Go to zillow.com and see what your current or former house is now worth.
What do you think? High or low?
December 03, 2006
HousingPanic Stupid Question of the Day
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A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
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37 comments:
About 60 % higher than should be.
Taken nationally, Zillows zestimates are only within 10% of an actual sales price 62% of the time according to their own website.
It's an interesting and fun tool of course, and at times quite useful. Just don't get too silly with it.
nice to see the realtor guy trying to discredit zillow so that people will of course use realtors for that great unbiased information
Is Athol Kay the dad from MOrk and Mindy?
"nice to see the realtor guy trying to discredit zillow so that people will of course use realtors for that great unbiased information"
zillow estimates are "computer based" so, when you discredit them, like I do, it's not a personal thing.
zillow was pricing homes at over $200,000 in the Minneapolis ghetto because of run-ups in price nearby.
after I checked the crime reports, I found out that houses were robbed often-- up to twice a year on average-- and, therefore, I walked away from a "foreclosure bargin" which was priced at $140,000 and needed a lot of work.
Dear Mr. AS$Troll,
Again.
According to Richard Daughty, 2.5 percent of homes are sitting vacant.
That is the worst it has been in 50
years.
To use a home as a commodity, someone has to buy it from you for more than you paid for it, Mr. AS$Troll. I am just sayin.
Here:
http://tinyurl.com/ye8lft
Realtors are finished. 85% Of home buyers seek advise from the internet according to a report on Fox News Network today.
They still think Real Estate is a Speculative Investment for Profit, rather than a place to live and an expense.
Who wants investment advise from a Realtwhore, who has maybe HS Degree and a Gov. regulated license?
I asked you before, and you did not anwswer me.
Why do Realtwhores put their Pictures on their business cards? Does it make them more money?
@ anonymous check out http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm
The 62% is the final stat on the bottom right of the page. This is Zillows own information that I'm quoting.
Quoting Zillows own data it publishes on it's own website is hardly some kind of evil realtor attempt to discredit Zillow.
Dear Mr. As$Troll,
evil realtor. LOL
Your words, not mine.
(:
@ Metroplexual I can neither confirm or deny I am the Dad from Mork and Mindy. ;-)
@ FMW A house is a commodity that is sold on a market. Just as the gold market or whatever can go up or down, so can house values. That surely is one of the basic points of this site isn't it? That housing prices can go down. You must pay attention to the state of the market before investing in it.
On average - over the long term housing price do go up, at about a rate of 1.5% over the inflation rate. For the overwhelming majority of people a house is simply a place to live and a way of building wealth over the long term rather than simply paying rents to someone else for their entire life.
If you are paying rent, then understand that someone else is owning the house as a real estate investment. Whether we want to or not, we are all particpating in real estate investment, it's either our own investment or we're paying for someone elses.
You are also correct that having a real estate license does not require advanced degrees. I would point out that most good realtors do have advaned degrees in other fields, and come to real estate as a career change.
Most realtors actually believe the course work to become a licensee is insultingly trival as well, and want to see it increased.
Missed that you wanted an answer to the photo on business card thing. Frankly it's a trival point isn't it? Obviously anyones business card is for the purpose of advancing your services. Of course we want to it improve our profit.
I'd assume Keith has a business card for his own marketing job. That business card would be for marketing his own services and improving his profit margin (or his employers profit margin - Keith is quiet on the details of his employment as far as I can see)
Dear As$Troll,
So, your Picture advances your services?
I would not buy anything unless I could see what the sales person looks like.
Also, if real estate is a commodity, then it should go up against the dropping USD, not down. See my previous posts RE Commodities.
Again, your on crack, OR just advancing your services, imo.
Zillow Value Range: $194,093 - $256,559 - Last updated: 11/27/2006
paid $150,000.00 3 mos ago
Zillow is one of the reasons why sellers "THINK" they can get more than what thier house is worth.
They fail to realize that the market dictates price, not a website.
Zillow is easily manipulated by just one sale. I had watched this one particular area that adjusted downward over the past year. One single home had sold to the proverbial, greater fool over a 6 month period, that comp sent the entire neighborhood up over 10 percent. (In this case 10% = 30K) Be very cautious of what you see on Zillow. Carefully evaluate the comps they are using especially the comp dates that are normally a few months old. I know the 10% was within their margin of error! but one sale and 30K across the board.
San Diego condo I'm currently renting Zestimate compared to identical units on the market is 33% too high.
SD condo I sold in 2004 same story.
Zestimate=Useless
Zillow is useless in a volatile market (one that is moving upward or downward quickly).
There is a house that sold by auction in Naples, FL for around $750k (but has not yet closed). Zillow is still listing it for $1.3 million which was the original asking price.
nick c
To Keith: How to upload/post picture with website links !!!
1. Upload image/pics ...
2. Replace only the first: "http://..." only with the WEBSITE ADDRESS like "http://www.zillow.com"
< a href="http://bp1.blogger.com/_yzhH_1WF3yU/RXMyy-4tVnI/AAAAAAAAAAM/7ZsEDEBoSNQ/s1600-h/logo-zillow.gif"><
3. Just like this:
< a href="http://www.zilow.com"><
ENJOY the PICS on your WEBSITE with LINK from now on!!!
Zillow says my 1948 3/1 is worth $250k. Paid $18k in 1975. I believe it's over-valued by 100%.
