What do you NYC people use to determine the value of your property?

Zestimate is way different from realtor.com and redfin.  NYC valuation is always off.  

I figured going off recent sales would be best.  Would you just use zillow to look at this, or is there a better way?

Short of hiring an actual appraiser, what do you use?

@Michael M. you can either do it by yourself or have a broker do it!

1. Look at homes in your area that have sold, similar finishes, sqft, etc, and average the sales price.

2. Call a broker and ask their opinion. Most likely they will perceive you as a potential client and will be most helpful at giving you an accurate sales number (careful of agents who puff the number up to make you happy)

If you look at the appraisal process you can try to mimic the process. They are appraised off recent sales and those properties are evaluated by square feet, bedrooms, finished/unfinished basement, etc. And each one of these factors increase or decrease the value in the appraisal calculation.

Second question is how off are these numbers from Zillow, Realtor, Redfin?

Third question, are you asking for curiousity? You plan on moving forward with something ?

Best,

Charles

Thanks @Steven Wilson and @Charles Xia .  

Recent sales of similar properties are around 600K.  Realtor has it at 600K, Zillow at 650K, Redfin at 715K.  Recent sales between 600K and 700K.  Current for sales prices around 700K.

Looking to pull some equity to use as a down payment on another property.

Originally posted by @Michael M. :

Thanks @Steven Wilson and @Charles Xia .  

Recent sales of similar properties are around 600K.  Realtor has it at 600K, Zillow at 650K, Redfin at 715K.  Recent sales between 600K and 700K.  Current for sales prices around 700K.

Looking to pull some equity to use as a down payment on another property.

If this is your primary, have you thought about doing a HELOC, some lenders will give you a HELOC up to 90% LTV at a 2.5% rate.

@Steven Wilson already have a HELOC on my primary (which I used to by a second property)... trying to see if I can get the limit extended on the primary, or if I can get a HELOC or cash-out refi on the investment property that I purchased.

Originally posted by @Michael M. :

@Steven Wilson already have a HELOC on my primary (which I used to by a second property)... trying to see if I can get the limit extended on the primary, or if I can get a HELOC or cash-out refi on the investment property that I purchased.

With COVID a HELOC on an investment is very hard to come by. However you can cash out refi for around 70%-80% LTV.

Thanks @Steven Wilson !  Which banks are best for cash-out refinance on an investment property?

Hi Michael,

When coming up with property value, my team likes to analyze the numbers from that specific neighborhood in the borough. We take a look at recent sales, in contract, and on the market. We also put value in the percentage of listings in contract. For example: how many 1 bedroom Co-op apartments in Gramercy are under contract. This helps us determine if it is a buyers or sellers market for that specific property. From there, you can find a rough value of your property accordingly.

I'll send you a connect should you have anymore questions.