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Old 04-24-2013, 07:38 PM   #31
disneypharm
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Originally Posted by jedijill View Post
Here in Denver there is little inventory and homes are getting multiple offers and driving prices up. I currently have my house in Kansas City for sale (moved to CO 4 1/2 years ago right as the bottom dropped out of the housing market) and inventory is low and I've had quite a bit of interest in my home (listed Saturday) but no offer yet. Definitely not as hot as Denver.

Jill in CO
I agree. We are in the suburb of Denver and it is definitely getting better. A neighbor's house got 3 offers the weekend it went on the market and the offer that was higher than the asking price got the house. It is 200K higher than what we paid 12 years ago but about 30K less than the peak. Zillow is definitely not accurate.
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Old 04-24-2013, 07:42 PM   #32
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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.
It depends on location, I think. Zillow here is stupid-wrong. They have my home as worth 82K and there's no way it would appraise at even half that. They also have the value of the house next door, which just sold for 22K, listed as 60K.
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Old 04-24-2013, 08:00 PM   #33
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Originally Posted by Colleen27 View Post

It depends on location, I think. Zillow here is stupid-wrong. They have my home as worth 82K and there's no way it would appraise at even half that. They also have the value of the house next door, which just sold for 22K, listed as 60K.
Wow, that's amazing pricing for homes! Most cars around our area are $60k. Not mine of course!
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Old 04-24-2013, 08:03 PM   #34
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We never really saw the dramatic increase in real estate values and luckily never saw them fall off the cliff either. Our house has steadily increased in value in the 20 years we have owned it. As long as it continues to steadily gain value I will be happy...you know what they say, "slow and steady wins the race!"
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Old 04-24-2013, 09:34 PM   #35
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I agree. We are in the suburb of Denver and it is definitely getting better. A neighbor's house got 3 offers the weekend it went on the market and the offer that was higher than the asking price got the house. It is 200K higher than what we paid 12 years ago but about 30K less than the peak. Zillow is definitely not accurate.
Yikes! We are moving to the Denver area soon.
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Old 04-24-2013, 09:41 PM   #36
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Yikes! We are moving to the Denver area soon.
You might want to plan on renting for a bit. The market here is CRAZY and not in a good way for buyers.
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Old 04-25-2013, 12:22 AM   #37
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Yikes! We are moving to the Denver area soon.
I wouldn't worry too much. Do your research online before moving. There are still some good areas with reasonable prices.
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Old 04-25-2013, 04:06 AM   #38
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NW IL here and the market sucks. Our home is worth about what we paid for it 18 years ago. We have had it on the market for 2 years with no luck in selling it. The forclosures that are super cheap are selling to one local property management/realty company. The rest of us regular sellers are just sitting and waiting for buyers. I watched one house start at $300,000 and 3 years later sell for $125,000 and one that sold in one month for just under asking price so who knows. The news keeps saying sales are up in our area and realty is doing great but I certainly don't see that happening around me. I see a lot of forclosures being bought up and bringing down the price of regular properties though.

I guess it doesn't help that we have a very high unemployment rate either. There are very few jobs and a lot of people fighting for them.
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Old 04-25-2013, 08:46 AM   #39
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It depends on location, I think. Zillow here is stupid-wrong. They have my home as worth 82K and there's no way it would appraise at even half that. They also have the value of the house next door, which just sold for 22K, listed as 60K.
I can see that. But that has been my experience with appraisals too. Way off what houses actually are selling for. We sold my MIL's house in Probate, so had to get an appraisal. We actually sold the house before we got the appraisal. Listed for $110,000, sold for $105,000, which at the time was the highest selling price for that floor plan. Appraisal came in at $135,000. Both our Real Estate Agent, and the buyers Real Estate Agent could not figure where THAT number came from.
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Old 04-25-2013, 09:03 AM   #40
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Wow, that's amazing pricing for homes! Most cars around our area are $60k. Not mine of course!
It is, and it has enabled us to do wonderful things. We took a gamble, burning through so much of our savings to buy this place, but not having a mortgage has been really liberating. We wouldn't have been able to consider private school for our girls or take as many vacations as we have... Heck, there have been times where it would have been a stretch just to keep up college & retirement contributions if we were still paying a mortgage every month.
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Old 04-25-2013, 09:10 AM   #41
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Zillow doesn't even list a price for my house. I think it thinks it's free.

But that graph is actually a perfect example of our home. It says that house prices are about the same as what they were in 2004. We bought in 2004-- and the value of our house is pretty much the same now as what we paid for it then. Prices are slowly going up.
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Old 04-25-2013, 09:24 AM   #42
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I would take anything zillow says with a grain of salt. I live in a development all built by the same builder, and a couple of house away is the same model as us, just mirror imaged. I've been inside their house and there are no major differences in quality of things like flooring, kitchen & baths. Same acreage, but we have more of the wooded area cleared with grass planted. But, they are on the corner, so 1 side of their property is adjacent to a higher traffic road, which is NOT something I would assume would be desirable.

Zillow has their house as $43,000 more than ours.
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Old 04-25-2013, 03:21 PM   #43
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It is, and it has enabled us to do wonderful things. We took a gamble, burning through so much of our savings to buy this place, but not having a mortgage has been really liberating. We wouldn't have been able to consider private school for our girls or take as many vacations as we have... Heck, there have been times where it would have been a stretch just to keep up college & retirement contributions if we were still paying a mortgage every month.
Color me jealous!
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Old 04-25-2013, 03:51 PM   #44
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SEPA here. We bought in 2008 on the down swing. Our house would sell for about $30K less than what we bought it for. At the worst it was probably $55K less what we bought it at. I think things are starting to sell a little better. I live in a townhouse community where the difference in houses is never that great. There are always a dozen or so homes for sale. Some have been on the market for a long time but many seem to have sold in the past few months.

I use the realtor.com app. It gives you current list prices plus what houses sold for. I feel that it gives a slightly more accurate number than Zillow. It just gives the sale price so there is no way of knowing what the seller gave back to the buyer at closing.

The same builder is starting a new development next to ours but the houses are about 1,000 square feet smaller that my neighborhood. It is going to be interesting how that effects things.
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Old 04-25-2013, 11:17 PM   #45
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I'll chime in from SE PA. We just put our house on the market (for about $100K more than we bought it for 11 years ago) and have had three showings scheduled in 24 hours, so I'm hoping it sells quick. One down the road sold in three days with multiple offers at asking price--but that was a four bedroom while ours is 3. We are the only ones in our whole town right now within a $15K gap. But I have to say that selling a house is quite stressful with three kids! It seems to me like the inventory was fairly more lush earlier this year and it's hit a lull, with not much available. We rushed to get on the market--took us just about ten days. Have never worked so hard in my life.
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