Thread: Will prices still go down this year ?

Originally Posted by gregory

Hi, people

I was wondering if houses are still expected to go down. I live in southern california and my mother bought a house in June 2007 for about 610,000 and acording to zillow.com it is "apraised" at 588,000. Also she was trying to see her previous house for $540,000 but she has not been able to sell it and now she has decided to hold on to it and rent it. Zillow shows this one valued at about $505,000. How accurate is this zillow values?. I was also considering buying a house my self, something under 300,000. Is this the time to buy or should I wait longer?

Thanks

From what I have heard of the overall markets in California, market prices are still going down for the time being, but are anticipated to increase over the upcoming months (spring and summer) and really level out from the downslope. We will most likely see housing increase in values of about 3-5% on average throughout the nation within the next year and a half (in my opinion from what I have seen).

With regard to Zillow.com, I cannot really say that they have been accurate in the past. Especially if there have been updates to the homes or updates to the areas. I would, personally, trust a Realtor's price opinion over Zillow.

Prices may still be going down in many California and Florida Markets. You need to look for homes that have been deeply discounted to buy now. You have a good chance of getting a good deal as many home sellers are very motivated. I think it is tough to say when prices will stop dropping. Forget the Zillow Estimates. Get an Appraisal to appraise the house for you, or get a broker Price Opinion (BPO). This is what the banks use.

Zillow apparisals rely on agents updates. So, it's only about few agents that actually update. I'll go easy with zillow.
Florida and California went very high. SInce I believe the market will stabilize by may-june this year nationwide, I think CA and FL will be behind and drop a bit longer...
My 2 cents though...I'm an agent, not Sylvia Brown

I second the sentiments on Zillow, it is more of toy than a tool. Contact a local agent and get a CMA done on your home.

Talking with different agents there are parts of CA where the prices are going up and parts where the prices are going down. Real estate is local and each market has its own factors affecting it. Talk to some local agents for the real info.

Forget about zillow. You need to talk to a person.

I'm in Florida and the house next door sold for $458,000.00 two years ago and went for forclosure for a couple of months ago for $218,000.00 whats this going to do for the value of my home?

So many foreclosures up and down the streets.

Originally Posted by carrot

I'm in Florida and the house next door sold for $458,000.00 two years ago and went for forclosure for a couple of months ago for $218,000.00 whats this going to do for the value of my home?

So many foreclosures up and down the streets.

wow, I have heard of prices going down, but this case is incredible. I would think that this sell would decrese for sure the value of your home. Buyers would think they could get a similar deal in the future or close to it.

My two cents.

Originally Posted by gregory

wow, I have heard of prices going down, but this case is incredible. I would think that this sell would decrese for sure the value of your home. Buyers would think they could get a similar deal in the future or close to it.

My two cents.

I have to agree. An agent may go for a CMA without to know the why and how and get the $218K in the game. Add a couple of another similar foreclosure sale and you're screwed...!!

We are all in this together. I am always amazed how when something positive happens to a neighbor's home, we all jump on the bandwagon and think that it will help us. When something bad happens to another home, we want to discount it and forget it ever happened.