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.
LOL, Zillow has my place estimated at more than double what I paid for it in 2008, and about $25k more than the mortgages that were on it then.
Funny thing is, they have the wrong picture- it's of the place across the street which has a big barn and a huge riding arena...but about 17 less acres of land.
I'm in a red hot market. There are actually bidding wars now, which is always something that happened b "somewhere else" because there is generally plenty of buildable land. Next month will be 2 years since we closed on new construction. The house across the street from me, which is about 2/3rd complete is the same size but sits on a lot that is 4000 sq ft smaller than mine and is listed for $175,000 more than we paid for ours. The Z-estimate for my house today is $120,000 more than we paid.
In 2019 we only put down 5%, which I wasn't happy with as I'm a bit of a traditionalist and wanted to keep saving and "do it right" but my wife really wanted the house, and I did too, so we took the leap. So glad we did, and I just had an appraisal done this week to get the PMI taken off our loan. We'll see where the appraisal comes in compared to the Z-estimate and I'll try and follow up on this thread.
Got the appraisal back and it came in $75,000 over what we paid in 2019, so Zillow was considerably higher by $45k, and the asking price for the house across the street is way higher. Doesn't matter to me, it was enough to take the PMI off my loan so I got what I wanted out of it.
Got the appraisal back and it came in $75,000 over what we paid in 2019, so Zillow was considerably higher by $45k, and the asking price for the house across the street is way higher. Doesn't matter to me, it was enough to take the PMI off my loan so I got what I wanted out of it.
how has your experience been in refinancing? I find mortgage brokers to be somewhat erratic.
LOL, Zillow has my place estimated at more than double what I paid for it in 2008, and about $25k more than the mortgages that were on it then.
Investment wise it is supposed to more than double in 13 years.
To double in 13 years means around 5.5% growth. You figure 1.3% property tax, 1.7% inflation, 4% mortgage interest. That's 7%. Your property needs to more than double in 13 years just to break even. A lot of people "lose money" on houses, investment-wise. But it's a home and you extracted value from it by living in it.
I thought my zillow amount was absurd but a realtor friend came over and guesstimated at the exact same number as Zillow. I just like to keep track, no plan to move or sell.
Our Zillow estimate jumped about 11% between May and June. It's nuts and a bit scary. I told my husband if the various estimates reached "x" amount, it's time to sell. I raised "x" when he noticed the new Zillow estimate.
how has your experience been in refinancing? I find mortgage brokers to be somewhat erratic.
Never done it. My rate is very good and the payoff from the small rate reduction is too long to put up with the hassle of closing, in my opinion.
I have a fantastic loan officer at a local credit union (which also services its own loans). She originated both my mortgages and I'd use her again in a heartbeat. She's one of those rare people that has a desk full of awards because she hustles for her clients but is also extraordinarily nice.
Zillow undervalues many of the houses in my area relative to recent comps and nearby property sales. With that being said, the value is around $70K more than what I paid for it two years ago in 2019.
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.
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.
