I purchased my first home in the Phoenix area bout 6 months ago for 360k. Since then the zillow estimate has gone up to about 435k. I noticed there are a lot of homes in my neighborhood being bought by Zillow for higher than any comps. Just out of curiosity I checked to see what they would offer. They sent me a prelim of 486k and after fees they would pay 466 before repairs (i’m not concerned about repairs as we had an inspection done and there was nothing of concern).
We owe 340k on the mortgage now so if we sold that would give us around 100k to put down towards a nicer house in the 500k range. Is this a horrible idea?