Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Um, Zillow is not "wrong wrong wrong". The previous sales values are taken directly from Wake County's tax records, as well as any information on number of bedrooms, bathrooms, square footage, etc. It is their "market value estimates" that tend to be wrong, but given the information provided on their site, it is easy enough to make your own estimate.
Zillow is not a magic bullet. You still have to parse the information and make your own deductions.
Um, Zillow is not "wrong wrong wrong". The previous sales values are taken directly from Wake County's tax records, as well as any information on number of bedrooms, bathrooms, square footage, etc. It is their "market value estimates" that tend to be wrong, but given the information provided on their site, it is easy enough to make your own estimate.
Zillow is not a magic bullet. You still have to parse the information and make your own deductions.
Square footage on Wake.gov is chronically and famously wrong.
When measuring SF, appraisers and real estate agents use different measuring methods than the county does for square footage.
Comparing a county SF and a measured SF is comparing apples and oranges.
And the county does not offer information on any concessions within the transaction.
Zillow may be fun, but it has no place in a real estate transaction.
Thanks Mike, all those numbers do make sense. But then why have houses bought for around $500,000 -$550,000 in 2002-2004 (zillow.com) in cary being sold for around $530,000-$560,000. my guess is that additional 25,000-30,000 gained in resale is mainly because of inflation for each year as any house appreciates every year, especailly the ones in new development.
Is there any particular reason you expect real estate values to go up more than inflation? Historically, the norm has been for them to basically match inflation, or maybe be a percent or so above it. It looks like that's what is going on here (ignoring the fact that data from zillow is worthless, of course). What sort of numbers were you expecting?
If you decide you really need a $600K house, make sure you can afford it. That means 20%+ down, and it means being able to afford a 30 year fixed mortgage without too much stretching - i.e. you still contribute to retirement funds, have an emergency account, can take an occasional vacation, and so on. If you can do this, it will protect you in case something bad happens and you have to sell before the typical 5-10 year break even point on home transactions. You might not make a profit, but the down payment should provide a cushion so that you won't have a mortgage for more than the house is worth.
Square footage on Wake.gov is chronically and famously wrong.
When measuring SF, appraisers and real estate agents use different measuring methods than the county does for square footage.
Comparing a county SF and a measured SF is comparing apples and oranges.
And the county does not offer information on any concessions within the transaction.
Mike,
I've always been curious, what about comparing a county SF and county SF? Is that apples and apples or still oranges and bananas? Also, do real estate agents have details on concessions on closed transactions?
I've always been curious, what about comparing a county SF and county SF? Is that apples and apples or still oranges and bananas? Also, do real estate agents have details on concessions on closed transactions?
Thanks!
The Wake County SF measurement is all over the place. Here's an example in my neighborhood of the same floorplan (with and without bonus room). My house is 3709 SF. The county says its 3479. The house next to me (no bonus room) is 3385 SF and the county says it's 3419. There's a house slightly up the street that is 3709 SF that the county lists at 3741. So it's still apples to bananas.
I've always been curious, what about comparing a county SF and county SF? Is that apples and apples or still oranges and bananas? Also, do real estate agents have details on concessions on closed transactions?
Thanks!
?????? on your first question.
On my street, the same floor plan is built a few times.
Next door, Wake County calls it 2598 SF, across the street it is 3084 SF.
Same elevation and floor plan, tract-built.
Major discrepancy.
And I listed the "3084" at 2550 SF. Couldn't justify any more SF. I measure all my listings myself.
When I bought my home, the tax rolls called it 2268 SF.
The listing was "2268" SF. That is impossible, for them to be the same.
One of those numbers is wrong, since they are calculated differently.
I think, Real estate agent-wise, it is about 2250 SF, and that Wake County should have it lower.
Talked to a client yesterday and she is concerned that the tax rolls show about 80% of her actual square footage, with no areas finished since they had the place built. We will have to answer for that when listing it, but
Agents know the tax rolls are wrong. Shouldn't be a big deal. Better yet, she has records to prove there was no unpermitted addition.
Cool Beans!
We look hard to justify the Listing SF numbers on a particular home. Sometimes a house just "feels wrong." I have measured for Buyers to confirm SF.
Concessions, financial, warranty, and personal property, are noted in Detailed Agent pages in Closed listings, so they are available for doing accurate comps.
Most don't show personal property, since it usually conveys at "No value."
For those of you that don't know this, Long Lake was built by Pulte and no other builders.
In Long Lake, you had a choice of about 4 different floor plans.
So when 3 of the SAME FLOOR PLANS are on the market, you'd think all the Listing Agents would have the same square footage? NO. You'd think Wake County would have these 3 homes listed at the same square footage? NO.
If a house has alot of curves or there is an issue like this, I'll pay an appraiser to go out and measure my listing. Even the appraiser's square footage was different from the original appraisal in square footage.
So, if Zillow is taking the square footage from Wake County records and Wake County records are notoriously wrong...then zillow is WRONG! And all math done from that point on is wrong!
I suggest you take a look at Wessex if 600k is your price point. I was wondering if anyone can explain to me why the last custom built home in Buckhurst West can't sell. It is below 500k and it is a beautiful home. It is close to Drees Cole Creek and Governors Row, which are selling from the mid 600k to 700+. The community is conveniently located with incredible craftsmanship. JOHN LEGGET & CO. is a reputable builder and utilizes only top quality materials. I think some people purchase homes based on the hype at the time. The hidden gem is going to appreciate compared to what builders are aksing for in Apex and HS. 12 Oaks is a waste of money a 2400 sq ft home starts in the mid 500's when in my community you can purchase a gorgeous 3200 sp ft home with a huge lot for an asking price of 540k. You always do better in resale. Good luck with your house purchase, but I think you can get a great home for less than 600k.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
