Deleted
Joined: May 16, 2024 9:17:38 GMT -5
Posts: 0
|
Post by Deleted on Jun 20, 2011 12:40:39 GMT -5
Wow that was sobering. Zillow has our house at 20K less than we bought it for in 2003. A whopping 215K less than the zestimate at the peek of the market in late 2005. The number looks about right, now. Zillow is only as good as the comps and the tax records in our area. I have been following sales in my aunts area and her zestimate is off by 100K, because the tax records are wrong.
|
|
kgb18
Senior Member
Joined: Dec 18, 2010 8:15:23 GMT -5
Posts: 4,904
|
Post by kgb18 on Jun 20, 2011 13:00:31 GMT -5
I think ours is a little low. Home values have stayed pretty level in our neighborhood through the housing situation, and houses selling in our neighborhood recently have sold fairly high, so I don't think we would have lost that much value since we bought.
|
|
qofcc
Well-Known Member
Joined: Dec 20, 2010 13:30:58 GMT -5
Posts: 1,869
|
Post by qofcc on Jun 20, 2011 13:01:23 GMT -5
Our zestimate is set to $108 which is the same as the tax assessment. I think it's low based on what some real estate agents told us. They upped our assessment based on some major improvements, but we've had 2 people over who work for the town on the assessment board and they told us they had no idea it was this nice on the inside, so I expect the assessment is going to go up. Not crazy about the tax implications, but I think it will help when we go to sell (hopefully in the next few years).
|
|
mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
|
Post by mwcpa on Jun 21, 2011 5:47:29 GMT -5
Z estimates are way off in my area..... about a year ago a home sold for almost 1 million dollars (across the street from me).... 4 weeks later they said it was worth 650K..... and they even disclosed the recent sale data..... they guess, at best (they clearly do not inspect the homes and consider the actual contents of a home therefore it is very misleading).... anyone who relies on it should realize they are getting what they pay for.....when I look at my home the value is up 50K one month and down 100K the next.... I know real estate if volatile these days, but these are some serious mood swings....
|
|
|
Post by floodofsantorum on Jun 21, 2011 19:12:27 GMT -5
My house has a ZEstimate. My house is also very close to me.
|
|
Baby Fawkes
Familiar Member
Joined: Mar 6, 2011 15:39:53 GMT -5
Posts: 812
|
Post by Baby Fawkes on Jun 22, 2011 10:06:28 GMT -5
Bloody Hell I sure hope Zillow is low! I refuse to believe that my house dropped 20% of its value in one week! I bought in Oct 2009 for 130k, last week it was at 104k, which I could live with, but now its down to $84k. At this rate, its going to be worth about $2 by next year! Luckily, I have no intentions of selling the place, and when I upgrade to a bigger house, it will just become a rental. On the positive side, Zillow says I could rent my house out for a buttload more than I pay for mortgage/insurance/utilities. So at least I got that going for me.... hurley1980, Zillow just overhauled their estimate algorithm and that has had a significant impact on a large number of properties. I know of people that are seeing 20% swings in either way compared to last week as the 'new' pricing algorithm kicks in. My house just dropped 10% overnight on the Zestimate price as a result, but I think it was pretty accurate before, despite being lower than I paid for it. There are a number of us at work who were discussing this and it seems as though there is some degrading issue with the zestimate algorithm as the longer you own a house, the lower the price seems to be. I know of 3 people who all baught identical townhomes in the same complex over the period of 3 years and there values are vastly different with the latest sale being the highest. Having been in all 3 houses their near enough the same quality so it seems age of onwership is somehow priced in negatively into the algorithm. www.zillow.com/wikipages/Zestimate-Improvements/
|
|
thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
Posts: 40,434
|
Post by thyme4change on Jun 22, 2011 12:07:43 GMT -5
I'm not sure how Zillow is taking foreclosures into account. We've had several, all of which were in the middle of remodels (like, no walls, no cabinets, no fixtures - some with no electricity or water. Our area was hot for flippers, and a few houses got hung when the owner went out of business. They sold for a very low price, which makes sense, but you wouldn't think that my house would be worth less than the same sized house which didn't have a working bathroom, nor any cabinets in the kitchen, or a hot water heater, etc.
|
|
hurley1980
Well-Known Member
I am all that is wrong with the world....don't get too close, I'm contagious.
