So I paid 80k for my property last year (6/20). Currently, Zillow estimates 105k and realtor.com was 80k until the start of November. https://imgur.com/a/YNR6ayG
Obviously, a rise to $260,000 seemed highly suspect, so I called realtor.com for more information, as I expected it to be an error. I explain the situation to the phone agent and my concern that this is a mistake. He leaves to find more information, and comes back stating that they calculated this figure based on similar houses sold and rising property values in the town. Seems crazy, but they more or less stood by the figure. (Twice now they’ve asserted that they stand by their estimate)
How would most people proceed? Do I list the house for sale, refinance, take out a loan on the collateral value, or do nothing? I doubt any appraisal would reach a similar figure. But I know little about real estate so I’d appreciate unbiased perspective.
*single family property that is grandfathered in to be a multi. Specifically, I can place a mobile home on the property (already done) to rent it out (not yet ready)
*Not looking for legal advice, just general perspectives and discussion
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