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(Komo)   Real Estate agent offers advice to prospective home buyers in Seattle: try skulking around at 4AM in the rain on a holiday to have a chance of finding something on the market   ( komonews.com) divider line
    More: Interesting, Supply and demand, Seattle metro area, Zillow home numbers, Economist, Zillow economists, Microeconomics, percent fewer homes, Seattle  
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1081 clicks; posted to Business » on 22 Nov 2017 at 10:45 PM (12 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



26 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2017-11-22 08:01:48 PM  
Move to the Midwest?
 
2017-11-22 09:03:17 PM  
Met with a seller last week who thought his home was worth more than a million dollars because Zillow showed it was. I showed him that Zillow showed his neighbor's house sold for exactly 10 million. The neighbor's house actually sold for much less by more than a factor of 10. Garbage in. Garbage out. The seller's house will probably sell in the high 700s. Zillow is whack!
 
2017-11-22 10:39:09 PM  

Voiceofreason01: Move to the Midwest?


Why do you hate the Midwest?

They should move back to CA.
 
2017-11-22 11:01:18 PM  
Not bad advice.

I go to the grocery store Friday night or Saturday at 8am for the same reason. WTF is wrong with the fools who go when it's most crowded?
 
2017-11-22 11:20:10 PM  

flamark: Met with a seller last week who thought his home was worth more than a million dollars because Zillow showed it was. I showed him that Zillow showed his neighbor's house sold for exactly 10 million. The neighbor's house actually sold for much less by more than a factor of 10. Garbage in. Garbage out. The seller's house will probably sell in the high 700s. Zillow is whack!


COOL STORY BRO
 
2017-11-22 11:21:03 PM  

flamark: Met with a seller last week who thought his home was worth more than a million dollars because Zillow showed it was. I showed him that Zillow showed his neighbor's house sold for exactly 10 million. The neighbor's house actually sold for much less by more than a factor of 10. Garbage in. Garbage out. The seller's house will probably sell in the high 700s. Zillow is whack!


Zillow is a data point. Lots of great data on there. Lots of unreliable data on there. If you know what you are looking at you'll know what's shiat data and what isn't.
 
2017-11-22 11:32:02 PM  
That's a huge increase for Seattle, but I bet there's almost always at least one metro area with a double-digit annual gain, and most markets are in pretty good health lately.

This bit from the source Zillow report surprised me: "U.S. home values rose 6.9 percent year-over-year in September"
That is much higher than I'd guess for the entire country even in a growing housing market. Of course, it is zillow, so who knows just how unreliable that number is.
 
2017-11-22 11:41:55 PM  
This is what happens when you live in a boom town. There are no tricks to get around it. They're building like crazy, but as long as the high paying jobs keep coming in prices will rise.
 
2017-11-22 11:53:31 PM  
A house in my Seattle neighborhood: The original place sold for $375k last year. They tore it down and built a new house. The new asking price? $1.45M.

https://www.zillow.com/homedetails/91​0​5-24th-Ave-NW-Seattle-WA-98117/4887866​2_zpidp

I'm surprised it isn't already pending. It's been on the market for a while; a whole 7 days now.
 
2017-11-23 12:07:26 AM  

MrSteve007: A house in my Seattle neighborhood: The original place sold for $375k last year. They tore it down and built a new house. The new asking price? $1.45M.

https://www.zillow.com/homedetails/910​5-24th-Ave-NW-Seattle-WA-98117/4887866​2_zpidp

I'm surprised it isn't already pending. It's been on the market for a while; a whole 7 days now.


I'm surprised a house in Olympic Manor sold for less than 600K last year. It must have been a total teardown.
 
2017-11-23 12:07:59 AM  

MrSteve007: A house in my Seattle neighborhood: The original place sold for $375k last year. They tore it down and built a new house. The new asking price? $1.45M.

https://www.zillow.com/homedetails/910​5-24th-Ave-NW-Seattle-WA-98117/4887866​2_zpidp

I'm surprised it isn't already pending. It's been on the market for a while; a whole 7 days now.


Jebus, I can see why it'd go for that much. It's gorgeous, and has a pricey zip code too.

Wifey and I want to move to Seattle in the next couple years. Markets are generally cyclical. I live in the DC area, a traditionally very strong housing market. If we're really really lucky we'll have an upturn in the DC market when we're ready to move, and Seattle's housing market will have cooled down a little, making the trade a favorable one. A change in the party in power could very well spell the former, and time will eventually deliver the latter. Every boom has a bust.
 
2017-11-23 12:15:49 AM  
FTFA: "The reports shows the median home value in the Seattle metro area is $457,700."

Median is $588,600 where I am. Median listed is $659,000. Values have gone up 7.7% over the past year and Zillow predicts they will rise 3.1% within the next year.

Amateurs.

/moving soon
 
2017-11-23 02:08:03 AM  
Apparently this is not an Oscar worthy remake of Sleepless in Seattle.
 
2017-11-23 02:41:14 AM  

UTD_Elcid: MrSteve007: A house in my Seattle neighborhood: The original place sold for $375k last year. They tore it down and built a new house. The new asking price? $1.45M.

https://www.zillow.com/homedetails/910​5-24th-Ave-NW-Seattle-WA-98117/4887866​2_zpidp

I'm surprised it isn't already pending. It's been on the market for a while; a whole 7 days now.

I'm surprised a house in Olympic Manor sold for less than 600K last year. It must have been a total teardown.


Especially as most of the houses in that bowl have a nice view of the sound.
 
2017-11-23 03:57:58 AM  
Zillow says my house has increased in value since I bought it in May by about $100K.

I don't know where I could move if I did sell it, though.
 
