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Been hearing the same song for decades blah blah blah. LI is doomed housing will crash...
You lost me in terms of validity because you chose Zillow. It is widely acknowledged by RE agents and brokers that Zillow has the least reliable numbers of any pricing on the net.
I'm afraid of NYC ending up like Detroit and Pittsburgh with the Tech Boom. NYC became a financial hub throughout the Giuliani and Bloomberg years. This led to property values rising throughout. Now that covid-19 has opened up the door for the Tech Boom, we may see businesses become less dependable on NYC... and this of course will have an effect on NYC's property value, which will have an effect on LI's property value because LI lacks an economy of it's own and depends so heavily on NYC.
I'm afraid of NYC ending up like Detroit and Pittsburgh with the Tech Boom. NYC became a financial hub throughout the Giuliani and Bloomberg years. This led to property values rising throughout. Now that covid-19 has opened up the door for the Tech Boom, we may see businesses become less dependable on NYC... and this of course will have an effect on NYC's property value, which will have an effect on LI's property value because LI lacks an economy of it's own and depends so heavily on NYC.
Ultimately it comes down to funding. If the VCs and investors are still in NYC and Greenwich then the startups will still be in NYC. Anyone can set up a tech hub - but who will show up with the money?
Same goes for Silicon Valley.
Now if the funds start to not care then yes I’d say that NYC will have more risk because NYC and NY State aren’t very business friendly.
You lost me in terms of validity because you chose Zillow. It is widely acknowledged by RE agents and brokers that Zillow has the least reliable numbers of any pricing on the net.
Think you have the wrong guy, I never mentioned Zillow Rolodex did.
You lost me in terms of validity because you chose Zillow. It is widely acknowledged by RE agents and brokers that Zillow has the least reliable numbers of any pricing on the net.
You lost me in terms of validity because you chose Zillow. It is widely acknowledged by RE agents and brokers that Zillow has the least reliable numbers of any pricing on the net.
Zillow has unreliable appraisal numbers however the trend in which a home price is going up or down is correct. And that’s what is most important.
Redfin is usually a lot closer to the actual home value, but the best way is to study the comps for what the homes are sell for in your neighborhood of interest.
None of these sites' value prediction tools can be accurate because they haven't inspected the condition of the house. They're only trend predictors.
A value predictor tool could be accurate, just maybe, if it happened to place the value correctly earlier, and the house hasn't changed much.
If someone lists their house for $700K but the Zestimate for the past year was $550K you’ll see it jump up immediately. I’ve also seen homes in the same neighborhood get radically different Zestimates based upon trends when it last sold. Their algorithm can’t factor in condition or quality of finishes.
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