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Old 01-19-2009, 01:00 PM
 
Location: Minneapolis, Minnesota
501 posts, read 1,803,241 times
Reputation: 138

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I know there are varying opinions regarding Zillow's accuracy, but I've been receiving updates from them that my home's value (their Zestimate) keeps rising. Up until a little bit ago it seemed like all there was were decreasing home values...

Is anyone else on here registered with Zillow or has anyone checked their home out and noticed a rise in value as well?
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Old 01-19-2009, 01:11 PM
 
Location: Minneapolis, MN
1,823 posts, read 5,239,330 times
Reputation: 1273
Quote:
Originally Posted by MNNative View Post
I know there are varying opinions regarding Zillow's accuracy, but I've been receiving updates from them that my home's value (their Zestimate) keeps rising. Up until a little bit ago it seemed like all there was were decreasing home values...

Is anyone else on here registered with Zillow or has anyone checked their home out and noticed a rise in value as well?
Ours has been all over the board - from March to December 2008 our Zillow value dropped about $20K; however, it has gained back $3K since early December (which seems to be in contrast with average Mpls trends).
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Old 01-19-2009, 01:37 PM
 
Location: Minneapolis, MN
8,639 posts, read 13,941,735 times
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I just went to Zillow for the first time. It's a pretty cool website. My house's value increased by 1% in the last 30 days too, and apparently it's worth about 18k more than what I paid for it in April of 2008, which is peculiar.
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Old 01-19-2009, 01:42 PM
 
Location: Minneapolis, Minnesota
501 posts, read 1,803,241 times
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I forget the exact numbers from the summer when we were waiting to purchase and I didn't get to registering as the owner on Zillow until the end of the year but even just looking at the page today, it shows a gain of $24k in the past 30-days. A house across the street has a gain of $37,500 while the others show a gain in the range of $500 - $3,500. Not sure why our two are so different. Thought maybe it was due to the purchase of ours (the purchase didn't register on Zillow until December, instead of August) but the house with the huge gain isn't showing a purchase and yet one that says it was recently purchased (in October) had a gain that was in the "average" range for our block it seems. Strange...

Anyhow, I was hoping this all pointed to an upswing or something.

Side note: I am curious to see if the rumor about the shift in home prices/preferences has any merit. (you know, city home's being more popular than suburban lately). Can anyone shed some light on that? I looked at some homes in the suburbs and such for comparison and the one that really struck me was my husband's sibling's home in St Cloud. Their property value decreased $9k! (I know it's not really a twin cities suburb, but still...)

Last edited by MNNative; 01-19-2009 at 02:10 PM..
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Old 01-19-2009, 01:44 PM
 
Location: Mahtomedi, MN
989 posts, read 2,724,376 times
Reputation: 328
Quote:
Originally Posted by MNNative View Post
I know there are varying opinions regarding Zillow's accuracy, but I've been receiving updates from them that my home's value (their Zestimate) keeps rising. Up until a little bit ago it seemed like all there was were decreasing home values...

Is anyone else on here registered with Zillow or has anyone checked their home out and noticed a rise in value as well?
We sold our old house in SW Minneapolis in May. I went through the zillow zestimate and fed it all the info. We ended up selling within 1% of the number it spit out.

Now I am looking at refinance down to 4.5% on the new house and looking at the zestimate to see if I still have 80% equity. Since Labor day, it says my value went up by 3%.

Out of curiousity, I checked value on my old house since it sold. It also went up about 2%.

Star Tribune had interesting article on median sale prices last week. For the most part 2008 numbers were down, but not everywhere. Mahtomedi was up 11%, Edina was up 3% and part of St. Paul was up. Most everything else was down from a little to over 50%.

