Unless I was planning to sell a place or was trying to get an equity loan or HELOC, I wouldn't care what the current valuation is because it doesn't matter for any other practical purpose.
I have this spreadsheet where I keep track of my finances and one column is - how much I owe on my mortgage and another is + Zillow estimate. Sure I know is it’s not very accurate but it gives me an idea. Overall I agree though.
There’s nothing to advise, and no, the price has to drop a lot for you to see lower tax assessment. So it’s just one of those life things that you have to accept and move on.
Do yourself a favor and stop looking at those estimates. They are nothing more than a website doing napkin math at what they think a house is worth. No bank or lender out there is going to use those for anything and neither should you. If you're living there for 7-10 years then you have no reason to even give a shit what the estimated value of your property is worth according to some 3rd party website. Nobody is using that information for anything... Stop looking at it.
It means absolutely nothing. Sites like Zillow and Redfin ut their algorithm together hoping to get some attention and they've done a very good job of marketing so folks will obsessively keep an eye on this clickbait nonsense. Traffic is what makes them money, and you are traffic. They don't know what your home is worth.
It means that a few houses around you have sold for a little less money so the Redfin (also Zillow, [Realtor.com](http://Realtor.com), etc.) algorithm estimates your house is worth a little less.
Your county or township assesses property differently for the purpose of tax value. Tax assessments rarely go down because the costs that property taxes support (schools, roads, fire departments, etc.) are always going up. Go to your county or township tax assessor's website and look for info titled something like "how your property taxes are calculated."
LOL.
Unless I was planning to sell a place or was trying to get an equity loan or HELOC, I wouldn't care what the current valuation is because it doesn't matter for any other practical purpose.
I have this spreadsheet where I keep track of my finances and one column is - how much I owe on my mortgage and another is + Zillow estimate. Sure I know is it’s not very accurate but it gives me an idea. Overall I agree though.
I do the same, lol. Nice to know there are other financial neurotics out there in the world.
Those algos don't mean much. I'd just be happy you were able to purchase a home. Turn off redfin and enjoy your home.
You need to stop looking and obsessing. Go enjoy Your new house
There’s nothing to advise, and no, the price has to drop a lot for you to see lower tax assessment. So it’s just one of those life things that you have to accept and move on.
If you're not taking equity or selling, don't worry about it. You don't live in an estimate. You live in a house.
Do yourself a favor and stop looking at those estimates. They are nothing more than a website doing napkin math at what they think a house is worth. No bank or lender out there is going to use those for anything and neither should you. If you're living there for 7-10 years then you have no reason to even give a shit what the estimated value of your property is worth according to some 3rd party website. Nobody is using that information for anything... Stop looking at it.
It means absolutely nothing. Sites like Zillow and Redfin ut their algorithm together hoping to get some attention and they've done a very good job of marketing so folks will obsessively keep an eye on this clickbait nonsense. Traffic is what makes them money, and you are traffic. They don't know what your home is worth.
It means that a few houses around you have sold for a little less money so the Redfin (also Zillow, [Realtor.com](http://Realtor.com), etc.) algorithm estimates your house is worth a little less. Your county or township assesses property differently for the purpose of tax value. Tax assessments rarely go down because the costs that property taxes support (schools, roads, fire departments, etc.) are always going up. Go to your county or township tax assessor's website and look for info titled something like "how your property taxes are calculated."
Market is cooler now than it was in April and May. Check your estimate again in a year, maybe it’ll be up.
I would be very concerned
My investor friend told me something the other day…. “Are you selling your house?? No?! Then who cares what ppl say the value is…?”
Bad purchase, sell now before you lose more $$