Zillow Advice RSS: Discussion,All Real Estate Advice Topics,Gloucester- MA http://www.zillow.com/advice/Gloucester-MA/all/discussion/ Zillow Advice search results | Zillow Real Estate Market Report for Gloucester MA December 2010 http://www.zillow.com/advice-thread/Market-Report-for-Gloucester-MA-December-2010/377651/ Today 108 Single Family Homes are FOR SALE in Gloucester, MA.<br/>Average list price is approx: $884,000<br/>These Properties have been exposed to the market on MLSPIN for an average of 178 days.<br/><br/>Over the last 6 Months 84 Single Family Homes have SOLD in Gloucester, MA<br/>For the properties that SOLD the Average List Price started at $545,471.<br/>The Average Sale price of these 84 homes was $504,495 with an Average Market Time from July to December (6 Months) of approx:146 days.<br/><br/>*Data was a quick sampling taken from MLSPIN on 12/13/10."<br/><br/>How many of these homes do you think were Water Front? or Water Access?<br/>How many of these homes do you think had Water views?<br/>How many of these homes were distressed sales (Short Sales or Bank Owned?)&nbsp; Crunching this data now...<br \><br \>0 replies Mon, 13 Dec 2010 21:22:00 GMT http://www.zillow.com/advice-thread/Market-Report-for-Gloucester-MA-December-2010/377651/ 2010-12-13T21:22:00Z Pay or Walk? http://www.zillow.com/advice-thread/Pay-or-Walk/283110/ I bought my house four years ago at the peak of the market for 250k.&nbsp; My stated income is considerably less than what I actually make, so I only qualified for an interest only mortgage.&nbsp; Part of the agreement was that I could not refinance for at least 3 years.&nbsp; Not a problem, since I would pay on time, establish myself with the <a href="http://www.zillow.com/mortgage/">mortgage</a> company, and refinance when allowed to do so.&nbsp; Well, obviously over the past 3 years, the market has crashed and my home is now worth 150k.&nbsp; I have&nbsp;&nbsp;contacted my <a href="http://www.zillow.com/directory/lenders/">mortgage company</a> regarding <a href="http://www.zillow.com/refinance/">refinancing</a> through a help for homeowners program or any equivalent.&nbsp; They responded by saying that I can't afford the home.&nbsp; Funny they should say that as I have never been late on a payment.&nbsp; The representative told me that I was within $100 of being accepted, so I filled out the refinance package again crunching numbers, writing my sob story letter etc. and again was told that I can't afford the home.&nbsp; <br/><br/>So my question is, should I just stop paying and foreclose on this house and start fresh in another 5 years or should I keep paying interest only for the next 3 years when my 7/1 arm matures?&nbsp; Is there anyway for me to refinance now?&nbsp; I'm sure all of you experts are tired of hearing this same question being asked 50 different ways, but any input would be greatly appreciated.<br \><br \>29 replies Mon, 28 Sep 2009 18:17:00 GMT http://www.zillow.com/advice-thread/Pay-or-Walk/283110/ 2009-09-28T18:17:00Z Faulty Real Estate Pricing http://www.zillow.com/advice-thread/Faulty-Real-Estate-Pricing/234372/ I've talked to many <a href="http://www.zillow.com/directory/real-estate-agents/">real estate brokers</a> in Mass&nbsp;who are managing large numbers of bank owned properties and they say that banks will not accept the true value of the homes.&nbsp; I looked at a house that was listed for 289k total rehab.&nbsp; A week earlier a similar property with the exception that it had been rehabbed from top to bottom sold for 300k, In regards to the total rehab property the broker said they told the bank it was worth 120K tops.&nbsp; The bank said they would not entertain prices under 280k.&nbsp; So now you have banks who not only got bailed out but also are selling what they have on the auction block for over inflated prices.&nbsp; It seems like double dipping to me.&nbsp; I have heard similar stories from other RE Agencies and from people whose homes have gone to <a href="http://www.zillow.com/homes/for_sale/fore_lt/">foreclosure</a> that the banks do not want to take what the property is actually worth but want to fluff up the price against a failing market.&nbsp;&nbsp; Seems to me that the citizens of this country&nbsp;are getting&nbsp;worked over twice. Interested in anyones take on this.<br \><br \>6 replies Wed, 13 May 2009 13:55:00 GMT http://www.zillow.com/advice-thread/Faulty-Real-Estate-Pricing/234372/ 2009-05-13T13:55:00Z Property Values http://www.zillow.com/advice-thread/Property-Values/234368/ I think the Zillow values are off.&nbsp; I'll tell you why...&nbsp; First of all the values assigned to properties are stangely enough very similar to the assessment&nbsp;values fo these properties.&nbsp; The properties I'm looking at are in Massachusetts.&nbsp; In Mass assessments are done 2 years out.&nbsp; Which means if they do an assessment on a property for 2008, it is really based on municipal wide comp values taken from data collected in 2006.&nbsp; Two years ago the market was much higher than it is now.&nbsp; So in order to get to an accurate value you would have to take the assessment value (which is how all of these <a href="http://www.zillow.com/directory/real-estate-agents/">real estate agents</a> are getting their price points) and deduct anywhere from 60-80k for each year.&nbsp;&nbsp; The reason I believe this is because I've been looking at property which sold in 90 days or less and then comparing the sale price to the assessment prices and it falls within 60-80k for each year.&nbsp; It's a rule of thumb that if a property doesn't sell in 90 days or less it's overpriced.&nbsp; I used to sell RE.&nbsp; It seems a lot of <a href="http://www.zillow.com/directory/real-estate-agents/">realtors</a> want to brush this off but the proof is in the pudding and if you pay attention what properties are selling for in my state is averaging about 30% less than the listing price.&nbsp;<br \><br \>2 replies Wed, 13 May 2009 13:49:00 GMT http://www.zillow.com/advice-thread/Property-Values/234368/ 2009-05-13T13:49:00Z