Declining home values. - Chicagoland Sportbikes
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post #1 of 20 (permalink) Old 08-27-2008, 09:44 AM Thread Starter
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Declining home values.

See how much homes have dropped in your area of chicago. Lot's of fun.


http://www.zillow.com/reports/RealEs...tRePro-citybab
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post #2 of 20 (permalink) Old 08-27-2008, 10:44 AM
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fun... right, people love seeing neg numbers, though its good for me since I want to buy once my DP is gathered up

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post #3 of 20 (permalink) Old 08-27-2008, 10:50 AM
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Declining? Maybe correcting an over priced market might be better.

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post #4 of 20 (permalink) Old 08-27-2008, 10:52 AM
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Originally Posted by Super Dave View Post
Declining? Maybe correcting an over priced market might be better.
Tomato tomato potato potato same thing. Maybe a negative revaluation sounds better?

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post #5 of 20 (permalink) Old 08-27-2008, 10:58 AM
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hay does anyone know how to get a grant for a down payment i would like to be a first time home owner

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post #6 of 20 (permalink) Old 08-27-2008, 11:06 AM
 
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Hey Guys, Im a realtor and the housing market sucks. Homes are still going to level out over the next couple of years and probably wont appreciate at all for at least 2-4 years. But if you find a deal buying is still better than renting by a long shot. Plus you can buy a place with no money down or a small down payment like 5%. $500 cash back at closing + $500 for referalls.
[email protected] I have a nice 2bed Townhouse in Darien for $179k for sale.
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post #7 of 20 (permalink) Old 08-27-2008, 11:08 AM
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My home's value is down about $20,000 from about 2 years ago. My 401(k) is down 13% since January 2007.

But there's NOTHING wrong with the economy, right President Bush?

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post #8 of 20 (permalink) Old 08-27-2008, 11:22 AM
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ouch, down 15% in my town, good thing I'm not planning a move anytime soon.

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post #9 of 20 (permalink) Old 08-27-2008, 11:29 AM
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Zoom out and look at CA and FL, whole state in down +16%

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post #10 of 20 (permalink) Old 08-27-2008, 11:45 AM Thread Starter
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Yeah, I would consider this a warning (personally) to any potential buyers, no offense to those realtors on here. And really there's no telling how far this will go, it's not a given that you are better off buying than renting. If we were renting right now we'd be saving $1000 a month, which is better IMO than owning a place and getting the write-off's in a declining market.
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post #11 of 20 (permalink) Old 08-27-2008, 11:59 AM
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Without even looking at that site id say whatever stats zillow gives you are inaccurate. If you want to really know what your house is worth ask a certified appraiser show you some comps.

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post #12 of 20 (permalink) Old 08-27-2008, 12:11 PM
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Quote:
Originally Posted by racingxtc7 View Post
Zoom out and look at CA and FL, whole state in down +16%
Half of SF is down between 20 and 40%

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Yeah, I would consider this a warning (personally) to any potential buyers, no offense to those realtors on here. And really there's no telling how far this will go, it's not a given that you are better off buying than renting. If we were renting right now we'd be saving $1000 a month, which is better IMO than owning a place and getting the write-off's in a declining market.
Agreed, the savings difference is huge right now and there are far better places to invest that money than into real estate for the time being.
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post #13 of 20 (permalink) Old 08-27-2008, 12:15 PM
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Mark has a point. Zillow & other automated valuation models don't really take into account property condition. They also don't typically do well in areas where the homes are unique.

They often do very well in areas where properties are highly similar (read Condos, Townhomes, newer Tract Housing, etc).

As for timing to buy. We are starting to see prices stabilize in much of our area & most of the midwest. It's never easy to time the bottom but I'd guess we're not far from it.

This is an awesome time to buy properties out of foreclosure or short sale!!!!!
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post #14 of 20 (permalink) Old 08-27-2008, 12:27 PM
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Zillow is an interesting guide. It's accurate only when you compare your house to other houses in your neighborhood. But based on my experience, the estimates in Zillow are usually slightly higher than what your actual property is worth.

If you go there only to find out what YOUR house is worth, it won't be accurate. But if you go there to see what your house is worth in comparison to your neighbors, the differences between them are VERY accurate.

So take Zillow in the spirit that it's offered.

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post #15 of 20 (permalink) Old 08-27-2008, 12:30 PM
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Quote:
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Mark has a point. Zillow & other automated valuation models don't really take into account property condition. They also don't typically do well in areas where the homes are unique.

They often do very well in areas where properties are highly similar (read Condos, Townhomes, newer Tract Housing, etc).

As for timing to buy. We are starting to see prices stabilize in much of our area & most of the midwest. It's never easy to time the bottom but I'd guess we're not far from it.

This is an awesome time to buy properties out of foreclosure or short sale!!!!!

This is right too. If your house has granite countertops, stainless appliances, water softener, "premium upgrades of other sorts", etc., but your neighbor's house doesn't, and you have same basic house, your house will be worth more, but Zillow won't recognize that.

Also, Zillow does "projections" on the value of your home, starting from the amount you paid for it, and compares that price to similar houses and selling prices in your neighborhood to determine the value. So if it's only been a year or two, it might be close to right. But the further out in time you go, the more inaccurate it will become.

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post #16 of 20 (permalink) Old 08-27-2008, 12:47 PM
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post #17 of 20 (permalink) Old 08-27-2008, 05:13 PM
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our neighbor two houses down just put their place on the market for $35k more than they bought in spring of '07(we bought at the same time so they paid the same as us... same model). i'll be interested to see how long it takes or if it sells at all and what they get for it. my guess is that they listed at that price but will take an offer of $35k less so they at least break even minus closing, etc.
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post #18 of 20 (permalink) Old 08-27-2008, 05:28 PM
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i can tell u that the condo's in my association have HARDLY declined at all...i bought mine at 120k back in 99 or 2000...they went and were sellin at 180 at the high end and lows were 170...we just sold 3 of them at 168,500...im on the board and i see what was sold and bought...but i can tell you ALOT of people seriously overextended themselves like idiots...we have lost almost 200K in assoc dues due to those idiots not having enough money...morons...i was hoping to go and buy a newerish house or larger, but dont want to try to swing a larger mortgage by myself...so i think im gonna stay put, get more of my place paid off (about 80k) and then look to sell...

...plus my gf was with me saying "omg slow down, slow down" and I was thinking "Lose annoying squalk box in passenger seat, afford more mods and have less weight in the car and on the back of the bike"...so i dumped her and I'm single again as usual...HERE KITTY KITTY!!!
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post #19 of 20 (permalink) Old 08-27-2008, 05:45 PM
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Quote:
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Glencoe +3.7%
Damn rich people STILL getting paid!

I'm too poor to even read your reply. hehe

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post #20 of 20 (permalink) Old 08-27-2008, 06:03 PM
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