2017-11-23 06:20:21 AM  
Zillow says a 3 bed 2 bath on a 1/4 acre sold for over 20 million in my neighborhood, so yes Zillow is BS.
 
2017-11-23 07:31:04 AM  
According to zillow and trulia, my 20 year old house, with the original furnace is worth almost $500K out in the sticks, while a newly constructed home, with modern energy features and upgrades is going for $300K.  My house is worth, at best, $250K, and that's if I can find someone with cash to burn and a burning desire to gut the kitchen, refloor the entire thing, and re-sheetrock one whole room.

Meantime, talking to newcomers to the neighborhood, they brag about talking the old sellers down to $240-260K, from the asking prices of $300-350K.  Zillow and trulia are for the idiots to look at.
 
2017-11-23 08:44:05 AM  

haywatchthis: ...so yes Zillow is BS

.

When I geeked for a real estate company, I was shocked to learn what everyone else in my position learned - Zillow is mostly fiction.

We sent out the same data feeds to the same websites every day, but things kept showing differently on Zillow - more rooms, more square footage, higher asking price on many of the listings in our feed.  If we told them to deactivate a listing because it had sold, they would still show it as active for weeks - which constitutes bait-and-switch.

For accurate data got to the local mls/realtor sites. Those folks are obsessive about keeping data fresh.
Whereas Zillow is obsessive about blowing smoke up your butt.
 
2017-11-23 10:44:38 AM  

cherryl taggart: According to zillow and trulia, my 20 year old house, with the original furnace is worth almost $500K out in the sticks, while a newly constructed home, with modern energy features and upgrades is going for $300K.  My house is worth, at best, $250K, and that's if I can find someone with cash to burn and a burning desire to gut the kitchen, refloor the entire thing, and re-sheetrock one whole room.
Meantime, talking to newcomers to the neighborhood, they brag about talking the old sellers down to $240-260K, from the asking prices of $300-350K.  Zillow and trulia are for the idiots to look at.


You hit on the big trouble with the online real estate sites. They can't know the condition of the house. That is a big influence on value. Which is why you should distrust foreclosure ads. If someone didn't have enough money to make the payments then they didn't have enough money for basic upkeep.
 
2017-11-23 11:11:07 AM  

The_Philosopher_King: cherryl taggart: According to zillow and trulia, my 20 year old house, with the original furnace is worth almost $500K out in the sticks, while a newly constructed home, with modern energy features and upgrades is going for $300K.  My house is worth, at best, $250K, and that's if I can find someone with cash to burn and a burning desire to gut the kitchen, refloor the entire thing, and re-sheetrock one whole room.
Meantime, talking to newcomers to the neighborhood, they brag about talking the old sellers down to $240-260K, from the asking prices of $300-350K.  Zillow and trulia are for the idiots to look at.

You hit on the big trouble with the online real estate sites. They can't know the condition of the house. That is a big influence on value. Which is why you should distrust foreclosure ads. If someone didn't have enough money to make the payments then they didn't have enough money for basic upkeep.


Not always.  A foreclosure can yield a diamond in the rough.
 
2017-11-23 11:45:29 AM  

Gary-L: The_Philosopher_King:
Not always.  A foreclosure can yield a diamond in the rough.


Yes it can, but now you are talking about luck. Now of course real estate is very local. I don't know what it is like in your area. But this is my experience. I have been in about 55 foreclosure homes and 200+ regular listings. The foreclosure homes basically were all bad, they all needed some kind of work. From mold and trash stained carpets to holes in the wall and missing furnaces/air conditioning. The best ones were only OK. The longer they were on the market the worse they were. I never thought their discount was worth all the extra work required. Yes maybe if you can do all the work yourself and it is in an otherwise good location. But generally I wouldn't recommend them unless you were an experienced homeowner.
 
2017-11-23 12:58:51 PM  
Bought a house outside Detroit for 47K. Zillow says mid 60's. Probably closer to low 60's. I love living in a low cost of living area.

/It's not that bad
//$442 mortgage payment
///third slashie
 
2017-11-23 05:14:24 PM  
Found a condo rental on Zillow and I'm moving in next week.  Amazing find in a pretty ritzy town.
 
2017-11-23 05:58:00 PM  

AsparagusFTW: Bought a house outside Detroit for 47K. Zillow says mid 60's. Probably closer to low 60's. I love living in a low cost of living area.

/It's not that bad
//$442 mortgage payment
///third slashie


The problem is when you go to sell.

I would strongly advise you start saving so that you have the ability to pay off any negative equity should you not have much in the way of appreciation.

If you plan to stay in the same house and not refinance for 20+ years, then don't worry.
 
2017-11-23 06:33:32 PM  

Voiceofreason01: Move to the Midwest?


As soon as jobs that pay money do, I'd take a $25k pay cut moving back to WI. Even if you get a decent white collar job don't get laid off, you won't find another.

Houses are cheap  not because no one want's to live there (which they don't) but because there are no jobs. Look at North Dakota, despite being a miserable frozen waste land during the oil boom houses couldn't be built fast enough. When the boom ends no one stays, even if they wanted to they can't afford to with out a job...
 
2017-11-23 08:53:59 PM  

gar1013: AsparagusFTW: Bought a house outside Detroit for 47K. Zillow says mid 60's. Probably closer to low 60's. I love living in a low cost of living area.

/It's not that bad
//$442 mortgage payment
///third slashie

The problem is when you go to sell.

I would strongly advise you start saving so that you have the ability to pay off any negative equity should you not have much in the way of appreciation.

If you plan to stay in the same house and not refinance for 20+ years, then don't worry.


Im sure I'll make a little scratch. No 100K, but I've got about 15K in equity now. One of the biggest reasons I got it was because it was a great deal price wise. If I get canned from my accounting gig I can work part time at McDonalds and still cover the mortgagem
 
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