Profile picture for disuebe

how does house drop in value in 1 month 15%

  • October 09 2009 - Norman
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Answers (3)

Profile picture for UB Home Team
If you are referencing the Zestimate, this is a guide to ESTIMATED values of your home, in a particular city, within a particular zip. Based upon activity in Norman, values have not dropped 15% in one month, on any home that is still standing & liveable!

I tell Buyers the Zestimate and County Assessor's data is a guide only, and not what a market typically pays for a home as "for sale."

Best of luck!
  • August 27 2010
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Profile picture for disuebe
tyvm
  • August 27 2010
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The value of your home is said to be the price that someone is willing to pay, or what the market will support.  Someone comes up with a value today by comparing your home to the past sales of like home in your area.  Personally I would rather see a cost approach to values vs. comparitive value. What part of the Country are you in?

Cost approach is the cost of your land plus the cost to build your home and any out buildings you may have on your property. Cost approch would help stabilize values. A home should not be worth less than it would cost to rebuild even if you give no value to the land.

Any questions?

  • October 11 2009
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