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Old 02-09-2015, 08:48 PM   #21
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My house is a significant part of my net worth... but doesn't effect my feeling of wealth or investment/spend strategies really since you can't spend a house.

I do follow real estate values. My house is overvalued by about $50k by Zillow. I averaged the price per square foot of 2 houses that sold on my block in the last 6 months, and applied it to my square footage. These are 1960's homes in a sought after neighborhood... one of the two homes was fixed up about 5 years (granite in the kitchen, new flooring, etc.) the other was close to the 1960's original. Both had additions to them - but started out as the same model as my house. Our property has an income rental casita on the property, but has the original footprint.

As far as property taxes - in CA, if you've owned your home a long time, you might have very low property taxes and still have a home you could sell for a million or more.

Retired June 2014. No longer an enginerd - now I'm just a nerd.
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Old 02-09-2015, 09:56 PM   #22
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When my DW was still in the real estate buying/selling biz, she HATED Zillow and all the flipping shows that were so rampant before the bubble burst. Texas is a non-disclosure state, so most of the Zillow values were way, way off.

We noticed while watching 'Fixer Upper' on HGTV (based in Texas), they have started showing the Zillow estimate in addition to the listing price. It almost sent my wife into convulsions.

Sent from my mobile device so please excuse grammatical errors.

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Old 02-09-2015, 10:49 PM   #23
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Originally Posted by redduck View Post
OK, Walt34 and calmloki, I guess I'll just stay the course. Must say that I'm not quite as happy as I was a little while ago.
Well maybe you should be happier, Zillow could be undervaluing your house by 20%
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Old 02-10-2015, 08:09 AM   #24
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I just checked Zillow for our house and it's about where I think it should be (which is $50K less than the realtor proposed as a listing price when we put it on the market in the spring).

Interesting point about the "buyers" being a trick to get the listing. I'd heard of recruiters doing something similar; first they tell you about this great job opening they have and then when you jump at it and send them your resume, they shop it around and go looking for that great job.
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Old 02-10-2015, 08:27 AM   #25
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Originally Posted by Sunset View Post
Well maybe you should be happier, Zillow could be undervaluing your house by 20%
Undervaluing it by 20% wouldn't be so terrible.
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Old 02-10-2015, 08:32 AM   #26
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We live in a rural area and Zillow doesn't cover our town at all.
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Old 02-10-2015, 08:44 AM   #27
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In our neighborhood we get cold calls from realtors and some buyers just stopping by to see if anyone will sell. We haven't discussed price or checked Zillow since we don't have any plans to move. I view the house almost completely as shelter and not as an investment. Some folks have sold, though, and then have to scurry around to find another place to live.
"The best thing about the future is that it happens one day at a time." -- A. Lincoln
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Old 02-10-2015, 08:47 AM   #28
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Originally Posted by pb4uski View Post
We live in a rural area and Zillow doesn't cover our town at all.
Well, I guess that's one advantage of living in a rural area. Zillow won't be able to infect you with the dreaded Wealth Effect and therefore you won't be prone to do foolish things with your retirement money.
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Old 02-10-2015, 09:30 AM   #29
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Zillow gives you an estimate and a trend I think and not much else. What you can actually get depends on things Zillow can't know. How motivated the buyers/sellers are, what the condition of the house really is etc. Around here the last 2 houses that have sold have sold for 100% as is and significantly over the asking price. OTOH there is a house nearby that is in terrible condition and while they would get a pretty penny for it they wouldn't get as much as the well maintained house next store.

It's tempting to sell because the houses are up so much but if we left we could never come back and that would be a problem for my wife
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Old 02-10-2015, 11:01 AM   #30
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As a Realtor I like Zestimates. More often then not they have been low. I have a closing this Thursday for a Town House where Zillow had it at $250,000. The sales price is $272,500.
I much prefer to tell the buyer we can get you $20 grand more then the Zestimate rather then $20 grand less.

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