Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-23-2015, 02:10 PM
 
Location: TN/NC
34,847 posts, read 30,922,246 times
Reputation: 47163

Advertisements

Report: 1 In 4 US Homes Worth Less Than A Year Ago « CBS DC

Curious how the booming markets are rich coastal areas and the more struggling ones are in flyover country.
Reply With Quote Quick reply to this message

 
Old 09-23-2015, 03:19 PM
 
9,891 posts, read 11,686,029 times
Reputation: 22085
Curious how the booming markets are rich coastal areas and the more struggling ones are in flyover country.

The OP must have flunked geography in school. The OP does apparently did not read the article he linked to.

Since when are Northeast markets like Washington, D.C., Baltimore, and Philadelphia reported by CBS News to have seen price declines of more than 40 percent, fly over country. Since when did San Francisco where prices were reported to decline in single diget figure, become fly over country.

I live in fly over country, and we did not have real estate prices collapse here like they did in places like the North East and California a few years ago, and are still appreciating. Our assessment went up $40,000 this year and is well within the current value for both years. Of course it is well under what it would sell for in our old home the western side of Silicon Valley, with a 3,700 sq. ft. 4 level contemporary on a 5 acre estate with barn, stables and level pasture, with rail fence. As a long time Realtor I know it would be worth about $2.5 Million plus there. Of course we left that area years ago when the doctors told me to get my wife and one son out of the Silicon Valley, or go down and arrange their funerals which would both happen within 6 months. As soon ad we left that polluted area, they got their health back, from just barely surviving there.

Me I will take fly over country, with clean air to breath and a lower cost of living by far. And instead of getting stuck in traffic jams for long periods of time, here a big traffic jam is 3 cars ahead of you at a stop sign during the peak rush hour.
Reply With Quote Quick reply to this message
 
Old 09-23-2015, 03:56 PM
 
11,410 posts, read 7,732,549 times
Reputation: 21909
Zillows "Zestimates" are notoriously inaccurate. Why would anyone assume anything said by Zillow is even remotely correct?!?
Reply With Quote Quick reply to this message
 
Old 09-23-2015, 04:03 PM
 
13,711 posts, read 9,178,011 times
Reputation: 9840
This is the key paragraph from the article:

Quote:
Corrects story to indicate Zillow's data measured values not prices and clarifies that the service's data indicates the percentage of homes in a particular area where values fell in the past year.

Report: 1 In 4 US Homes Worth Less Than A Year Ago « CBS DC
Like UNC4Me said, this so called decline is based on Zillow's notoriously inaccurate zestimate. Basically, if this report is accurate, it is an accident. Just like zestimate.
.
Reply With Quote Quick reply to this message
 
Old 09-23-2015, 04:26 PM
 
5,075 posts, read 11,013,462 times
Reputation: 4664
Quote:
Northeast markets like Washington, D.C., Baltimore, and Philadelphia have seen price declines of more than 40 percent, as reported by CBS News. Metro areas in the Midwest like Pittsburgh, Chicago, Cincinnati and Cleveland, experienced declines of more than 30 percent.
Uh huh...

The author mangled these statistics. 40% of homes declining in value does not equal a 40% decline, in fact it likely indicates the market as a whole increased in value.

The original article explains this more clearly:

http://www.cbsnews.com/news/1-in-4-u...an-a-year-ago/
Reply With Quote Quick reply to this message
 
Old 09-24-2015, 08:24 AM
 
Location: Wonderland
67,654 posts, read 60,300,578 times
Reputation: 101014
Quote:
Originally Posted by UNC4Me View Post
Zillows "Zestimates" are notoriously inaccurate. Why would anyone assume anything said by Zillow is even remotely correct?!?
You are not kidding.

Last year we sold a home and moved to another market. The home we sold was "valued" on Zillow for nearly $100,000 less than it's actual value, and actual sale price! I would occasionally pull up that "listing" on Zillow and just shudder, hoping that potential buyers weren't actually expecting that "zestimate" to be accurate.
Reply With Quote Quick reply to this message
 
Old 09-24-2015, 09:13 AM
 
Location: DFW
40,921 posts, read 48,877,037 times
Reputation: 54906
When did a advertising income site like Zillow become the expert in real estate?
There are much better sources for state and national information.

Never go to Zillow for your information.
Reply With Quote Quick reply to this message
 
Old 09-24-2015, 09:25 AM
 
16,715 posts, read 19,311,162 times
Reputation: 41481
Quote:
Originally Posted by Serious Conversation View Post
Report: 1 In 4 US Homes Worth Less Than A Year Ago « CBS DC

Curious how the booming markets are rich coastal areas and the more struggling ones are in flyover country.
Zillow is not a reputable site to use.
Reply With Quote Quick reply to this message
 
Old 09-24-2015, 10:19 AM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 1 day ago)
 
Location: Cary, NC
43,055 posts, read 76,592,428 times
Reputation: 45378
Default Zillow: 1 in 1 Zillows have lost money this year.

Thank goodness the real estate markets are doing better than Zillow is doing.

Z Key Statistics - Zillow Group Inc. Cl C Financial Ratios - MarketWatch
Reply With Quote Quick reply to this message
 
Old 09-24-2015, 01:06 PM
 
11,410 posts, read 7,732,549 times
Reputation: 21909
Quote:
Originally Posted by MikeJaquish View Post
Thank goodness the real estate markets are doing better than Zillow is doing.

Z Key Statistics - Zillow Group Inc. Cl C Financial Ratios - MarketWatch
Serves them right. They have been jerking homeowners around long enough. Glad people are wising up.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top