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My house has not gone down in value. Most of the Northwest is still going up in value. Now that doesn't mean it will continue. I can't see into the future.
I bought my home about 4 years ago. It's worth 3 times what I paid for it now. I sure did not expect that to happen.
Who can afford a 3x increase in a short time? Secondly, many people refuse to pay those insane prices. Think of it as shopping, you buy some milk that always cost $3 and now the store wants $9 for it. You just laugh and shop elsewhere.
Zillow is accurate 95% of the time. Even they dont claim 100%. Our appraisal was only a few percent higher than the zillow zestimate. You dont even have to look at zillow to "see" that house prices going way down. Got someone that paid $440k in a different neighboorhood and he cant sell it for $350k. Will be lucky to get $300k.
Zillow isn't even near the ballpark let alone in it for my home. It "zestimates" it at about $100K more than what would be a reasonable price for my area.
I wouldn't say many people are refusing to pay what you consider insane prices. Maybe in your specific area but not in the US as a whole. Let's take one of the craziest markets as an example: SoCal. People are still buying homes there, the market hasn't tanked.
It seems that in general it is shifting to more of a buyers market, but properties are still selling. Of course this varies widely by region.
Remember that Florida isn't exactly representative of what is going on in the rest of the country. Not to mention Florida has let developers walk all over them and slap up their beloved cookie cutter housing everywhere which I am sure affects the market.
Location: Finally made it to Florida and lovin' every minute!
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I just wanted to see what Zillow said about our house, since we're putting it on the market Monday. It's real accurate...it says my house is 2686 sq. ft. NOT! More like 2200. ANd it said there's no "zestimate" available. I don't think I'd be giving it much credence.
I just wanted to see what Zillow said about our house, since we're putting it on the market Monday. It's real accurate...it says my house is 2686 sq. ft. NOT! More like 2200. ANd it said there's no "zestimate" available. I don't think I'd be giving it much credence.
Zillow has a hard time zestimating houses in towns and rural areas because not much data is available. I Zillowed Oil city and didnt come up with much. Great for metro areas though.
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