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02-09-2015, 08:48 PM
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#21
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Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,212
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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.
micro pensions 6%, rental income 20%
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02-09-2015, 09:56 PM
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#22
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2013
Location: ATL --> Flyover Country
Posts: 6,649
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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. 
__________________
FIRE'd in 2014 @ 40 Years Old
Professional Retiree
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02-09-2015, 10:49 PM
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#23
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,094
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 Quote:
Originally Posted by redduck
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.
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Well maybe you should be happier, Zillow could be undervaluing your house by 20% 
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02-10-2015, 08:09 AM
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#24
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2014
Posts: 7,373
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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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02-10-2015, 08:27 AM
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#25
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Location: yonder
Posts: 2,851
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Undervaluing it by 20% wouldn't be so terrible.
__________________
When the people shall have nothing more to eat, they will eat the rich--philosopher Jean-Jacques Rousseau
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02-10-2015, 08:32 AM
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#26
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,373
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We live in a rural area and Zillow doesn't cover our town at all.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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02-10-2015, 08:44 AM
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#27
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Thinks s/he gets paid by the post
Join Date: Apr 2008
Posts: 1,251
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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.
__________________
"Don't you draw the queen of diamonds, boy, she'll beat you if she's able.
You know the queen of hearts is always your best bet" -- The Eagles, Desperado
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02-10-2015, 08:47 AM
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#28
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Location: yonder
Posts: 2,851
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Quote:
Originally Posted by pb4uski
We live in a rural area and Zillow doesn't cover our town at all.
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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.
__________________
When the people shall have nothing more to eat, they will eat the rich--philosopher Jean-Jacques Rousseau
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02-10-2015, 09:30 AM
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#29
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Recycles dryer sheets
Join Date: Jun 2014
Posts: 406
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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
__________________
If money is the root of all evil I want to be a bad man
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02-10-2015, 11:01 AM
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#30
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Thinks s/he gets paid by the post
Join Date: Jan 2014
Location: Bloomington, MN
Posts: 1,159
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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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