Your Home Value - Still Going Up?

[Danny]

http://intelligentspeculation.blogspot.com/

 

[Nords]

Dan, try searching this board for the keyword "zillow"...

 

[lazygood4nothinbum]

i'll check zillow again right after they consider that i might actually have a bathroom in this house.

broward county florida was up 4% april and may figures just came in up 3% 2006 over 2005. so our increases are still down from the peak, still rising year over year but the increases are way slowing down.

interestingly, the gap between asking & selling price has narrowed in broward but remains with a gap in dade county (miami area). stuff is now taking 40-60 days to sell instead of overnight. i'm not sure there are many bargains yet to be had.

 

[SteveR]

Dan, try searching this board for the keyword "zillow"...

Dan,
This is Nords-speak for "..this link has been provided on the board several times in the last few months so next time search for it before you post it.." He means it as a positive comment but many ex-military types are a bit lacking in the tact department.

To answer your question...the city is still on a boom run so prices are up over 12% over the past year. My house is up over 30% in the past 4 years according to the Zillow estimate but I doubt I could actually sell it for that. Most of the boom is in new homes being built at an alarming rate. It is hard to believe there is that much demand for houses right now. The negative to this is that resales are down because of the new home building craze. Someday there is going to be a glut of homes on the market and the house of cards will come tumbling down. After all, this is NOT southern California.

 

[justin]

My house is up a whopping 3.7% year over year to $154,250. Not surprising, given the non-bubble market we have here.

It was interesting to note that 75% of houses in the US are more expensive than mine.

 

[73ss454]

The prices on Long Island NY are a falling knife. I've reduced the price on my house by 100K and no one even looks at it.

 

[califdreamer]

New and existing homes up 0.4% May 06 compared to May 05 in San Diego. Woohoo!

 

[Calgary_Girl]

Yup! Up here in Calgary, houses are selling in less than a week and in most cases ONE DAY with no conditions and higher than the asking price.

All thanks to oil....

 

[AltaRed]

Yup!  Up here in Calgary, houses are selling in less than a week and in most cases ONE DAY with no conditions and higher than the asking price.

All thanks to oil....

Been reading about that and talking to realtors too. Unfortunately, this behaviour will lead to disappointment in the not too distant future. It is not sustainable and if oil cools by $20-30 for any length of time, the reaction may not be like the early 80's but it could come close.

 

[Rich_by_the_Bay]

New and existing homes up 0.4% May 06 compared to May 05 in San Diego. Woohoo!

5% per year is a common expected increase in residential home prices historically. So 0.4% (especially in SD) is better than a sharp stick in the eye (and maybe even better than parts of the stock market) but...

"Woohoo!" caliber? Not so sure , but hey - good for you if it meets your expectations.

 

[califdreamer]

Rich, I should've included a  or a  : since I was being a little sarcastic there... but then again you may have been pulling my leg too. 

We have nothing to complain about in So Cal.  We've had a torrid run for a long time.  If it weren't for recent  buyers getting hurt I could see rooting for a drop in prices so those getting started could get in the market.   If the market drops 30% it won't effect me at all. 

 

[Rich_by_the_Bay]

Rich, I should've included a or a : since I was being a little sarcastic there... but then again you may have been pulling my leg too.

We have nothing to complain about in So Cal. We've had a torrid run for a long time. If it weren't for recent buyers getting hurt I could see rooting for a drop in prices so those getting started could get in the market. If the market drops 30% it won't effect me at all.

Gotcha.

Exactly, like the stock market, don't sweat a downturn after you've enjoyed the fruits of a nice long surge in housing prices. Hard to see how you'd go wrong in SD (or Tampa, for that matter) in housing values over the long haul.

 

[MJ]

Was curious about the house I just sold almost 3 months ago. According to zillow, it's up 2%. I guess the re market isn't going down yet in my neighbord. On the other side of the coin, the house next to me, which is in much better condition with a finished basement (I didn't have a finished one) doesn't seem to reflect my sale price, as it is priced nearly 10% lower.

 

[GTM]

When the dust clears I think the homes that will loose the least value will be where there are opportunities to earn a good living.
Maybe its that location location location stuff.

The nicer newer homes will cost more than the old run down homes. (common sense)

And the areas where there are not alot of high paying jobs will see lower housing prices.
That's where many used to look to retire.

I really think things just got way out of hand over the last 7 or 8 years.

 

[RetireEarly50s]

We have been in our house two years and it went up drastically on Zillows from our purchase price of 160,00 to 317,00 in January but now has dropped to 286,000. Can't complain after that tremendous two year market but the market here is definitely slowing down now. Houses last summer sold in a week now average is 50 days.

 

[kjpliny]

The prices on Long Island NY are a falling knife.  I've reduced the price on my house by 100K and no one even looks at it.

73ss - Where on long island are you?  I'm in Smithtown and haven't seen drastic drops in prices yet.  Houses do seem to be on the market longer though. 

 

[cute fuzzy bunny]

Prices are down here from their peaks, zillow never really has shown accurate selling prices in the area. Having looked at it several times, I can say that it probably measured reasonable VALUE for the properties at all times, but its missing that "stupid factor"...

 

[lazygood4nothinbum]

Houses last summer sold in a week now average is 50 days.

it had gotten to the point here where the for sale sign never got posted, only the sold sign. we got spoiled. people forget. but 60-90 days is likely historically average. 50 days is probably still pretty good.