Real Estate Market. Thoughts?

[Aloha_Shooter]

Zillow is outdated by a week. That's pretty bad when the market is going by the minutes.

Zillow zestimate is also off if the property is on certain area where compensating factor is a huge thing. Ie back into the highway, your 400k sits behind a million dollar subdivision etc etc.

I just meant it's a handy tool to get a lot of info on the properties you're considering or your competition. I take their estimates with a 5 lb bag of salt -- especially in specialty markets -- as their estimates were all way too low for the market in Hawaii even in 2008-2009.

[Hound]

Actually Zillow is off on more than that. Several houses, including mine, have different specs than listed. I have a 3 bed room 2.5 bath it shows 5 bed room 3 bath. I have seen this several times. Take everything off the internet with a grain of salt.

[ChunkyMonkey]

^ yes. Even their county records are outdated and can be easily updated by whoever claims as the property owner.. Their chain of title does not show many thing.

Recolorado isn't as user friendly but is very accurate.


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[TRnCO]

My wife's best friend and husband just sold their house for $20,000 over listed price. Had 13 offers in just a few days of being listed. Their house is in Castel Rock. Yeah I'd say the market is hot.

[tmckay2]

like said previously, i don't really understand the pull to sell. i mean sure you can make more money than you spent, but then you have to buy in an inflated market. so you barely get ahead if at all. i suppose if you weren't able to refinance your current mortgage, you could sell and get a new mortgage at a lower rate, but if thats the case you probably could have just refinanced to begin with. the sellers market really is only beneficial if you are planning to move our of state, or possibly if you are moving from the city to outside the city.

[Wulf202]

Word from my friends in the general contractor area is that alot of refinancing and additions are being bid because of that situation. Along with new construction taking off but so many contractors shut down from the recession every gc is booked for a year.

[lex137]

I have over 100k in equity, but still can't find a home within my budget. Also my wife doesn't want to move far from family and friends.

[Dave]

Put an offer on a house in Littleton today. I hope we can get it, but I'm not optimistic since there were 3 other couples viewing it at the same time we were at 10 am. The reasons we are moving is because we live in Aurora and both work in Lakewood/Golden area, and we rent our current house. The landlord has been raising the rent $100/mo each year for 3 years now and will probably do it again this fall. But he does nothing for the place, like fix the roof that has been missing shingles for 5 years now with the patches getting bigger from each storm with a lot of wind we get. Plus a few other pretty big things inside that have gotten the band-aid treatment instead of being fixed.

[fitz19d]

Wouldnt something like that almost be re-portable? Course that still just puts you in a bad cycle with the schmuck.

[Wulf202]

Until the roof actually leaks its not illegal. Its just slumlord ish