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Old 04-24-2013, 11:37 AM   #16
wiigirl
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I would not use Zillow to gauge anything. They had almost all the information on our last house wrong. I haven't even looked at it for our current house. A real estate appraiser or a good realtor are the best judge on home prices if you really want to know.
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Old 04-24-2013, 11:59 AM   #17
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I have a townhouse in the western Chicago suburbs that I built in 2005. It is still $50K underwater. I have renters in it for now, but the minute I have enough to make up the difference and sell it, it is out of here.

Now the home we live in, 20 miles further west, has bounced back some. We got a good deal on it 2 years ago so we now have equity in it, but it is still worth $100K less than what the people paid for it who built it in 2005.
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Old 04-24-2013, 12:15 PM   #18
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Hopefully it will recover nationwide soon. Here locally, my house value has actually increased about 15K, Shocking I know. I hope it keeps up for about 11 more years when I can move with full retirement benefits.
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Old 04-24-2013, 12:17 PM   #19
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Our area was never affected and the prices have kept rising. I've read that some economists are expecting interest rates to begin rising and w/in the next couple of years to go up a lot. We're helping our kids to buy homes now so they can take advantage of the record low rates.
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Old 04-24-2013, 12:18 PM   #20
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I would not use Zillow to gauge anything. They had almost all the information on our last house wrong. I haven't even looked at it for our current house. A real estate appraiser or a good realtor are the best judge on home prices if you really want to know.
I agree with this. It can be WAY off.
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Old 04-24-2013, 12:22 PM   #21
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Don't know exactly where you are in NEPA, but I have family there and one of the things they are hit by is the result of fracking and the declining quality of the water. If that's you, you're never going to recover from bad drinking water. Ever.
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Old 04-24-2013, 12:58 PM   #22
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Some would argue that the market will never support that prices that were hit during the peak. Houses just weren't worth that.

Mine is up $200,000 from what I paid, and down $200,000 from the peak.
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Old 04-24-2013, 01:15 PM   #23
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Old 04-24-2013, 02:17 PM   #24
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Quote:
Originally Posted by HM View Post
I would not use Zillow to gauge anything. They had almost all the information on our last house wrong. I haven't even looked at it for our current house. A real estate appraiser or a good realtor are the best judge on home prices if you really want to know.
Zillow is a joke.
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Old 04-24-2013, 03:59 PM   #25
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We're in Oregon and have a house underwater. We had to move about 100 miles away, so we're renting it out until things improve. It's slowly getting better, but it will be quite awhile before we gain back the 50K that we're under. We also lose money every month, as the rent doesn't cover the mortgage. But I was able to refinance, even being underwater, and lower the interest.
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Old 04-24-2013, 04:20 PM   #26
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The area I live in is having issues. Sandy knocked my town for a loop (but not my neighborhood).
I did look up my house on Zillow and we had an appraisal last year,
and Zillow is about $10,000 over that.
You think that is a big or small difference? Given that Zillow uses mathamatical formulas that don't take into account condition and other factors, I would consider their estimates generally amazingly close.
My family has a house that will be up for sale in the future, and I have found the appraisals to be out of touch with real selling prices. A house in the neighborhood appraised for $700,000, zillow had it at $800,000. The owner listed it for $999,950 and sold it for $899,950.
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Old 04-24-2013, 04:23 PM   #27
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Zillow has the empty, destroyed, foreclosed home next door valued higher than our house. Granted, we do need to pressure wash, but really? I'm a bit skeptical on how accurate their prices really are. However, there are fewer homes foreclosed or for sale in our community compared to 6 months ago and definitely compared to a year ago. I think things are getting better, but very slowly.
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Old 04-24-2013, 05:31 PM   #28
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Zillow has the empty, destroyed, foreclosed home next door valued higher than our house. Granted, we do need to pressure wash, but really? I'm a bit skeptical on how accurate their prices really are. However, there are fewer homes foreclosed or for sale in our community compared to 6 months ago and definitely compared to a year ago. I think things are getting better, but very slowly.
In the example I listed, the house was built in 1939 and will be bulldozed. Not due to the age, but these homes are all on a half acre and about 2,000-2,500 square feet. People buy them to built 5,000 to 6,000 square foot homes on the lot.
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Old 04-24-2013, 05:49 PM   #29
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Had dinner with a realtor friend a few weeks ago and she said that the demand for houses is up and they have very little in the inventory. My DH works at a bank and he sits next to the mtg loan dept and they are always looking for folks to work the weekend to process loans. My nephews house in Dallas sold in 10 days. They were not expecting that since they are building a new house that won't be ready till July so they had to find temporary housing. So it looks like things are picking up.
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Old 04-24-2013, 06:25 PM   #30
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I'm in Michigan, so you know how it is here. Our area didn't see much "bubble" but we saw a big crash. Our 4bed/2bath house sold for 157K in '05; we paid 25K in '09 and it hasn't appreciated significantly since then. We had talked about a HELOC to do some home improvement but our bank has a 25K minimum loan amount and right now our appraisal isn't likely to come in at the 38K or so it would take to meet LTV guidelines on that amount so we're just cash-flowing projects as we can.

I don't think I'll live long enough to see this area get back to what it was pre-recession. We lost a ton of jobs but haven't gained any back, and there's still a glut of foreclosures on the market with more coming. Some banks aren't even initiating foreclosure proceedings in my town because they'd rather take a chance on owners refinancing or otherwise getting current than taking the outright loss and tax burden of taking possession now. But we're fortunate to be in a position of not having to worry about it; we paid cash and don't intend to sell (ever - my son is going into a trade that is still strong in this area and we hope to give him the house when we're ready to retire south) so other than the inconvenience of not being able to take out that home equity line the low value doesn't affect us at all.
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