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Answers (2)
- Rudy Romo
- Contributions:320
The pressure on real estate prices is downward, more so in the mid-to-high price levels ($500K & above).
The best way to get your current home's value is to do a CMA (Competitive Market Analysis) using MLS data over the last 3 months, in a 1-mile radius. Not 6 months because that data is already too old. Banks are using that criteria more & more on their BPOs (Broker Price Opinions) to reflect a more precise, up to the minute value.
Distressed sales (both Bank-Owned & Short Sales) have dominated the market since 2006. Looking at today's data from RealtyTrac, Foreclosure.com and hearing Ben Bernanke forecats high unemployment rates for 4-5 years means prices will stay the same, at best.
I personally think we will have another 10-20% dip in prices over the next 6-12 months based on foeclosure data statewide.
The best way to get your current home's value is to do a CMA (Competitive Market Analysis) using MLS data over the last 3 months, in a 1-mile radius. Not 6 months because that data is already too old. Banks are using that criteria more & more on their BPOs (Broker Price Opinions) to reflect a more precise, up to the minute value.
Distressed sales (both Bank-Owned & Short Sales) have dominated the market since 2006. Looking at today's data from RealtyTrac, Foreclosure.com and hearing Ben Bernanke forecats high unemployment rates for 4-5 years means prices will stay the same, at best.
I personally think we will have another 10-20% dip in prices over the next 6-12 months based on foeclosure data statewide.
- wetdawgs
- Contributions:26854
Perhaps there have been some foreclosures in your neighborhood that are included in the comps.
Zillow's Zestimate does not take into account recent painting and other aspects that add value to a home. (Nor does the Zestimate take into account holes, mold etc.) Therefore, to reflect these features use the "owner's estimate" after you've claimed the home.
Zillow's Zestimate does not take into account recent painting and other aspects that add value to a home. (Nor does the Zestimate take into account holes, mold etc.) Therefore, to reflect these features use the "owner's estimate" after you've claimed the home.
Why would my property have gone down $70,000.00 in it's Zestimate in 30 days ?
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