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Discussion Starter · #1 ·
You can find out the current market value of your house by signing up with www.zillow.com. After you sign up, the service is free. Be sure to opt out of all "newsletters".

Every 2-3 years I go there and look at the value of my house. My house held its value until early in 2010, when I suddenly lost about $25k, or about 25% of the value of my house. Don't know why there was a delayed effect, but here we are.

Earlier this week I was looking for a new house and there are more good deals out there. Last time I did this was in fall 2007. Lots of houses for sale but no one was dropping their price. In 2007 the average time to sell a house in my area was 11 months, per the owner of a realty firm I talked to.

Needless to say, after I saw the value of my house was equal to my mortgage, it becomes impossible to sell. I imagine many more people are like me who have a mortage worth MORE than their house. They would like to move but don't have the money to pay off the difference. I imagine this will further slow down the housing market.
 

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I have control issues
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Checked it out...they didn' use the market appraisal, they used the TAX appraisal, which, in my area, is FAR less than actual market value. (Our tax appraisals are less than 1/5 of actual market value)
 

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Veritas Aequitas
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Agree with the other posters. Zillow is interesting for community research, but their value assessments are always off. Without somebody actually LOOKING at your home (inside and out), measuring square footage, and accounting for community/home/land features...tough to get a good value. Recent sales is only part of the equation.

BTW, zillow does not solely rely on tax assessments (if at all)...they are heavily weighted toward price/sf average of the neighborhood attained through recent sales. Since they rely on an average your home could be substantially more or less expensive based on its particular attributes.
 

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They are off. I looked at my hood and they overestimated the value of homes that sold recently by 15-25 thousand.

They also have our bathroom count wrong. We put in another full bath in back in '99.

That being said I noticed (not because of zillow but actual sold prices) that the houses around here are on the way up again.
 

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I wish my assessors were that generous. I'm thinking we're appraised at 25% over actual value. :mad:

Checked it out...they didn' use the market appraisal, they used the TAX appraisal, which, in my area, is FAR less than actual market value. (Our tax appraisals are less than 1/5 of actual market value)
 

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I did a search for my zipcode and found tons of house for sale....very expensive list prices...or foreclosures.....tons of them. I wouldn't buy any of them. They want damn near $100,000 for a two bedroom apartment/condo or a 100 year old starter ...???? No way would I go into debt for that deal !!!!

I'll be happy to keep my paid off manufactured home.
 

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.

Every 2-3 years I go there and look at the value of my house. My house held its value until early in 2010, when I suddenly lost about $25k, or about 25% of the value of my house. Don't know why there was a delayed effect, but here we are.
And yet your property tax continues to go up.
 

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Let me chime in as a 20 year certified general appraiser. Zillow is fun to look at, but their conclusions are very inaccurate. First, they look at comps up to a year old which is too long ago in a changing market. Also, they don't consider condition, lot size, view, busy street, gas station next door or all the other things that add to or detract from value. If you do try to use Zillow as a tool, look at just the most recent sales and then drive by them to assess any pluses or minuses as compared to your home. That could get you close.

Mike
 

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If your home or property has lost value, you can have them reassess it. It helps you keep up with the market. I have had my properties here in Ohio reassessed.
 

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We sold our behemoth just in time, July 2007.

Was appraised at $4.1m.

Sold for $3.8m

Houses were tear-downs though, the real money was in the land.

Next owner re-listed at $4.6m, in September 2008... Still hasn't sold.
 

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Iam in Colorado, and my house depreciated a large sum. 54K to be exact. Really depressing, but cannot focus on lost money on paper. Luckily wife and i never took any money out of the equity. Which allowed for us to re fi for 3.85 APR. Sub 1k mortgage. Cannot rent a house for that in Colorado.
 

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Checked it out...they didn' use the market appraisal, they used the TAX appraisal, which, in my area, is FAR less than actual market value. (Our tax appraisals are less than 1/5 of actual market value)
Here in the UK the rate of tax value was always miles less than the market value ... not any more, we've found that its much closer to the actual value nowadays, hence housing was in a bubble!

Cheers

:)
 

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Let me chime in as a 20 year certified general appraiser. Zillow is fun to look at, but their conclusions are very inaccurate. First, they look at comps up to a year old which is too long ago in a changing market. Also, they don't consider condition, lot size, view, busy street, gas station next door or all the other things that add to or detract from value. If you do try to use Zillow as a tool, look at just the most recent sales and then drive by them to assess any pluses or minuses as compared to your home. That could get you close.

Mike
100% agree, their pictures they offer are the only thing that is clear about zillow.
 

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Discussion Starter · #18 ·
The Zillow screen for my house displays several houses that are similar to mine in my area that sold recently. I would assume that's how they get the price of my house. I wasn't saying it was real accurate, but I was hoping the given price would be in the ballpark, or an estimate.

They use a database, and, as a database programmer myself, they can only use defined database fields to do house comparisons. That means they use number of bedrooms, bathrooms, and square feet to find houses similar to mine.

But the posters are are claiming Zillow is way off on the market price?

And no, Zillow did not use the taxable value, which is 50% of the market value here in Michigan, as the basis of their estimate for my particular house.
 

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sic transit gloria mundi
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Zillow uses the same statistics technique that most assessors (not appraisers) do - multiple regression analysis. In short, all the sales in a defined area are thrown into a pot and the variables that are statistically significant (e.g. home size, garage bays, baths, etc.) are determined.

Those statistically significant items are then applied to the home being "valued" to arrive at a number.

The best thing that can be said about MLRA is that, under large number theory, the model will inevitably get a few right.

It's pretty much a joke that does more harm than good and I encourage my agents not to allow automated valuation models to be applied to their listings.
 

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I read about a lady in California that bought a 3 bedroom ranch for about $419,000 and she can't retire because she has to come up with $4,700 in taxes every year. The house next door to hers went into foreclosure and nobody's buying it at even a greatly reduced price, so she's stuck with her house too. That's almost $400 a month just for taxes....EEEEEEEK !!!

http://redtape.msnbc.com/2010/11/sherrilynn-palladino-lives-in-a-modest-three-bedroom-home-with-an-affordable-mortgage-about-15-miles-from-the-ocean-in-grov.html
 
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