Profile picture for bob the quant

why is the zestimate so much LESS than the asking price

Hmm, a 410K buy 15 years ago becomes a 1.5 M house now? thought we are in a housing recession with tight credit and a prediction by none other than the California Association of Realtors that house prices are going DOWN in 2009.... just curious
  • Question refers to 5651 Colbourn Pl, Oakland, CA 94619
  • October 16 2008
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Answers (2)

HI Bob, looks like you really predicted the crash.  Well played sir.  However, a 15 year hold in real-estate should yield you a tidy return, perhaps not that much of a jump, but definitely a steady return on your investment.  We did see large price jumps that have now re-corrected to closer to predicted growth over a span of time to keep up with inflation, and growing scarcity of build able land. I hope you use this market low to get into real-estate and perhaps see a nice profit in appreciation for yourself as well as all the principle you will have paid into the home over 15 years .
 

  • February 26 2010
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Profile picture for Miestimate

I agree, the house needs about 200K worth of updating in addition. This is just another example of how people are still in denial about the value of their properties. There are properties that are newly built in oakland hills for less than a mil.

  • December 18 2008
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