Profile picture for antman43

Why is the value of my home is not more I been doing all the repairs to my home for the last couple

I been doing lots of repairs to my house for the last couple of years and zillow have my home value for just $74.000 why is that is it because of the area or something else?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 21 2009
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (6)

Best Answer
You mentioned that you've been doing repairs to the home over the past couple of years.  Here's the truth about home values.  The value of your home is more or less capped off at the current value of homes in your area.

3 bedroom homes in your area have a broad range in value and condition. The 300 block of 65th Street has a home listed for $169,000 that has been on the market for 128 days.  The 200 block of Avondale has a home listed as low as $45,000, on the market for 75 days and about 500+ square feet smaller than the home on Avondale.  Also, 6400 block of Carlton has a home on the market for 109 days listed for sale at $79,500.  To add insult to injury, you also have 5 homes for sale on the 200 block of Simpson that range from $54,900 (59 day on market) to $92,900 (194 days on market).  

If you are considering selling your home at this point, you would need to price your home and market it very agressively.  You need a qualified buyer to acheive the goal of selling your home.  To get the buyer, price and an attractive offer over all the competing homes in your area will be absolutely necessary or your home will be sitting on the market way over 90 and 120 days.

Within the past month 15 homes actually sold in 19139.  

 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 27 2009
Unfortunately, there isn't much you can do regarding how other owners on your block use their property as long as it isn't illegal. Philly has a lot of renters, between the section 8, the college students, and other rental markets.

Honestly, if I were not channeling my assets toward grad school, I would probably be picking up rental properties as well. Philadelphia is a market anomaly where the carrying costs are far lower than rent in many neighborhoods. It sucks if you want high property values, but is great if you want to be a landlord - you just happen to be on the less favorable side.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 22 2009
Profile picture for antman43
Tiffany Bonds stated to me distressed sales which is true in my neighborhood there are some some homes that are not beening sold fast in my area due to buyer's find out that their is too many homes on my block that are renter's or section 8 housing. As well of the high crimes in the area had gotten too bad. Several neighbor's had there home's up for sale but can't get any buy's and there home's remain unsold sence last year. Have seen invester's in the area on my block buying distressed home's and fixing it up just to rent them out.Would this hurt owner's that wont's to sale there home's? Yes! Due to people are not looking to buy just rent/ section 8 housing are the biggest problem bringing down home ownership as well doing repairs to the home outside as well inside.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 22 2009
Well - and in Philly (as in other places) your value may be being brought down by distressed sales. A lot fo investors jumped into rehabs and got in WAY over their heads here. There have been some market trends that allow enough spred for profit, but not if your skills come from watching too much cable.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 22 2009
As Tiffany says, the range is a critical piece of the puzzle.  My own rule of thumb is, if the range is plus or minus more than 15% of the zestimate, zillow has found such a wide range of potential comps that the zestimate is probably not accurate.  In your case, on the minus side, the range seems to be passing out of percentage and moving into orders of magnitude territory.

If you read the two sections about comps in this link, you should be able to choose more appropriate comps and tune your zestimate.  However, always remember the zestimate is computer generated and frequently does not represent fair and probable market value. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 22 2009
Pay attention to the "range" more than the "zestimate". The zestimate is a guess based on resales and if the resales in your area aren't in great shape, they will drag this number down. The range feature compensates for that fairly well...so if your house is totally trashed, it will likely have a value near the bottom of the range, and if you have spiffed it up, then it will be closer to the top of the range.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 21 2009
 
Related Questions
changing a fireplace from wood to gas add value for a house sale
Profile picture for wetdawgs
Latest answer by wetdawgs
8 hours ago | 23 answers
Trying to find property tax rates in Yavapai County Arizona
Profile picture for Vince Curtis
Latest answer by Vince Curtis
12 hours ago | 1 answers
  • Asked by kaidie
  • In Taxes
  • 12 hours ago
How much does it cost to list a house for sale
Profile picture for Brian Walsh Buyer's Agent
Latest answer by Brian Walsh Buyer's Agent
15 hours ago | 1 answers
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.