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We bought our house off of Park Rd. about 5 minutes from Southpark Mall in October of 2007 for $323,000. The estimates I have seen on Zillow and trying to look at comparables in my neighborhood puts the value around $280,000 today.
I know things have been bad but for some reason I thought this part of town did not take such a large hit. Is my house value really down 14%?
Ouch. What a wake up call for me.
Last edited by FrankTheTank2; 05-29-2010 at 02:16 PM..
you need to look at comps for your area; pull up POLARIS and type in addresses of homes that have recently sold. if you look at the info, it'll give you all of the recent sales prices.
I think because I have casually kept my eye on other houses in our area. Plus, the Observer often has breakdowns of neighborhoods which were most effected and least affected by the downturn. My neighborhood has always been on the least affected list so I thought I was okay.
Frank - Very likely. I too am about 5 minutes from Southpark off of Colony/Sharonview Road and my value has definitely declined. Zillow is junk science and is almost always too high - I would sell my house today for $50,000 less than Zillow says its worth.
Most of the Southpark area (not new construction and not condos!) has held up much better than the outlying areas and in my opinion, will recover quicker. I agree with Tober - don't worry too much unless you have to sell...
I am still surprised at the number of people that believe their home has not declined in value in the last 2-3 years. Values have declined and are continuing to decline!
I would guess my house is worth what it was worth in +-2004-2005.
Last edited by Charlotteborn; 05-29-2010 at 04:52 PM..
Reason: add info
There really are not that many people who can actually afford a 1/3 of a million bucks for a home. Keep in mind that afford /= finance. Real incomes have been falling for over a decade now while real estate prices were being elevated to the stratosphere by irresponsible cheap financing. It is an impossible situation.
This kind of financing has not disappeared because the federal government is providing it now. Here There is no recovery, only the illusion of one that is being created by unlimited government borrowing. Topher is right, if you are not planning to move, then it doesn't matter. If you are planning however to get your money out of real estate then you better unload it now. It's only going downhill from here. We are moving into a prolonged period of asset deflation/goods inflation. Not good.
In regards to the Observer. They have adopted the model of selling good news written for 8th graders.
All the estimating is fun and all, but you won't have any clue what your house is worth until you have to sell it... Short of that, it's a SWAG at best and my experience has been that ALL owners over estimate what they could get for their house. It's too personal and emotional.
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