I have been tracking on a spreadsheet for a few years not the value of a portfolio of homes I have. I know Zestimates are not completely accurate, mainly I believe, due to the fact the time frame being used (I think it is 6 months now, used to be a year) for comps is still to wide. But I could see changes in the portfolio and that was helpful, I began to put my own forecasts, based on Zillow's predictions for a specific area, on each of the properties, then I saw Zillow was doing it as well, which was cool. What is not cool, is that Zillow changes the forecast almost as frequently as they change the zestimate, so what good is that. I also noted, since I have the data for the last few years, that Zillow goes back into the history and modifies their past zestimates, in effect changing the history of value for a property. My question is why does Zillow do these things, namely change the history of value of a property, and second frequently change their forecast of a property value?
I have been tracking zestimates on my four rental properties as a way to at least gauge how potentially I have grown in equity over the year. I realize that zestimates are largely inaccurate, but my thinking was that if they were behind at the beginning of the year, they are still behind now, but the delta, or change might be a good indication of how values of my portfolio have increased over the year. Seeing these "resets" of value make me think that the Zillow program is resetting to be consistant with the "market guide predictions that you find in the Zesitmates section of a specific property, so if you see " Zillow predicts Orangecrest home values will rise 15% next year, compared to a 15.5% rise for Riverside as a whole. Among Orangecrest homes, this home is valued 4.5% less than the midpoint (median) home, and is valued 18.6% less per square foot. " Then the program is trying to sync to the predicted value and when that gets out of whack, it eventually does a reset as it did today to put itself inline with it's own prediction of market value in an area. Really kind of a stupid deal. The specific home I am taking this off of is currently valued on Zillow at about $100k less than comparable home sales in the area for the same square footage and market area. ANYONE who uses these Zestimates for anything other than novelty, is making a big mistake, no bank or lender would ever use these numbers to value a home, or even determine a rough estimate of a homes value and homeowners or prospective homeowners should not either.
I am not seeing zestimates for the Inland Empire Region of CA, Riverside, Corona,Ontario, etc....
For those of you that are truly concerned about zestimates, relax, take a breath, and look at recent home sales ( like in the last month) of homes in your area....THEN look at their Zestimate. In most cases, at least in the area my homes are in, you will see that the Zestimate is WAY OFF, not a few thousand, but in most cases several tens of thousands and in some cases over a hundred thousand off. I believe that the Zillow Algorithm is at best 4 months behind that is happening in the market today. It's pretty easy to see than when you look at recent sales and their Zestimate. Chill people the sky is not falling, and to rely on Zestimates to consider when to refinance your home is naive at best. I am surprised that people are not talking about the real problem, which has nothing to do with Zillow but with the appraisal community, where they are appraising homes significantly below real values and creating problems for both buyers and sellers with appraisals that are not accurate and that are affecting the housing markets in several areas in effect slowing the return of the housing market.
I was involved in a credit repair company as a partner for about a year until I learned what a rip off they were and dissolved the partnership. Honestly the best way to "repair" your credit is to do it yourself, invest 10 bucks at Barnes and Noble and get a book on how to deal with credit reporting agencies and you can do it yourself. By following very simple guidelines you can increase your credit score about 100-150 points in about 60 days, but beware it will return to what it was over the next few months as the reporting agencies will be able to research the claims over that time and if the dings on your report are valid they will reappear. The very best thing you could do for your credit is to put the hard work into actually improving your score by paying down your debt, paying your bills on time and establishing good credit standing over time.
She said it was an error and that the house is not for sale.
is it in good condidtion?
Hi Politically RE, I think that perhaps you are taking the statement too personally. It simply says that there is a higher percentage (than surrounding areas...) of blue collar workers. OF the blue collar workers, most get to work by bus, and they tend to have modest income relative to housing costs even at 300k for those who own homes. I'm sure that the Riverside SLA says the same kinds of things but I don't take it personally.
In Southern California, Lowes is the only way to go...did a remodel and ordered from lowes pretty much exclusively... No problems encounted at all, in the rare event that product was dammaged, lowes took it back no questions asked. I live closer to Home depot and for the minor repair it works but the level of service and professionalism for bigger projects, Lowes wins hands down.
Depending on the time you have I would reccomend that you investagate acting as your own general contractor, where you get the subs. I did that on a 1231 sq/ft remodel and the cost per sq/ft was about $106/sqft. I did not know much about construction, but learned as I went and it was pretty easy really, more about managing your subs and working on schedules. If you do a web search under owner-builder you will find a wealth of information on it. I got my addition completed in just under 7 months. And saved about $50,000 over what the General contractors bid, and that was with upgraded tile floors, granite counters and tile showers. The addition was 2 bedrooms, 2 bathrooms, kitchen, family room and dinning room.