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Old 06-21-2022, 09:35 AM
 
3,481 posts, read 9,374,029 times
Reputation: 2732

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Quote:
Originally Posted by okbymeman View Post
I know this doesn’t mean much, but my Redfin and Zillow estimates have climbed steadily since I bought in December 2021. In fact it just went up again yesterday. Kind of funny when we are supposed to be in a downturn.
I looked just for giggles. Mine says a $9000 increase in the past 30 days. I wonder what factors into their algorithm. My home's estimate appears to skew optimistic, to say the least.

 
Old 06-21-2022, 12:25 PM
 
Location: Beacon Falls
1,301 posts, read 913,539 times
Reputation: 1699
I wouldn't put too much stock into Zillow's algo

I bought my TH in Nov '20. 14 mos prior it sold for 175. I paid 180. Zillow is now saying the value is 229. That's an increase of 27% Not buying that. Pardon the pun

Then there is this:

https://fortune.com/education/busine...-data-science/


I think Zillow's algo is skewered to show homes have higher values then they actually do. How Z benefits there, I am not sure, but still....
 
Old 06-21-2022, 04:18 PM
 
316 posts, read 125,564 times
Reputation: 238
Quote:
Originally Posted by riffwraith View Post
I wouldn't put too much stock into Zillow's algo

I bought my TH in Nov '20. 14 mos prior it sold for 175. I paid 180. Zillow is now saying the value is 229. That's an increase of 27% Not buying that. Pardon the pun

Then there is this:

https://fortune.com/education/busine...-data-science/


I think Zillow's algo is skewered to show homes have higher values then they actually do. How Z benefits there, I am not sure, but still....
Yeah I'm not understanding how they value things. My next door neighbors closed on their house like a month before we did. Zillows estimate for their house is 30k higher than ours. Our house is a 3 bed, 2 bath, the neighbors is a 2 bed, 1 bath. Our house is like 300 sqft larger, and we have double the property they have. Their house is actually at least 15 years older than ours (but according to the town their build date is the same) both pre 1900. Their kitchen was updated more recently (and it was done nicely) but I don't know that Zillow has access to that information.

We did have a lower purchase price than they did, so maybe they're basing it off that? Still strange and I'm not seeing the logic. I remember pre-covid looking at Zillow estimates for my town and they were really undervaluing the houses. In 2015 my parents house sold for like 100k or something over the estimate.
 
Old 06-21-2022, 05:50 PM
 
Location: Boca Raton, FL
6,869 posts, read 11,175,696 times
Reputation: 10757
Default From a mortgage broker

Quote:
Originally Posted by Cambium View Post
I believe the Fed wants to raise the rates 4 more times this year. So if they do 0.5 points each time that would bring the Avg 30yr fixed mortgage rates to over 7% by end of year.


That means with not so good credit and some banks will be over 8%
Watch the 10 year Treasury bond.
Now at 3.27
 
Old 06-21-2022, 05:55 PM
 
Location: Boca Raton, FL
6,869 posts, read 11,175,696 times
Reputation: 10757
Smile You can...

Quote:
Originally Posted by SteveM85 View Post
This and others just settled pre-close, within days ago. You're saying they locked in those really low rates under 3 from a month ago or more. You can lock in that soon now? even before finding a home? i didn't think you could just lock in at any time and let the bank know when you find something. Good to know for next time.
Lock and shop up to 90 days
Rate is locked prior to finding a property
 
Old 06-21-2022, 06:45 PM
 
6,459 posts, read 4,851,084 times
Reputation: 7866
Quote:
Originally Posted by SteveM85 View Post
The small micro house attached is near a club I go to. Heard the same familiar MO - NYers, multiples, all cash, over ask.
They're still coming. They're waving off the Fed's high interest rates like a King on a throne waving off a jester.

https://www.realtor.com/realestatean...?ex=2944053744
Not a micro house at all, but holy micro lot!! I know it's nearly on the water but I could not do that. Maybe for 50k
 
Old 06-21-2022, 08:35 PM
 
Location: USA
6,571 posts, read 3,532,821 times
Reputation: 3373
Quote:
Originally Posted by WouldLoveTo View Post
Not a micro house at all, but holy micro lot!! I know it's nearly on the water but I could not do that. Maybe for 50k
"Micro" was dramatics. I know it's not.
Coastal buyers don't care about lot sizes. Ask anyone in Milford or Fairfield too. It's an entirely different market from the forest dwelling personnel or Unabombers.
In a slow buyers market this home would still sell quickly in the 6s and 7s.
 
Old 06-21-2022, 09:02 PM
 
Location: USA
6,571 posts, read 3,532,821 times
Reputation: 3373
Quote:
Originally Posted by Bette View Post
Lock and shop up to 90 days
Rate is locked prior to finding a property
What are the fees for a 90 day?
 
Old 06-21-2022, 10:35 PM
 
Location: Westport, CT
57 posts, read 45,707 times
Reputation: 94
Quote:
Originally Posted by Bette View Post
Lock and shop up to 90 days
Rate is locked prior to finding a property
I just bought a year ago and this wasn’t an option, and we had very good credit and credentials. Used a top mortgage banker.

We had to have an accepted offer and then we could lock. We were just given a non-locked rate to shop around with.

I have never heard of people locking while shopping but I am not an expert.
 
Old 06-22-2022, 06:59 AM
 
Location: Near the Coast SWCT
83,268 posts, read 74,477,134 times
Reputation: 16503
Quote:
Originally Posted by evitathepup View Post
I have never heard of people locking while shopping but I am not an expert.
Me too. Never heard of it unless its a new thing now? Why would a bank lock in a rate when they don't know the purchase price or the risk of the investment/person. The person getting the mortgage can file bankruptcy or skip car payments while looking for a property. I doubt any bank would be that dumb or take the risk.
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