
I made a call to the county Board of Assessment office and spoke with someone there. They pulled my property record and made notes and said they would have the assessor responsible for my house get in touch with me to verify my homes details. I also asked if this would have an impact on my taxes and I was informed that it shouldn’t. So you will have to decide for yourself if you want your records updated, but I know I do. The phone number for the county assessment office is 610-278-3761 if you want to get in touch with them.