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The Current Market Value Of Your House
Old 03-24-2006, 10:23 AM   #1
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The Current Market Value Of Your House

Don't know how accurate, but it's a pretty amazing tool.


http://www.zillow.com
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Re: The Current Market Value Of Your House
Old 03-24-2006, 12:22 PM   #2
 
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Re: The Current Market Value Of Your House

Very cool.
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Re: The Current Market Value Of Your House
Old 03-24-2006, 12:32 PM   #3
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Re: The Current Market Value Of Your House

This came up a few weeks ago too. My house is still not in the database.

http://early-retirement.org/forums/i...p?topic=5939.0
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Re: The Current Market Value Of Your House
Old 03-24-2006, 12:56 PM   #4
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Re: The Current Market Value Of Your House

Ooops sorry Jay.
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Re: The Current Market Value Of Your House
Old 03-24-2006, 02:37 PM   #5
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Re: The Current Market Value Of Your House

The house across from us is shown as $704 K, but sold last year for $741 K. The house behind us is shown as $764 K, but sold a few weeks ago for $745 K. (Both have been demolished and are being replaced by 6000+ sq ft MegaBoxes.) So there's at least a 5% error in the valuations. Still, it's an impressively fun tool.
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Re: The Current Market Value Of Your House
Old 03-24-2006, 02:41 PM   #6
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Re: The Current Market Value Of Your House

Quote:
Originally Posted by Robert the Red
The house across from us is shown as $704 K, but sold last year for $741 K. The house behind us is shown as $764 K, but sold a few weeks ago for $745 K. (Both have been demolished and are being replaced by 6000+ sq ft MegaBoxes.) So there's at least a 5% error in the valuations. Still, it's an impressively fun tool.


Quite a neighborhood you live in Robert! $750k teardowns.... yikes!
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Re: The Current Market Value Of Your House
Old 03-24-2006, 04:53 PM   #7
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Re: The Current Market Value Of Your House

Quote:
Originally Posted by DanTien
*

Quite a neighborhood you live in Robert! $750k teardowns.... yikes!
Yikes is right!

FOR SALE
Single family older home; needs some TLC. A steal at this price.

Only $745,000.00
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Re: The Current Market Value Of Your House
Old 03-25-2006, 03:15 AM   #8
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Re: The Current Market Value Of Your House

Quote:
Originally Posted by DanTien
The Current Market Value Of Your House
Where's the poll?
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Re: The Current Market Value Of Your House
Old 03-25-2006, 05:02 AM   #9
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Re: The Current Market Value Of Your House

Quote:
Originally Posted by wab
Where's the poll?
wab - this is your chance to shine
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Re: The Current Market Value Of Your House
Old 03-25-2006, 10:50 AM   #10
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Re: The Current Market Value Of Your House

It's my understanding that Zillow often doesn't take into account upgrades/major improvements, additions, etc. It listed our house in Sedona as 1800 square feet but it's actually almost 2100 according to our recent tax assessment. (The house had a remodel/addition a few years before we bought it but that wasn't reflected on Zillow.)

Still a fun tool. And you can check out your neighbor's valuations.
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Re: The Current Market Value Of Your House
Old 03-25-2006, 11:46 AM   #11
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Re: The Current Market Value Of Your House

Don't shout too loud about the square footage, it comes from your tax assessor's office.

There is a wizard in zillow that estimates the economic impact of improvements not reflected in their data.* We played with ours and will add another bathroom and convert the study mezzanine to a large bedroom before putting our home on the market.* Because our home was designed for these changes our return on that effort will be significant.
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Re: The Current Market Value Of Your House
Old 03-25-2006, 11:47 AM   #12
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Re: The Current Market Value Of Your House

doesn't seem to work in my gayborhood, must've been developed by some str8 guy. i'd qualify that by saying we are just redeveloping now so a lot of our homes haven't resold much over the past 40 years. appraisals on record are rather low. also county records of physical descriptions are not real accurate as city records were destroyed after city hall flooded many year ago. also, on my street and the street behind me only maybe 3 houses have sold during the mad rush. we had people trying to buy here constantly, still do. but everyone's holding out, locked in by taxes. i pay about $1k/year on property taxes here. if i sold today the new guy would pay about $11k.

our legislature is considering new rules similar to calif to let us move at least part of our homesteaded tax advantages with us. not sure what that will do to the market as it both frees up new inventory but also creates more buyers. my feeling is it would free up the expensive homes for rich europeans and south americans to buy while eating up inventory of the less expensive homes, thereby raising values overall. but i'm an optimist.

when my neighbors flirt with selling, houses never list for under $425-450k on this street. the last 1,000 sf 2/1 listed at $465k. zillow has us listed between $350 & 500k. almost every house here is a teardown. you can't buy a new house in this town for under $975k. the structure of older houses doesn't even matter anymore and zillow uses structural info in their appraisals. at least 90% of our value is in the land as there is none left. according to realtor.com, the medium asking price in this town is about $630k, in our zip code it's over $1m. i paid $67.5k 13 years ago.

my family waterfront property is a $1.4m (yesterday's price) teardown where the new houses on the block go for $2.5-3.5m. the medium price in that zip code on the water is about $6.5m. apparently we are bringing down the average. bummer, huh?

the local newspapers cry bursting bubble because our county only went up 13% on average feb/feb 05/06. my two areas happen to outpace the rest, one being gay, um, i mean a redevelopment area, the other being waterfront.

