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Home really overpriced.

Contributions: 7

Q&A

:7

I had a interest in home for sale. House asking $155k. HOme two doors away sold for $106,000!!!! Zestimate for home I like $135,000 but no sales to support that zestimate. Home is in subdivsion where all home are well maintained; recent sales are not really comparable. But how about that recent sale (4/23/09) on zillow. what an eye-opener!! Comments please.

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May 03 - Manassas

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sunnyview
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sunnyview

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Recent sales data is definitely the way to go. That is something that many people do not look at, but they should. Zillow usually has sales within about 30 days or so of the close of escrow in my area. For newer recently closed comps, you can ask a local agent to pull a list off the MLS for you if there is a house that you are really interested in. they also have access to local sales trend info based on number of days on market, listing price vs sales price etc. You may be able to find some of the info from your area here from local agents that post those specifics about your market.

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May 04

jal74
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jal74

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I bought it in 08 for 300,000 and it would not resell for more then 350,000 right now.....

Please let me know of one MSA from the case schiller index that did not go down in 2008? Oh wait there wasn't one.

Lol, REA fantasyland where real estate only goes up in value. I believe you meant to say 250,000.

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May 03

annpete
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annpete

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:7

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I have viewed the home I have an interest in. The one that sold is 2 doors away. It is 200 sq ft larger. Homes are in a cul- de-suc. All homes from outward appearance good curl appeal, appear well maintained, including one that recently sold. While there are some shortsales, in my area, I don't know. Zillow doesn't have it flagged as "not an arms-lenght or unusual sale. I knew the home I had interest was over-priced. I have brought this recent info to the attention of my agent. Makes me want to retreat from the market. I just happen to check what I believe are comps. I rarely use the zestimate on a home. I look at recent sales data. I am in SC; it may have appeared Vir. when I looked at my original posts. I just didn't change that. Newer to posting here at zillow.

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May 03

Daniela Joseph, "Daniela Joseph"
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Daniela Joseph, "Daniela Joseph"

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Zestimate is very inaccurate....my home is valued 470,000 with zestimate though this was the price it sold for in 2005. I bought it in 08 for 300,000 and it would not resell for more then 350,000 right now.....
You should figure out what the situation was with the recently sold home. Was it a short sale? Foreclosure? How about sqft? Is it the same size as the home you want to purchase?

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May 03

annpete
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annpete

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:7

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I am in SOuth Carolina. I didn't realize when I posted my question, that it may have apppeared I am elsewhere.

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May 03

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