Zillow has become quite popular for many people looking up to see what their home is worth. But is it accurate in Utah?
Utah is a NON disclosure State while other states are Disclosure states. What does this mean?
Many other states have laws that require when someone sells their home that they have to report to the state what the home sold for. This is called a disclosure state. In these states Zillow can pull off information from the state records and come up with a fairly close method of knowing what homes are selling for in that area.
Utah on the other hand is a Non disclosure state. Our state sends you in the mail a form saying they are required by state law to find out what you sold your home for. Many people just throw this away because we actually aren't required to send it in. Therefore, the state GUESSES what home values are in your area. Because they dont have accurate information this leads to Zillow pulling information that isnt accurate.
Other items to consider:
Many neighborhoods in Utah have half a million dollar homes sitting next to million dollar homes. Others have homes range in price from 300-400k in the same neighborhood. There are various factors such as builders, upgrades, lot size, and finish work just to name a few.
How can I know what my home is worth?
You can always get an appraisal. These cost around $350-$425 usually. Refinance appraisals vary and always arent that close. In a market that is depreciating and appreciating up and down, you will want to get a good idea of what homes are going to be selling in the next 30 days. This information isnt on a appraisal but you can get it from a local Realtor who is knowledgeable about your area and neighborhood.
Dont trust online. Get a professional to evaluate your home for a good idea of what your home is worth!
Utah Dave - Daybreak Neighboorhood Expert and Local Resident