Phoenix Coronado Historic District
A little high, within 10 grand. Not too bad, but no bubble market here! Zillow says $132000 and I MAYBE could get $120-125000.
The price is completely inaccurate. Zillow shows some dated satellite photos.
@ FMW I still don't understand what your point is regarding business card photos. Photo or no photo the card is advancing your services. You hate business cards in general?
Re: Points against a house/housing not being a commodities brought up by FMW and Lone Libetarian. I agree that a house is not a perfect example of a commodity. It does at least you'd have to agree display some commodity like behaviors though. The more of it about the lower the price goes and vice versa. Isn't the fact that housing prices can go down a basic premise of this site?
The illiquid, immobile, unique properties of houses is one of the reasons we have real estate agents. If houses were just the same as gold bars, realtors would have been disintermediated around the same time as travel agents and stockbrokers were.
I use Zillow to see trends. I'm currently watching it to see how much my ex's new house has gone down in the last 4 months (-$100k). Oops.
"The illiquid, immobile, unique properties of houses is one of the reasons we have real estate agents. If houses were just the same as gold bars, realtors would have been disintermediated around the same time as travel agents and stockbrokers were."
I always enjoy it when a realtor tries to sway opinions on a bubble blog. I imagine you would get a similar warm reception if you espoused satanism on a christian blog.
The disintermediation you speak of has hit those professions because the ONLY value provided was information of a proprietary nature that was not available to the general public. The internet made that information available, and voila! No need to use the middleman.
The MLS's days are numbered. Your stranglehold on the data is doomed. Might want to start reading the want ads, because just as no one needs a "facilitator" to buy stocks or tickets for a cruise, they certainly don't need you to show them where the kitchen is.
BELIEVE IT OR NOT, Zillow can actually be on the low side, but only for a place like Buffalo New York where I grew up.
My parents 4BR, 1.5 bath in the suburbs of West Seneca (good neighborhood actually) is listed at $101k when it would actually sell for $140k to $150k.
But then again, you'd have to live in Buffalo.....the mistake by the lake.
Just "zillowed" my (Seattle area) home. Was $434K about four months ago; now it says $419K.
That's a drop of 3.7%
Would it sell for this amount?
One way to truly find out, and I ain't going there!
-Mammoth
@ Boominboise I quite agree that the MLS days are numbered and am on record as saying I think Google will beat NAR to the creation of a national listing system. Check http://tinyurl.com/tfv3a
The information is just one part of the change in real estate, and I do agree that in the past it has been a huge factor.
Realtors won't be disintermediated because the transaction itself is still time consuming, and for many people quite emotional. There is no easy computer solution to the practical realities of the transaction.
And no I don't expect a fuzzy warm welcome.
I sold in June'06 at $678k, in "The OC", Calif. Now reporting $667k, a -1.62% decline.
I think my ex-house is 11.3% below Zillow.
Zillow is 12.7% too high.
By the way, Zillow has an esitmated Range for thier guess.
My estimate is only 1.3% less than the low end of thier range.
(Here in the O.C.)
about 5-10% too high
I'm not in a bubble market though
Dear As$Troll,
REIC corruption is one on the sights topics.
Realtors disintermediated by their own greed and the Internet is another topic.
SPIN by MSM and Government Verses the TRUTH, as we see it, is another.
NAR Corruption, Fannie May and Freddie Mac antics (cooking books, etc)
Antidotal stories about FB are peppered here for our amusement and dismay.
Lively political, economic, and Fed Bank debates and every once in a while a joke thread and a concert.
HP is not an REIC Friendly sight, in general.
And personally, I have an extreme dislike for Real Estate Flippers and Real Estate Brokers and Agents.
I see you are a very active Member of Zillow’s BUYBUYBUY BLOG.
You are still in THE MATRIX, Sir.
PS. Keith,
Please feel free to edit and correct my HP Focus Points Post above.
iw
AND:
If a picture, or a Head Shot from Glamor Shots, was the secret to success, everyone would Post same on their Resume'.
Just another example of how Realtwhores have Lost The Plot.
The only reason you all want people to see you is you are all vain, or you want every one to know the color of your skin, or Gender or your age.
Are you conflicted?
Please, it is too easy to make fun.
Please stop.
Sold my house at the end of Sept, zillow estimate was way high then, about 20%. Now zillow has dropped the value 5% from the high. I'm in Utah, SLC area...
heh. the loft condo I sold for $196k in downtown St Paul, MN last year comes up as "$175,000-225,000" quite a spread there. units in the same budilding with the same square footage are going around $177,000.
glad I got out when the gettin was still possible. quite a number of units for sale in that building...
Home I bought in 2004 for 225k and sold in 2005 for 470k is now estimated at 445k. MUAHAHAHAHAHHAA. About 200k in chump change in my pocket . BOOYA.
About 200k extra in debt for the sucker who bought it.
"Realtors won't be disintermediated because the transaction itself is still time consuming, and for many people quite emotional. There is no easy computer solution to the practical realities of the transaction."
Wow. If you really believe this then you place an unrealistic value on your skillset. I've bought and sold property all my life and only used a Realtor on the very first transaction because I didn't know any better.
Practical realities? The title company does 90% of the heavy lifting. As for the other 10%, I can show my own property, as well as fill out an earnest money agreement (also provided by the title company).
zillow is completely worthless in philadelphia, as it uses the publically available tax valuations, which are nowhere near actual prices here.
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