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How can my 2001 manufactered home with a crawl space go up 25% in this economy??

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November 11 2011 - Milan
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Answers (6)

When a nearby foreclosure is repossessed by the bank, the transfer value is often noted as the original loan amount. When a home is foreclosed upon it may be only worth $100,000 in today's market; however, it is recorded with all interested parties (county, city, etc...) at the original purchase price which may be substantially higher if it was purchased back in the height of the bubble. This throws you and your neighbors estimate out of line.
We always plus or minus zillow estimates 10-15%. The true value of your home is always established by what a buyer is willing to pay for it, not necessarily what the property comps at, appraises for or is listed at.
Hope that helps with some of the confusion!
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November 19 2011
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Sunnyview, I had a Market Analysis done by a reputable Realtor in my area and he came up with 162,500.00. Now I am really confused.......lol
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November 18 2011
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Ok Sunnyview, I will think of all of the little people when/if I win the Powerball.........are you one of the little people?.........lol. I will take your advice and contact a realtor about the market in my area and I'll get back to ya'.
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November 13 2011
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LOL on the Powerball. Just remember the little people when you win :) Personally, I would not pay for an appraisal. Zillow may not be considering that your home is a manufactured home in their comparison and may be comparing it to stick built or they may just have wonky information from your area that got updated recently.

If you are curious, I would ask a local agent in your area for a thumbnail on the direction of your local market. they may be able to give you more specific information on a trend. I do see that the prolonged low interest rates have heated up some markets that were not moving much. The local MLS can tell you what is going on and most agents working the desk are happy to share especially if you call mid week when things are quiet.
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November 13 2011
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Hey, Sunnyview, when I get a winning Powerball then we'll work on yours,ok?........lol. I just don't understand Zillows reasoning on my increases when the prices on houses in my area are DROPPING LIKE BAD HABITS. Two years ago I paid 138,000.00 and now it is worth 207,000.00. No body in their right mind would pay that much for a 2,430 square foot ranch with a crawl space. I am really confused. I am almost willing to try an appraisal to find out.
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November 12 2011
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I don't know. Do you feel especially lucky lately? IF you do can you poist next to me so a little piece of it will rub off so I can finally win Powerball? lol

Zestimates are based on assessments, public records, sales trends and other things. A move in those numbers is usually what is responsible for increases or decreases in value on Zillow.
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November 11 2011
 
Related Questions
How can my 2001 manufactered home with a crawl space go up 25% in this economy??
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Latest answer by Dina Ladd
November 19 2011 | 6 answers
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