Joined: Dec 23, 2010 17:35:06 GMT -5
Posts: 1,943
|
Post by hurley1980 on Jun 22, 2011 15:15:47 GMT -5
Thanks Babybean. I figured something wierd had to be going on. I'm not worried about the value, because I have no intentions of selling, it just confused me more than anything. I'm not sure how Zillow is taking foreclosures into account. We've had several, all of which were in the middle of remodels (like, no walls, no cabinets, no fixtures - some with no electricity or water. Our area was hot for flippers, and a few houses got hung when the owner went out of business. They sold for a very low price, which makes sense, but you wouldn't think that my house would be worth less than the same sized house which didn't have a working bathroom, nor any cabinets in the kitchen, or a hot water heater, etc. I wonder about this too. There's a lot of foreclosures in my neighborhood as well, in fact, the house right next door is bank owned, and was a Section 8 rental before the bank took it back. Its on the market for $73k, so I'm sure that has alot to do with why my value fell so much. I've also heard its absolutely trashed inside. I'm tempted to go view it.
|
|
Plain Old Petunia
Senior Member
bloom where you are planted
Joined: Dec 21, 2010 2:09:44 GMT -5
Posts: 4,840
|
Post by Plain Old Petunia on Jun 22, 2011 17:18:11 GMT -5
Realtor.com will now estimate the value of a specfic address.
|
|
Plain Old Petunia
Senior Member
bloom where you are planted
Joined: Dec 21, 2010 2:09:44 GMT -5
Posts: 4,840
|
Post by Plain Old Petunia on Jun 22, 2011 17:20:27 GMT -5
<< I actually looked at both Zestimate and Zillow just last week to see where we (approx) stood. Zestimate had us at $191,000...zillow at $189,000.... >>
Zestimate is not a site, Zillow calls their estimates "Zestimates". Do you recall the name of the second site you checked? Was it realtor.com or something else? Would love to know if there is another site out there. Thanks!
|
|
midjd
Administrator
Your Money Admin
Joined: Dec 18, 2010 14:09:23 GMT -5
Posts: 17,719
|
Post by midjd on Jun 29, 2011 10:59:14 GMT -5
Checked Zillow today, our Zestimate went from $131K on June 16 to $161K - still about $30K below the appraised value, but getting better! At least we're out of the underwater range (owe about $148K).
(The high/low range is still crazy, though - $215K in June 2006, $75K in December 2008.)
|
|
cronewitch
Junior Associate
Joined: Dec 20, 2010 21:44:20 GMT -5
Posts: 5,976
|
Post by cronewitch on Jun 29, 2011 13:32:16 GMT -5
My house fell 38,800 this week now worth about 5K more than the mortgage. That is down 15K just this week. Makes me want to go buy more houses while they are on sale.
|
|
doxieluvr
Junior Associate
Joined: Dec 30, 2010 11:28:59 GMT -5
Posts: 5,458
|
Post by doxieluvr on Jun 29, 2011 13:40:54 GMT -5
Except the sellers are still holding firm on their price. A house i have been watching was listed last fall at $450k, now listed at $349k. The zillow price is $201k. I could see maybe up to $250-$270k. But the owners are delusional.
|
|
midjd
Administrator
Your Money Admin
Joined: Dec 18, 2010 14:09:23 GMT -5
Posts: 17,719
|
Post by midjd on Jun 29, 2011 13:45:34 GMT -5
There are a few delusional owners around here, too... there is one house that has been on the market since we went house-hunting for ours in early December. It is smaller than ours, older, smaller lot, no trees, no landscaping, on a busy highway, and was originally listed for $30K more than we paid.
They've dropped the price to $190K but will be lucky to get $150K - and the Zestimate is $95K!
|
|
doxieluvr
Junior Associate
Joined: Dec 30, 2010 11:28:59 GMT -5
Posts: 5,458
|
Post by doxieluvr on Jun 29, 2011 13:47:23 GMT -5
Its crazy, but I just keep saying eventually the right house at the right price will come around.
|
|
❤ mollymouser ❤
Senior Associate
Sarcasm is my Superpower
Crazy Cat Lady
Joined: Dec 18, 2010 16:09:58 GMT -5
Posts: 12,858
Today's Mood: Gen X ... so I'm sarcastic and annoyed
Location: Central California
Favorite Drink: Diet Mountain Dew
|
Post by ❤ mollymouser ❤ on Jun 29, 2011 14:09:13 GMT -5
Our Purchase Price in 2003: $283,000 Our Zillow Zestimate Today: $280,500
|
|
me4kids
Initiate Member
Joined: Dec 30, 2010 20:46:03 GMT -5
Posts: 75
|
Post by me4kids on Jun 29, 2011 15:28:00 GMT -5
Last purchase price for this home in 2006 = $605k
2008 Our purchase price = $335k , Zestimate = $400k, actual appraised value = $350k 2009 Zestimate (when we tried to refinance) = $350k, actual appraised value = $295k (refinance was denied) end of 2009 Zestimate (when we went through HARP) = $300k, actual appraised value = $235k (needed to bring $20k cash to closing) 2011 Zestimate = $236k, haven't been appraised, but I know we're probably @$200k or less
|
|
Plain Old Petunia
Senior Member
bloom where you are planted
Joined: Dec 21, 2010 2:09:44 GMT -5
Posts: 4,840
|
Post by Plain Old Petunia on Jun 29, 2011 15:37:12 GMT -5
<< Its crazy, but I just keep saying eventually the right house at the right price will come around. >>
Absolutely. The trick is to be financially prepared so that you can jump on the opportunity when it presents itself.
