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greekfire.
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October 28, 2009 at 11:52 AM #474759October 29, 2009 at 8:15 AM #475382
UCGal
Participant[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.
October 29, 2009 at 8:15 AM #475205Participant[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.
October 29, 2009 at 8:15 AM #475746Participant[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.
October 29, 2009 at 8:15 AM #476047Participant[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.
October 29, 2009 at 8:15 AM #475822Participant[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.
October 29, 2009 at 8:22 AM #475387Arraya
Participant[quote=DWCAP]Why do people care about Zillow valuations? How many times do they have to be so F’n wrong it isnt even funny anymore, before people stop listening to them? Now if he got a real appraiser to say that price, then he could be feeling good.[/quote]
The same reason people like to hear the fake, er, scrubbed unemployment numbers rather than the real one or the DOW at 10,000 regardless of what the real economy or a better than expected economic statistic rather than one taken in context. Because it makes them *feel* better. We collectively *love* bullshit. The more the better…
October 29, 2009 at 8:22 AM #475210Participant[quote=DWCAP]Why do people care about Zillow valuations? How many times do they have to be so F’n wrong it isnt even funny anymore, before people stop listening to them? Now if he got a real appraiser to say that price, then he could be feeling good.[/quote]
The same reason people like to hear the fake, er, scrubbed unemployment numbers rather than the real one or the DOW at 10,000 regardless of what the real economy or a better than expected economic statistic rather than one taken in context. Because it makes them *feel* better. We collectively *love* bullshit. The more the better…
October 29, 2009 at 8:22 AM #476052Participant[quote=DWCAP]Why do people care about Zillow valuations? How many times do they have to be so F’n wrong it isnt even funny anymore, before people stop listening to them? Now if he got a real appraiser to say that price, then he could be feeling good.[/quote]
The same reason people like to hear the fake, er, scrubbed unemployment numbers rather than the real one or the DOW at 10,000 regardless of what the real economy or a better than expected economic statistic rather than one taken in context. Because it makes them *feel* better. We collectively *love* bullshit. The more the better…
October 29, 2009 at 8:22 AM #475751Participant[quote=DWCAP]Why do people care about Zillow valuations? How many times do they have to be so F’n wrong it isnt even funny anymore, before people stop listening to them? Now if he got a real appraiser to say that price, then he could be feeling good.[/quote]
The same reason people like to hear the fake, er, scrubbed unemployment numbers rather than the real one or the DOW at 10,000 regardless of what the real economy or a better than expected economic statistic rather than one taken in context. Because it makes them *feel* better. We collectively *love* bullshit. The more the better…
October 29, 2009 at 8:22 AM #475827Participant[quote=DWCAP]Why do people care about Zillow valuations? How many times do they have to be so F’n wrong it isnt even funny anymore, before people stop listening to them? Now if he got a real appraiser to say that price, then he could be feeling good.[/quote]
The same reason people like to hear the fake, er, scrubbed unemployment numbers rather than the real one or the DOW at 10,000 regardless of what the real economy or a better than expected economic statistic rather than one taken in context. Because it makes them *feel* better. We collectively *love* bullshit. The more the better…
October 29, 2009 at 10:20 PM #476423greekfire
ParticipantI couldn’t agree more with DWCAP. Zillow’s Zestimate is a complete sham IMO. When it first came out I was pumped and thought it would be a great way to get a free-market valuation of a property. Experience has taught me, however, that the non-sensically gross over/undervaluations from Zillow’s Zestimate make it less credible than even the plain-vanilla median valuation.
Supply and demand (read: a free-market) in housing is non-existent and hasn’t been in existence for a while. Government intervention, banker/broker/realtor/appraiser shenanigans, and media compliance, among other things, have created the real estate conflagration that we are in today.
This is not a recovery in real estate or the even the greater economy for that matter. This is Piggington circa 2005 all over again.
October 29, 2009 at 10:20 PM #476199ParticipantI couldn’t agree more with DWCAP. Zillow’s Zestimate is a complete sham IMO. When it first came out I was pumped and thought it would be a great way to get a free-market valuation of a property. Experience has taught me, however, that the non-sensically gross over/undervaluations from Zillow’s Zestimate make it less credible than even the plain-vanilla median valuation.
Supply and demand (read: a free-market) in housing is non-existent and hasn’t been in existence for a while. Government intervention, banker/broker/realtor/appraiser shenanigans, and media compliance, among other things, have created the real estate conflagration that we are in today.
This is not a recovery in real estate or the even the greater economy for that matter. This is Piggington circa 2005 all over again.
October 29, 2009 at 10:20 PM #476123ParticipantI couldn’t agree more with DWCAP. Zillow’s Zestimate is a complete sham IMO. When it first came out I was pumped and thought it would be a great way to get a free-market valuation of a property. Experience has taught me, however, that the non-sensically gross over/undervaluations from Zillow’s Zestimate make it less credible than even the plain-vanilla median valuation.
Supply and demand (read: a free-market) in housing is non-existent and hasn’t been in existence for a while. Government intervention, banker/broker/realtor/appraiser shenanigans, and media compliance, among other things, have created the real estate conflagration that we are in today.
This is not a recovery in real estate or the even the greater economy for that matter. This is Piggington circa 2005 all over again.
October 29, 2009 at 10:20 PM #475762ParticipantI couldn’t agree more with DWCAP. Zillow’s Zestimate is a complete sham IMO. When it first came out I was pumped and thought it would be a great way to get a free-market valuation of a property. Experience has taught me, however, that the non-sensically gross over/undervaluations from Zillow’s Zestimate make it less credible than even the plain-vanilla median valuation.
Supply and demand (read: a free-market) in housing is non-existent and hasn’t been in existence for a while. Government intervention, banker/broker/realtor/appraiser shenanigans, and media compliance, among other things, have created the real estate conflagration that we are in today.
This is not a recovery in real estate or the even the greater economy for that matter. This is Piggington circa 2005 all over again.
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