Home values still going down? Why? (Gilbert: countertops, assessors, buyers)

[Home_Kid]

Originally Posted by fcorrales80

LOL, I guess some could have read to fast past the link:



The first of the youtube links is a news clip from the Associated Press from October 7, 2009.

in post #220, what link? Moderator cut: rude

[fcorrales80]

Originally Posted by Home_Kid

in post #220, what link? Moderator cut: rude

Yes, in post 216...it is blue and underlined and in the "quote" box above the youtube videos...

[amatrine]

Zillow says we are down here, but I am seeing homes being sold now, for the first time since I moved here a year and a half ago. Some have sat empty the whole time and now are moving, and I am also seeing properties in the area being improved. People are buying up the bargains and there have been a few good ones. I have seen homes in the upper pricing for this area sell too. (arizona city)

[Steerpike]

Originally Posted by sierraAZ

Zillow is a total mess! See my posts below if you'd like:

https://www.city-data.com/forum/9683123-post5.html

https://www.city-data.com/forum/9764446-post15.html

Right now they got it down to the purchase price. The neighborhood, the zip, the city, and the county are almost flat; only MY house is dropping like dead bird!

The house my ex-husband lives in was even a bigger mess! It was in the wrong zip code, a totally different house! Then it moved to the right place as a multi-unit building at half of the value again! Right now zillow shows 2! properties (it's a regular SFR) at the same address - the real house AND the other weird object... And this one is in an established 13-year old subdivision!

My confidence in Zillow was blown when I saw that my house in CA showed at something like 1,000 square feet (with an estimated price to match!) while it is actually 2,700 sq. ft. I did file an edit, and it did result in an adjusted price; but my neighbors houses are still way off!

[Steerpike]

Originally Posted by Steerpike

My confidence in Zillow was blown when I saw that my house in CA showed at something like 1,000 square feet (with an estimated price to match!) while it is actually 2,700 sq. ft. I did file an edit, and it did result in an adjusted price; but my neighbors houses are still way off!

I would add, for clarification - the house is ~20 years old, never modified (no hacked remodels/extensions, etc that may not have been recorded) and built on land that was previously empty (no older home to confuse the issue). Really no excuse I can think of!

[Ponderosa]

Originally Posted by Steerpike

I would add, for clarification - the house is ~20 years old, never modified (no hacked remodels/extensions, etc that may not have been recorded) and built on land that was previously empty (no older home to confuse the issue). Really no excuse I can think of!

Zillow did not determine the sf. They get data from government records. You have probably been underpaying property taxes for years. Shhhh....

[LordBalfor]

Originally Posted by Ponderosa

Zillow did not determine the sf. They get data from government records. You have probably been underpaying property taxes for years. Shhhh....

Indeed.
My son is a UX Designer at Zillow and it's true - their data is only as good as their source.

Ken

[sierraAZ]

Originally Posted by Ponderosa

Zillow did not determine the sf. They get data from government records.

Originally Posted by LordBalfor

Indeed.
My son is a UX Designer at Zillow and it's true - their data is only as good as their source.

Ken

Actually, their data is MORE pathetic than their sources. It must get twisted somewhere along the way... AZ is a full-disclosure state. Anybody can check out any house on the assessor's site for free. Not that I'm complaining about this, but my house, for instance, is shown on zillow as not having sales records, which is not true. If this happens, I don't see why they wouldn't be able to mess up square footage just like anything else!

[cmist]

I think housing in Phx is messed up because the jobs available here do not match the pricing.

Things got messed up because of extremely lenient lending. If people weren't able to qualify for a $500k house on a Walmart salary, the people asking those astronomical prices would have been forced to sell for what the true market would bear. That would have prevented the entire issue in the first place.

Now that banks have toughened up on credit, there isn't much of a local population that have wages to match the pricing, and its not like the poor people who bought at the top can actually lower their prices to something realistic without doing a short sale. So this results in a market where anyone that needs to sell is priced based on what they need to clear, and not what its actually worth. Take bank sales completely out of the equation and then recalculate. The issue is rooted in something much deeper than overbuilding.

I don't think anyone should get too excited because statistics misleadingly show the market as "picking up" just because the banks are able to finally dump their once stagnant inventory at fire sale prices. Its about time they woke up and did whatever they had to in order to dump that trash.

The true indicator will be when a person, NOT a bank, can actually sell their home, make a profit, and pay what another normal seller is asking comfortably based on their normal wages and WITHOUT funky financing. Otherwise, the market will remain locked up, even when the bank sales are gone, since the locals are locked out of their own market.

[fcorrales80]

Originally Posted by cmist

I think housing in Phx is messed up because the jobs available here do not match the pricing.

Things got messed up because of extremely lenient lending. If people weren't able to qualify for a $500k house on a Walmart salary, the people asking those astronomical prices would have been forced to sell for what the true market would bear. That would have prevented the entire issue in the first place.

Now that banks have toughened up on credit, there isn't much of a local population that have wages to match the pricing, and its not like the poor people who bought at the top can actually lower their prices to something realistic without doing a short sale. So this results in a market where anyone that needs to sell is priced based on what they need to clear, and not what its actually worth. Take bank sales completely out of the equation and then recalculate. The issue is rooted in something much deeper than overbuilding.

I don't think anyone should get too excited because statistics misleadingly show the market as "picking up" just because the banks are able to finally dump their once stagnant inventory at fire sale prices. Its about time they woke up and did whatever they had to in order to dump that trash.

The true indicator will be when a person, NOT a bank, can actually sell their home, make a profit, and pay what another normal seller is asking comfortably based on their normal wages and WITHOUT funky financing. Otherwise, the market will remain locked up, even when the bank sales are gone, since the locals are locked out of their own market.

Your information doesn't match the inventory, sales, huge drop in foreclosures in Phoenix and Arizona, and some stability in pricing for many areas. True, loans have gotten much more difficult to obtain, but the money is moving once again. The bubble was unsustainable and hugely overpriced (2005) and I don't know anyone who was "surprised" by how far some prices fell. However, most people in homes today didn't buy at peak prices.

Before 2008 many people were priced out of the Phoenix market because of inflated prices but that is no longer the case.