|
|
Gardening Grandma
Senior Associate
Joined: Dec 20, 2010 13:39:46 GMT -5
Posts: 17,962
|
Post by Gardening Grandma on Jun 29, 2011 17:10:41 GMT -5
Our house doesn't have a zestimate. We know what we paid to have it built ($265K), what the land cost ($55K), what we spent finishing the basement ($20K), and what we've put into landscaping ($10K). So we are into it for about $350K
The county has it assessed at $326K ($70K for the land and $256K for the building). The bank appraised it in 2009 at $440K.
The rental house, otoh, has a zillow value of $236. (realtor.com gave it $208K). DH paid $29K for it in the early 70's. During 2005 zillow showed it at $305K. We didn't get too excited then and we aren't too excited now since we have no plans to sell it.
|
|
lazysundays
Familiar Member
http://triggur.livejournal.com/476376.html
Joined: Jun 27, 2011 21:14:01 GMT -5
Posts: 679
|
Post by lazysundays on Jun 29, 2011 20:29:29 GMT -5
We bought our house in '08. it was estimated at 340, we bought it for 316. now the zestimate is at 254 and we still owe 305.
ps- cnn money said that house values should start going up again soon..
|
|
resolution
Junior Associate
Joined: Dec 20, 2010 13:09:56 GMT -5
Posts: 7,001
Mini-Profile Name Color: 305b2b
|
Post by resolution on Jun 29, 2011 21:41:43 GMT -5
I looked up my rental because of this thread and the number seems ok. I am not really sure what it is worth. The odd thing is the next door neighbor is zestimated at 20k less, but they are bigger than me and they have more curb appeal. I would expect them to be worth 20k more than me rather than less.
|
|
lurkyloo
Junior Associate
“Time means nothing now,” said Toad. “It is just the thing that happens between snacks.”
Joined: Jan 8, 2011 11:26:56 GMT -5
Posts: 5,633
|
Post by lurkyloo on Jun 29, 2011 22:53:01 GMT -5
Zillow skews our house low--it's one of those where the description on paper doesn't look all that special, but it's clearly the nicest house on our little cul de sac. We don't have a lot of real comps (0.1 acre lots and smaller are the norm here, we have a half-acre) and the nearby comps have been a short sale behind us that was an absolute trainwreck (completely gutted), a nice-looking one that's 1/3 smaller and on the corner of Busy Street and About-To-Be-Developed Pasture, and another short sale--a crappy fifties box half the size of ours with no landscaping whatsoever that someone was stupid enough to pay just under 600K for 3-4 years ago. (They're asking 300K now.) Ours has definitely gone down since we bought in 2008; I think probably around 15%. Zillow thinks it's down 25%. Either way, glad we don't have to sell right now!
|
|
midjd
Administrator
Your Money Admin
Joined: Dec 18, 2010 14:09:23 GMT -5
Posts: 17,719
|
Post by midjd on Jul 1, 2011 17:47:12 GMT -5
On the drive home I saw a SOLD sign in front of the house I described (that I thought would sell for $150K or so) - looked it up when I got home, can't find the selling price but now its Zestimate is $185K and my Zestimate is $184K! WTE? I'm glad, but curious as to why it has gone up $60K in less than 2 weeks...
|
|
tskeeter
Junior Associate
Joined: Mar 20, 2011 19:37:45 GMT -5
Posts: 6,831
|
Post by tskeeter on Jul 1, 2011 18:52:55 GMT -5
The problem with web site estimates, like zillow, is that they don't reflect unusual conditions that may affect the value of a home. Things like, was the home gutted, formerly used as a meth lab, the site of a well publicized murder, etc. Using a property with those issues as a comp can have a significant impact on how accurate the valuations in that area are. On the other hand, web site property value calculations also don't reflect things like if the property backs up to a park, is across the street from the best elementary school in the area, has the most curb appeal in 40 square blocks, is unusually elegantly decorated, or has spectacular views vs. a great view of a steep, tumbleweed covered bank. This is why in person appraisals are much more accurate than the "average price per square foot of all home sales within one mile over the past six months" approach used by the web sites.
|
|
tallguy
Senior Associate
Joined: Apr 2, 2011 19:21:59 GMT -5
Posts: 14,190
|
Post by tallguy on Jul 1, 2011 20:28:37 GMT -5
I thought for quite a while that mine was lower than it should be. I just took a look and my 30-day change was almost $100,000. I'm pretty sure it's a lot more accurate now. And no, I have no idea why it changed that much, but supposedly the new algorithm they are using now is not responsible. Maybe their overhead photos were taken at a time they could see me weeding the flowerbeds.... ;D
|
|