[quote=kev374]Prices of homes on Zillow in South Orange County are skyrocketing. A friend’s house in Tustin Ranch which he paid $680k for in 2007 dropped all the way to a ZEstimate of $530k just a few months ago, current ZEstimate…drum roll please… $692k! WTF!? He is estatic about it!
Even in Las Vegas as everyone else is reporting declines Zillow values have gone up 20%! My cousin’s condo which had dropped severely in value is now only 10% below what he paid for it at the peak in 2006.[/quote]
Is your friend planning to sell?
I don’t get why people thing what zillow says has any value at all unless they are about to list their property. Gains on zillow are “paper” – which can be translated as “non-real”. Until you sell at a firm price – it’s all just smoke and mirrors.
It sounds, to some extent, like your friend is basing his net worth on unrealized gains that may never be realized. Zillow values are not the same as cash in the bank.
