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| reply to AR
Re: Home Values going down the toliet? Some are. Maybe a high percentage of them.
Not all will default. Some who bought on speculation will earn enough on other investments to offset.
I'm not smart enough to predict whether we will have a minor correction, a sharp drop or something in-between. Even if real estate gets hit "hard" in CA, that doesn't mean calamity across the continent. The Fed could step in and loosen the money rate. Other aspects of the economy could mitigate or lessen the impact.
All I know is that folks who ignored history, experts and common sense, who threw caution to the wind and bought way over their head (you know, dumbasses) are likely to be adjusting their lifestyles significantly. |
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 FutureMonIs voting for ObamaPremium,ExMod 2002-05
join:2000-10-05
Long Beach, CA
1 edit | Well my latest appraisal came in. From a bank who I was warned takes a very conservative approach in their estimations (wachovia).
They **must** be smoking something because their appraisal came in under $550k - and I can't believe the value of my home would drop over $100k in only 5 months. I got another appraisal from real time mls data that came in at $647k, and www.zillow.com puts me around $651k right now.
I guess they are worried about the market so they're making it very difficult for customers to qualify for their loans.
- FM
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Undisputed BBR Karaoke Champion! Care to challenge me? |
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 jig
join:2001-01-05
Hacienda Heights, CA | believe the 550. the prices of house sales in our neighborhood (sales, not offers) has fluctuated that much in 5 months. zillow is usually 6 months behind...
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A man compounded of law and gospel is able to cheat a whole country with his religion and then destroy them under color of law. -Ben Franklin |
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 CurtesyFlushBababooey, fafafooey, tatatoothy.Premium
join:2002-08-23
Fontana, CA
kudos:2 | Zillow was way off on this one.
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Life Member, NRA and CRPA. |
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 ARPremium,ExMod 2001-04
join:2000-09-21
Toronto, ON | reply to FutureMon
»www.housingtracker.net/askingpri···Glendale
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Exercise and Diet journal. |
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 dogmaXYZPremium
join:2002-08-15
Boulder City, NV
kudos:1 | reply to FutureMon
said by FutureMon:...$647k, and www.zillow.com puts me around $651k right now. I guess they are worried about the market so they're making it very difficult for customers to qualify for their loans. Try »www.reply.com/
My house on Zillow shows $711K, Reply shows $951K. I think these sites are for amusement purposes only. (Although Reply did show a neighbors house at $668K last fall. The neighbor put their house on the market in June '06 at $815K, it finally sold and closed last Month at $680K)
You may want to buy your own appraisal, which I would suggest as a good investment anyway before going loan shopping.
Does anyone else see such a big discrepancy between Reply & Zillow? |
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FutureMonIs voting for ObamaPremium,ExMod 2002-05
join:2000-10-05
Long Beach, CA | reply.com came in at $599k
- FM |
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 81399672Premium
join:2006-05-17
Los Angeles, CA
kudos:2 | reply to dogma
reply is totally wrong, no question about it. Prices do not make any sense
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i am not a lawyer but I do play one on tv |
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 ksw_92
join:2001-05-13
La Verne, CA | Zillow's (or any other service) problem with LA County is that the recorder's office is pretty opaque as compared to other counties. This means that sometimes data is late or is binned wrong (like refis that show as sales). Also, since sales have slowed significantly the data points (comps) are more volatile which makes them throw out a lot of data since I think they groom outliers from their estimates right now. They're going to need to change their data models now that we're moving into a market that will generate less data and be more volatile.
In the end, the value of your home is determined by what someone (loan officer or cash buyer) will give you for it. Anything else is just a guess based on point-in-time data. |
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FutureMonIs voting for ObamaPremium,ExMod 2002-05
join:2000-10-05
Long Beach, CA
1 edit | said by ksw_92:In the end, the value of your home is determined by what someone (loan officer or cash buyer) will give you for it. Anything else is just a guess based on point-in-time data. As a potential seller, that's what I like to hear. Because my property is unique enough that the right buyer who appreciates the qualities it has (I believe) would pay a premium to get. Lot offers privacy, nice view of valley, neighbors homes are about 100 feet away on both sides (below me) and no one behind me. Definately not your typical "cookie cutter" property.
For Refinancing, though, that kinda sucks.
- FM
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Undisputed BBR Karaoke Champion! Care to challenge me? |
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