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20% increase year-over-year? What market is that and how depressed was it?
My house probably lost 20% of it's value from 2008-2011. I have read the average house here has gone up 75% since 2012. The thing is those of us who have owned for 10 years are probably only seeing 50-60% appreciation overall.
Actually I should have said in Cary since that is where I have been looking. Good thing I admitted to being an outsider. Zillow calls it a "cool market" that is heavily leaning towards buyers. Is this accurate? Thanks.
the phrase "for s*** and Giggles" couldn't be more apropos for Zillow. Because that is what it is. For entertainment purposes only. For the love of Pete, at least get over to Redfin if you're not ready to engage the professional services of an experienced agent.
Saw you on WRAL this evening, nice to put a face with your posts !
Sure wish I had some property to sale up in the Raleigh area too, lol
location, location , location !
what do you think? What is your experience, having actually made offers on those homes?
I'm not claiming to know but I have done quite a few real estate deals in the past around Florida and do know it's important to ask lots of questions to many different people to get the real picture of a market I don't live in. From everything I am reading the real bidding war action is in the 300k range and now I'm thinking that is the safest place to buy to avoid getting stuck if the inevitable recession hits sooner than later. The one big motivator to buy in the 400-500k area which is what I was thinking originally is that rates are low and I will probably spend less money buying than renting if I decide not to buy a house with cash.
Last edited by bluehorseshoe; 07-14-2016 at 11:05 PM..
the phrase "for s*** and Giggles" couldn't be more apropos for Zillow. Because that is what it is. For entertainment purposes only. For the love of Pete, at least get over to Redfin if you're not ready to engage the professional services of an experienced agent.
I have talked to an agent already. He is the reason I have been doing my own research in fact since he was trying to push me to buy something now without even living there for a while. Zillow is great. I can see everything that is selling, what it was listed at, what it actually sold for. It's a great tool for anyone who doesn't have full MLS access.
Last edited by bluehorseshoe; 07-14-2016 at 11:07 PM..
I have talked to an agent already. He is the reason I have been doing my own research in fact since he was trying to push me to buy something now without even living there for a while. Zillow is great. I can see everything that is selling, what it was listed at, what it actually sold for. It's a great tool for anyone who doesn't have full MLS access.
Zillow isn't always accurate on any of those numbers, though. Just something to keep in mind.
When the recession hit here last time, we didn't have a huge housing crash. The only people that were really struggling around here were people who lost jobs AND were heavily mortgaged (as in, not a great interest rate and no real equity to speak of) because they couldn't sell their houses without paying money to get out of them.
And, that could happen in any price bracket, really. If you buy a 300k house and you owe most of what it's worth at the height of the market (say, you did a refi to remodel it or pay off some debts), then the market crashes and you lose a job and cannot keep making the same mortgage payment after a while, it'll be tougher to sell it if homes have lost a little value and your pool of buyers is smaller because people are afraid to make big purchases during a recession unless those are unavoidable purchases.
Is it harder to sell a house that is more expensive? Yes. But, it's hard to sell almost any house during a recession and come out doing really well on that transaction.
We went under contract for our house when the market was near the bottom and it had started to rise by the time we closed. We bought this house for about 70k less than it sold for when it was new. Now, the homes in our neighborhood are selling for roughly what we paid plus that 70k more that it sold for when it was new. That 70k represented a 10% drop, then rise in home prices, or thereabouts, in my neighborhood.
So, we've come full circle, pretty much.
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Zillow is perfect for what I use it for. Like when traveling somewhere and I think, hmm, how much are these houses worth compared to back home. Or when we drove up A1A from Miami and we were all . I check Zillow and get a general idea of the costs in the neighborhood. Beyond that, it's pretty useless.
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. I check Zillow and get a general idea of the costs in the neighborhood. Beyond that, it's pretty useless.
