Nobody knows what the current value of their house is unless they just sold it today. Your home's value is what somebody will pay for it, not what your neighbor's house just sold for or not what some real estate salesperson just quoted you.

Okay, my home value has increased 27%. Big deal. I am not moving so what difference does it make to me? Probably just higher property tax.

When we were interviewing real estate agents all 3 of them told us pricing information on Zillows is not accurate. They informed us most of the time Zillows under prices homes and they do not use it in their market analysis. We found this to be true when our home sold for a little over 30 grand more than the Zillows Zestimate.

I don't think anyone was saying or implying that Zillow is accurate. I know I wasn't and made it clear that I was using it as a base for my calculations. I'm sure however that the agents claims were accurate as the same has been told to me in the last two homes we sold up north.

Also, as for the real estate agents statement that Zillow under prices, I don't find that unusual. They generally go strictly on accessible sales and tax information, but can't give individual attention to each property like agents can, nor do they have the resources agents do to make more accurate appraisals. These places like Zillow are also affected by the lack of updating for accurate information. i.e. some sites have our pool included and some don't.

At the same time I have seen listings here in TOTV that were higher than a Zestimate from Zillow. Matter of fact, the selling price listed on a TV property I saw within the last few weeks was exactly at the top of Zillows price range estimate for that particular home. So their zestimates are not always underestimated.

In checking the estimates at ten different services like Zillow, I found that our home ranged anywhere from a low of well under $300,000 to a high of over $400,000 at one site. Also Zillow was amongst the highest three (3) estimates I found. I've marked those 3 in the following list with a '*'. The rest were considerably lower:

1. Zillow.com *
2. Trulia.com
3. Spokeo.com
4. Redfin.com
5. Realtor.com
6. Homes.com
7. Homefacts.com *
8. Realestateabc.com *
9. Point2homes.com
10. Remax.com

Numbers misunderstood
 

The average selling price increase of 27% in one year does not mean that houses have appreciated that much. If more of the larger designer houses were sold during that quarter, it would increase the average selling price in that quarter. You would have to find very similar houses sold in each quarter to find the correct appreciation.

Slip Slidin' Away
 

My dream is Slip Slidin' Away

Add that rate times the years I must still work. :(

I cannot buy now.

My one shot is to pull all my cash out of my 401k and take a shot with the Lotto.

I love it when a plan comes together.

:D

Wiserbud - if you read the entire post you would see where I corrected the information to reflect the average selling price on pre-owned went up that amount.

value increase
 

In 2004 we purchased a new patio villa for $114,000 and sold it 18 months

later for $176,000. The current value increases have a long way to go to

top that.

In June/July of2013, brand new patio villas were selling for mid 140's. Now selling in the upper 180's.

27% increase in value is right, for a brand new patio villa.

All pre-owned homes need to calculate what their increased value is, after subtracting monies for upgrades, etc...... IMHO

This is correct and I believe that some people don't realize that the report given stated that it is the "overall average" that's represented by the 27%. Some sales might be quite higher and some lower, even to the point of a loss. This happened to the people that sold us our home in 2011. They took an11% loss on the sale from what they paid when buying new.

Quote:

Originally Posted by Wiserbud47 (Post 879312) If more of the larger designer houses were sold during that quarter, it would increase the average selling price in that quarter.

This may not be true. As I indicated in my prior post, what I found in the different types of homes I researched is that larger homes had the smallest appreciation while smaller ones had the highest appreciation. I could be wrong about that though, because I only used a small sampling of properties rather than take hours using more properties.
Not very scientific, but then again I'm not a mad scientist! http://www.mellophant.com/forums/ima...lies/crazy.gif

I sold my 18 month old house in Sept 2013 for 25 percent more than I purchased it for.

Your results may vary.

In 2006 a new patio villa in Liberty with a better lot( no house behind) was low $130,000. You must have done a lot of upgrades to get that price. In fact there was a lottery on houses in 2006, had 24 or 48 hours to decide.

[QUOTE=skyguy79;879389]This is correct and I believe that some people don't realize that the report given stated that it is the "overall average" that's represented by the 27%. Some sales might be quite higher and some lower, even to the point of a loss. This happened to the people that sold us our home in 2011. They took an11% loss on the sale from what they paid when buying new.

2011 was a million years ago in the world of real estate.