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|Subject: Re: OT: house values...||Date: 2/15/2007 3:30 PM|
|Author: AngelMay||Number: 2032 of 59135|
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.
You also can't compare your home's value to that of your neighbors because your house may be worth a lot more (or less) than the neighbors -- e.g., a neighborhood with all sizes, shapes, and prices of houses.
AND -- even when all the houses are almost identical, your house may be in much better shape than your neighbor's house because you've taken much better care of it over the years. Condition of the house and landscaping does make a difference -- not just the fact that the floor plan is no different from the neighbors.
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