housing is getting so expensive that now the fear is lack of affordable housing. monroe county (the keys) is already installing worker housing, involving feudal lords employers from hotels to the school board. as this is not enough, workers are bussed in early every morning from florida city in miami-dade county. *moving north, miami still has slums affordable areas. in broward county we don't even call it affordable housing anymore. it has been renamed attainable housing. in both broward and palm beach counties various efforts are underway to assure middle-income housing. in broward there was consideration of subsidizing housing of workers who make "only" $90k or less.

florida, we're not just selling swamp land anymore.
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Re: The Current Market Value Of Your House
Old 03-25-2006, 11:53 AM   #13
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Re: The Current Market Value Of Your House

Looks to me like they're going from simple $/ square footage of the home and lot as compared to other local comps.

While thats a viable methodology, I *hate* it when a buyer comes in with that. It fails to take into consideration lot characteristics, features of the home, very local plusses and minuses, etc.

For example, when I sold my mcmansion, the guy who eventually bought it came in with 'comps' based on square footage. Unfortunately his six comparable homes werent even remotely comparable.

If you're in a neighborhood where the homes are all more or less similar in build quality, features, characteristics and lots...this tool probably works.

If its comparing a tract home on a postage stamp lot backing up to a highway to a full custom home with granite counters, fine wood features and a lot that backs onto a nature preserve...not so good.

By the way, this has my neighbors home at $335K while he's selling it for $380 and thats about $20-40k underpriced, so I hope to hell he's looking for a bidding war and doesnt leave me with a crappy comp.

It also lists his home as about 180 square feet smaller than he has it listed, and I believe the web site. When I talked to him he said there was no square footage listed on the prior (original new home) MLS listing, so they guessed. I had been thinking they guessed wrong.
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Re: The Current Market Value Of Your House
Old 03-25-2006, 12:03 PM   #14
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Re: The Current Market Value Of Your House

Quote:
Originally Posted by Cute 'n' Fuzzy Bunny
there was no square footage listed on the prior (original new home) MLS listing, so they guessed.* I had been thinking they guessed wrong.
they've got my house listed with 0 bathrooms. i've such a canopy of forest here they couldn't see the outhouse in the aerial.
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Re: The Current Market Value Of Your House
Old 03-25-2006, 12:04 PM   #15
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Re: The Current Market Value Of Your House

Quote:
Originally Posted by Cute 'n' Fuzzy Bunny
While thats a viable methodology, I *hate* it when a buyer comes in with that.* It fails to take into consideration lot characteristics, features of the home, very local plusses and minuses, etc.
For example, when I sold my mcmansion, the guy who eventually bought it came in with 'comps' based on square footage.* Unfortunately his six comparable homes werent even remotely comparable.
If that's the best negotiating tool they have in their belt then they're really not working with much, are they?

"Thanks for your offer, ha ha, but my counteroffer will be basing the home's value on its actual merits instead of its assessed value. *And, of course, we'll be giving higher priority to other offers that use our method."
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Old 03-25-2006, 12:17 PM   #16
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...our house isn't listed either . Interestingly, the values indicated for the houses it does show are all in the teens (13K to 19K). Considering that the average price of a single family home selling in our neighborhood is about $140,000, do you multiply the result shown by 10?.
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Re: The Current Market Value Of Your House
Old 03-25-2006, 12:26 PM   #17
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Re: The Current Market Value Of Your House

Well, the guy had just gotten his realtors license and thought he really knew his stuff :

But yeah, he insisted on a face to face negotiation to open things up, and in my kitchen on the center island he laid out his story and i just looked at my agent and said "none of those comps are comps at all...did you really have me drive all the way down here for this? I'm going out to lunch, why dont you show him how to do the comparative marketing analysis to get real comparables. Call me on my cell when you're done".

Just to show how "on the ball" he was, I later made him the following offer:

"Instead of selling you the house for $xx and paying you the 3% buyers agent fee (since he was his own buyers agent), how about i sell it to you for $xx-3% and not pay a fee? Then your property tax basis will be 3% lower and you wont have to pay income taxes on the 3%?"

"What?!? No way! I have to make a living here!"

My agent spent another couple of minutes trying to explain it to him, but he thought we were scamming him. Considering he did a 100% financing with two different banks, one on the east coast and one on the west coast, maybe he needed the cash flow :P

He then avoided my agents suggestions on really, really good home inspectors and brought his own guy in. Who completely whiffed on everything that the house needed. I did disclose all of the stuff that needed work but it came in the form of a marketing guys spin on a document that the buyer probably spent 3 seconds looking at rather than in the form of an inspectors report. Granted maybe you should be suspicious of the sellers agents suggestions, but maybe you dont want to open the yellow pages and pick your own guy blindly either?

Some people really are their own worst enemy.
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Re: The Current Market Value Of Your House
Old 03-25-2006, 01:03 PM   #18
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Re: The Current Market Value Of Your House

Quote:
Originally Posted by Cute 'n' Fuzzy Bunny
"What?!?* No way!* I have to make a living here!"
You scammer, I think he was worried that he wouldn't be able to recognize the income, make his IRA contribution, and bail out Social Security/Medicare.

When I have to meet with people like that I feel as if I'm trapped in another department-head meeting. The voice drones on & on while I'm just waiting it out in my own little meditative happy space...
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