Phoenix area home values- November, 2010 --- (bank owned, sale, foreclosures)

[EnicAZ]

Zillow's data matches up with what I see in the live statistics. The housing market continues to deteriorate and the lack of government support for the market is heavily weighing now that the tax credits are gone. People are also starting to get worried that they are going to take away mortgage interest deductions, and the job market remains very difficult in the Phoenix metro.

There isn't a silver lining in this. The market is tanking, and it's going to continue to get worse.

[Rubee]

Zillow has no reliability. It says our home is worth $388,000, while one just down the street (same model) sold last month for $480,000 from an asking price of $499,000. A house behind us (same model) was a spec with all builder grade standards, minimal landscaping, and small backyard, but is listed by Zillow as $30,000 more than us, even though we have mountain views, extra large lot set on a higher elevation, custom lighting, granite fireplace, higher end finishes (travertine floors with granite inlay, etc). I don't know how they get their numbers.

[LexusNexus]

Originally Posted by Rubee

Zillow has no reliability. It says our home is worth $388,000, while one just down the street (same model) sold last month for $480,000 from an asking price of $499,000. A house behind us (same model) was a spec with all builder grade standards, minimal landscaping, and small backyard, but is listed by Zillow as $30,000 more than us, even though we have mountain views, extra large lot set on a higher elevation, custom lighting, granite fireplace, higher end finishes (travertine floors with granite inlay, etc). I don't know how they get their numbers.

I agree. I don't find Zillow's numbers to be reliable at all.

[rjrcm]

Originally Posted by GreenNorthwestScott

Zillow: Phoenix home values drop again | Phoenix Business Journal...

* On a quarterly basis, Phoenix home values dropped 4.1 percent in the third quarter ...

Originally Posted by EnicAZ

...The data I have been using, a decline of 9.2% in the past two months in Phoenix home values, is from the recent sales data used in the listing service. It is the decline in home values from July through to September.

Originally Posted by EnicAZ

Zillow's data matches up with what I see in the live statistics....

EnicAZ, It would seem Zillow is much more optimistic than your analysis.

[khuntrevor]

Cyberhomes.com - Real Estate Listings and Real Estate Info may be more accurate. find home sale prices, house values, recently sold properties, and real estate and home value trends | free home eppraisals, also

[musicforme]

For my area (Tramonto in far north Phoenix), I think Zillow is pretty accurate.

Zillow currently shows my 3900 sq ft house at $250k. A house just like mine that backs up to Carefree Highway sold last month for $244k. I could see how having Carefree Highway on the other side of your your fence could lower your resale value.

We paid $250k for our house in July 2009 so I'm happy to see that we're at least maintaining the same price range of what we paid last year.

[EnicAZ]

hi rjrcm,

The 9.2% decline is from the live statistics. You must have access to them yourself as well. Also, July had an increase because of the tax credit, which was quickly washed away now that the tax credit is nearly done in the numbers.

The most accurate measurement is the Case-Shiller home price index, as it looks at the identical houses being sold over time. Phoenix lead the nation in home price declines in the latest numbers, which continues to disappoint unfortunately.

[mistygrl092]

Originally Posted by Phxguy

We put our home up for rent, and in 2 weeks we already have a famliy moving in out of at least 20 different families who looked at it. While 2 years ago we put it up for sale and couldn't sell it. I don't think housing is doing as bad as you say it's doing. Any article can say that home values continue to decline.

And I bet the neighbors just love the renters. Can you say property devaluation?

There is a house not far from me listed (at last report for 1.8 million. Now it's going for 1.4 million. That guy must have paid over 3 million). Two houses down the house went into foreclosure. Now the kitty corner house has been rented. Can you say This guy stands to lose a LOT of money?

[rjrcm]

Originally Posted by EnicAZ

hi rjrcm,

The 9.2% decline is from the live statistics. You must have access to them yourself as well. Also, July had an increase because of the tax credit, which was quickly washed away now that the tax credit is nearly done in the numbers....

I'm not criticizing your analysis, just pointing out that you and Zillow do not agree. However, as pointed out elsewhere, your home value decline percentages are based on average sale prices across metro Phoenix and may be better or worse for specific areas and dependent on the price range of the home sales. I agree, Case-Shiller is a more accurate analysis.

[dougstech]

Originally Posted by artvandelay

Haha. I just short-sold my house for $116,500. Bank BPO was $111-$120 range.

Larger house next door is for sale around $130,000.

Here's what Zillow says:
Zestimate $177,000

That was the first thing that turned me off from Zillow. Their "Zestimates" are wildly different from actual values. Its a nice MLS, with a great map view of the houses and details, but NEVER rely on them for prices.