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Old 03-20-2011, 01:24 PM
 
1,989 posts, read 3,851,562 times
Reputation: 1379

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Just came across this new calculator on a housing news site I occasionally read. You plug in an address, tweak some variables (bedrooms, property tax rate, local rental rates, tax bracket for mortgage deduction) and it gives you an involved analysis of whether or not the house has a "safe" price and what its "real worth" is.

There are a large variety of perspectives and abilities on this forum. Be curious to know what some of you think:

Housing Market News

Calculator is on the upper left.
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Old 03-20-2011, 01:31 PM
 
16,755 posts, read 19,003,427 times
Reputation: 6842
I think its crappy... a 6 bedroom, 3 bath 3000+ sq foot is only 150k? In your dreams calculator...
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Old 03-20-2011, 01:38 PM
 
Location: NJ
17,579 posts, read 38,448,840 times
Reputation: 16101
I'm guessing it is probably even crappier than zillow.
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Old 03-20-2011, 03:14 PM
 
Location: Wisconsin
7,215 posts, read 7,603,163 times
Reputation: 7722
Seems off to me. I wouldn't use it as any sort of useful buying tool.
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Old 03-20-2011, 03:19 PM
 
3,029 posts, read 6,938,082 times
Reputation: 3190
As usual, you get what you pay for.
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Old 03-20-2011, 04:30 PM
 
1,989 posts, read 3,851,562 times
Reputation: 1379
My impression after playing with the variables is that it's projecting "value" based on long term trends, expenses over the life of the home and local rent-to-own ratios, which traditionally have been a decent metric of price assessment.

In other words-- projecting what the house may be "worth" when all is said and done, including the housing market finally bottoming (note rate of appreciation as a variable is currently set to -1%), maintenance fees, selling costs, etc.

I wouldn't call it "crappy."

Considering it appears to take into account zipcode level trends and allows users to input specific variables of all kinds, it may be a simple case of "garbage in, garbage out."

How about a 10 bedroom, 3 bath, 4,700 sq ft house one block off Lake Michigan for $150,000:

115 Leelanau Avenue, Frankfort MI - Trulia

It happens. All depends on the variables.
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Old 03-20-2011, 07:22 PM
 
Location: Blue Ridge Mntns., NC
10,304 posts, read 14,180,170 times
Reputation: 8844
It's overpriced. But that vinyl dining room set on casters is a winner.
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Old 03-20-2011, 07:38 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 18,601,389 times
Reputation: 6361
LOL at the Zillow comment. Oh yeah, we know the math that can make everything work out right. Take the human element out and we'll all be better off.

GIGO indeed!

This may be even worse than the stupid rent versus buy calculators out there.
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Old 03-20-2011, 07:39 PM
 
28,393 posts, read 68,233,035 times
Reputation: 18205
If I had the time I would probably file suit against the rube running that site and the JOKE of "calculator " that clearly seems to be based on no sane model of anything. I entered five recent sales that are near me and VERY good deals and the mindless magic that the fools that run that site are using spit out values that are MILES below the raw land value...

The "assumptions" they make about rents are ridiculous -- literally so low that I could not cover property taxes at even TRIPLE the "estimated rent"!

Totally unprofessional and not at all useful to anyone truly considering renting or buying.


Beyond worthless.

Junk like this makes it too easy to critize online info sources!!

Last edited by chet everett; 03-20-2011 at 07:59 PM..
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Old 03-20-2011, 08:01 PM
 
Location: OK
2,721 posts, read 6,310,487 times
Reputation: 1844
Quote:
Originally Posted by manderly6 View Post
I'm guessing it is probably even crappier than zillow.
Is that possible??
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