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|Subject: Re: OT: house values...||Date: 2/15/2007 2:58 PM|
|Author: LtUhura||Number: 2026 of 95547|
is it just randomly bad ...or systematically high?
There's an article about it in today's print WSJ. Basically, the more similar the house is to the comps, the better the estimate.
And there's the rub. Setting a house price based on comps doesn't work in this market. It used to be you could say, "My neighbor got $X for his house a year ago, I want $X+10% (or 20% or whatever insane percentage)." What I've noticed lately is people pricing close to or even below assessmsent, and the agents all but begging me to include it in my ads.
My house is a two-family surrounded by condos. When Zillow did the comps for my house, instead of comparing similiar two-families in the same neighborhood or even town, they used condos instead. As a result, their information shows a ridiculously low price for my address.
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