Sure seems like we have a situation where some areas are starting to rise again or recover , and others are plauged by over supply and foreclosures.
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Old 01-19-2009, 04:03 PM
 
Location: Minneapolis, MN
1,823 posts, read 5,239,330 times
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Quote:
Originally Posted by Camden Northsider View Post
Ours has been all over the board - from March to December 2008 our Zillow value dropped about $20K; however, it has gained back $3K since early December (which seems to be in contrast with average Mpls trends).
I should note that despite our net z-estimate loss of $17K since March of '08, the current zillow value is still $32K above what we paid for our home two years ago (I suppose I shouldn't be mad that the z-estimate used to be $49K above what we paid for our home - it could be a lot worse). But, it's still anyone's guess as to what our house would actually sell for right now, although I think we'd have a pretty strong shot of actually making money (largely due to the updating we've done).
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Old 01-19-2009, 04:31 PM
 
Location: Minneapolis, MN
8,639 posts, read 13,941,735 times
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It's weird how much the value of my home interests me despite the fact that I just bought it 9 months ago and have no plans of moving out for at least 5 years.
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Old 01-19-2009, 04:36 PM
 
Location: Minneapolis, Minnesota
501 posts, read 1,803,241 times
Reputation: 138
Quote:
Originally Posted by Clifford63 View Post
We sold our old house in SW Minneapolis in May. I went through the zillow zestimate and fed it all the info. We ended up selling within 1% of the number it spit out.

Now I am looking at refinance down to 4.5% on the new house and looking at the zestimate to see if I still have 80% equity. Since Labor day, it says my value went up by 3%.

Out of curiousity, I checked value on my old house since it sold. It also went up about 2%.

Star Tribune had interesting article on median sale prices last week. For the most part 2008 numbers were down, but not everywhere. Mahtomedi was up 11%, Edina was up 3% and part of St. Paul was up. Most everything else was down from a little to over 50%.

Sure seems like we have a situation where some areas are starting to rise again or recover , and others are plauged by over supply and foreclosures.
Quote:
Originally Posted by Camden Northsider View Post
I should note that despite our net z-estimate loss of $17K since March of '08, the current zillow value is still $32K above what we paid for our home two years ago (I suppose I shouldn't be mad that the z-estimate used to be $49K above what we paid for our home - it could be a lot worse). But, it's still anyone's guess as to what our house would actually sell for right now, although I think we'd have a pretty strong shot of actually making money (largely due to the updating we've done).
So Clifford, you feel the Zestimate is a good representation of market value?

I wouldn't feel too bad, Camden, considering there are plenty of people who'd be grateful to have any "equity". I'm sure in this economy $32k is fantastic!

Our house is now over double what we paid in August 2008 - according to the zestimate. No complaints here. But I agree with you Camden, I'd have to wonder if someone would pay that much for our home today (not that we're selling). I also think we'd stand to make something, just be reluctant to assume that much.
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Old 01-19-2009, 04:38 PM
 
Location: Minneapolis, Minnesota
501 posts, read 1,803,241 times
Reputation: 138
Quote:
Originally Posted by Slig View Post
It's weird how much the value of my home interests me despite the fact that I just bought it 9 months ago and have no plans of moving out for at least 5 years.
Completely agree. I think it has something to do with wanting to feel like you made a really slick purchase.
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Old 01-19-2009, 04:45 PM
 
Location: Minneapolis, Minnesota
501 posts, read 1,803,241 times
Reputation: 138
Quote:
Originally Posted by MNNative View Post
Completely agree. I think it has something to do with wanting to feel like you made a really slick purchase.
But seriously, I like to keep track of it cause the whole market situation sort of fascinates me. Have you checked out the market value graph on Zillow? It's fun to see how your home compares to your zip, the city, county, state and nation. Plus you can see how it has compared in the last however many years. I don't know why that would be pertinent information but it's fun!

Also, it makes me wonder what projects really need to be accomplished in the home before we sell. That's one of my favorite parts about homeownership- updates! But when you can see how your home stacks up, you can decide what is worth it. For instance, I'm hoping that in 5 years we can really sell our house at double what we paid for cause then the money we put into getting new flooring throughout the house, a new kitchen and a bit of landscaping will be recouped and not only that, we will still have money to put towards the replacement home. Either way, I'm still doing my updates...lol...but playing around on Zillow just makes it easier to convince my husband.
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