Answers (8)
- Connie Klemme
- Contributions:3347
well, I don't think that increased zestimates mean the market is turning around. Those are not that good of indicators of anything really- they are just a starting point for people wanting to check out possible values. However....the market seems to be turning around here. Take a look at the recently sold in your area - that will tell the story, are there more recent sales, are sales prices stable or going up etc.
- Richard Underwood, "Richard Underwood"
- Contributions:29
Too 'open' a question to answer with any certainty. There are many aspects to the housing market; new construction for single-family homes, condos, and apartments, existing homes, foreclosures, rentals...... It also depends on what part of the country you are in. If you lived in Detroit then the answer would be a lot different than if you lived in L.A.
Generally speaking the market is still massively depressed nationwide. In a recent survey of home builders, with annual turnovers ranging from $500,000 - $35,000,000, over 40% responded that obtaining finance for land acquisition, development and construction was more difficult than the same time last year. Over 70% stated that they were putting a hold on all construction until the market improved.
Perhaps in your economic micro-climate, things may have improved marginally. However, best follow the advice offered here and contact a good local Realtor for a proper market analysis.
Generally speaking the market is still massively depressed nationwide. In a recent survey of home builders, with annual turnovers ranging from $500,000 - $35,000,000, over 40% responded that obtaining finance for land acquisition, development and construction was more difficult than the same time last year. Over 70% stated that they were putting a hold on all construction until the market improved.
Perhaps in your economic micro-climate, things may have improved marginally. However, best follow the advice offered here and contact a good local Realtor for a proper market analysis.
- Brandon Nelson, "TheNelsonGroup"
- Contributions:151
At those prices and if you can get $700-$800 monthly rent, buy more.
"contact a realtor?" check out the past 4 years on zillow... ALL of the agents always claim their market is doing fine! Despite all of the evidence to the contrary!
However, if you can rent these homes for enough to make them good investments, why would you care about their prices ever again?
I recently bought 3 places about those prices. ALL 3 of them are rented for approximately $800 each a month. Heck, I hope the prices fall anyways, so I can buy more.
However, if you can rent these homes for enough to make them good investments, why would you care about their prices ever again?
I recently bought 3 places about those prices. ALL 3 of them are rented for approximately $800 each a month. Heck, I hope the prices fall anyways, so I can buy more.
- Barbara Imes, "Barbara Imes"
- Contributions:52
Unfortunately, Zillow can sometimes be off in their analysis. The best way to know for sure is to contact a Realtor (a member of the National Association of Realtors) and ask for a market analysis. Good luck!!
- Sergio Hernandez, "Sergio Hernandez"
- Contributions:619
Many owners are believing that a market recovery is in the horizon.
Most prospective buyers are convinced a recovery is nowhere in sight.
Most prospective buyers are convinced a recovery is nowhere in sight.
- Dan, "the_country_hick"
- Contributions:4827
I would not count on it. Arizona is likely to see even lower house prices. However, at $40k each it does not matter. That is a good price for living in or renting out if your rental market is not flooded with empty rentals already.
Below is a house price prediction site.
Arizona
Driven by a job market that has been plagued by workers being cut from large companies, and lower home prices Arizona may be in the beginning stages of its long awaited housing recovery as more employees go back to work. The suffering economy has seen unemployment improve even in the face of the worst real estate crash in U.S. history. (then it goes to the big cities and shows big price reductions for this year)
Going back more on topic, a zestimate could be very far off. Ask your realtor for a few facts.
1 how many months of inventory are there?
2 how are sales this year compared to last year?
3 is housing inventory getting larger or smaller?
4 are foreclosures and short sales a big part of house sales now?
If there are a lot of months of inventory and slow sales combined with a growing inventory level expect even lower prices.
If those things are becoming smaller prices could be stabilizing or beginning to go up. A balanced inventory of housing is said to be 6 months. Less drives prices up, more drives prices down.
Below is a house price prediction site.
Arizona
Driven by a job market that has been plagued by workers being cut from large companies, and lower home prices Arizona may be in the beginning stages of its long awaited housing recovery as more employees go back to work. The suffering economy has seen unemployment improve even in the face of the worst real estate crash in U.S. history. (then it goes to the big cities and shows big price reductions for this year)
Going back more on topic, a zestimate could be very far off. Ask your realtor for a few facts.
1 how many months of inventory are there?
2 how are sales this year compared to last year?
3 is housing inventory getting larger or smaller?
4 are foreclosures and short sales a big part of house sales now?
If there are a lot of months of inventory and slow sales combined with a growing inventory level expect even lower prices.
If those things are becoming smaller prices could be stabilizing or beginning to go up. A balanced inventory of housing is said to be 6 months. Less drives prices up, more drives prices down.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
What value did Zillow have when you bought them?
Happy funding, Rudi
Happy funding, Rudi
Is the housing market starting to turn around?
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