Breaking News: Existing Homes Sales Slide…Continued Price Declines.
Submitted by Tim Harris on September 24, 2009 – 9:58 am5 Comments | Popularity: 7% [?]
Watch this entire video….there are 2 parts.
Interesting points:
1) Up to 7,000,000 homes in ‘Shadow Inventory’
2) Most sales in the U.S. were for homes less than $250,000.
3) This is the ‘new normal’…this market, where Foreclosures and Short Sales dominate the sales.
4) Home price appreciation is a thing of the past for the next 5-10 years as the markets slowly burn off the REOs etc.
Popularity: 7% [?]
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Re: Zillow
I wish the company would remove their Zestimates and lopsided calculations and place them _____(in a closet). I can’t tell you how many hours I spend undoing the damage they cause with my buyers and the ridiculous mindset they create!! I had a client tell me a few weeks ago that a home that they were looking at had a “Zestimate of the mid $500,000’s” I took the time to confirm his information. The home closed for $990,000 a few weeks later!!! Seriously, how could any “real estate” based organization be that far off?
Re Zillow:
If you want to show your clients how inaccurrate their Zestimate is you can get info right off their site.
At the main page go to the very bottom and click on Zestimate® Values & Accuracy (it is greyed out)and you can see how inaccurate they are….Good luck
I would like a designation for Alternative Finance for Realtors.
Just like Short Sales – CSP (Certified Short Sale Professional)
* Wraps – AITDs
* Land Contracts – Installment Sales – Contracts for Deed
* Seller carrying equity on a note
* Equity Share Agreements
* Rent to Own (Lease Options with Equity Splits)
* Selling the House and not the Land
And..
I would like to see Realtors carrying their 6% commission on a note, with a finance company cashing their note quickly, even at a slight discount, just like viatical settlements. (life insurance death benefit payout for terminally ill).
People need to make a dignified living, and life now in RE Sales is just too crazy.
Not every Realtor wants to do Short Sales. And people need to buy and sell their primary residences with confidence and assurances.
Brian Gibbons, REISkills2.com
in my market foreclosures and short sales represent between 35-45% of sales. Buyers continue to look for bargains and are taking advantage of the first time buyer tax credit and low interest rates.
We still have a long way to go with unemployment,inflation,and talk about fha running out of money, and more emphasis has to be on streamling the short sale process.
Hi there Esther:
This is David Tobey from Zillow.com; I was reading through Tim & Julie’s latest postings when I ran into your comment. Wow! To begin with, I’m sorry we’ve caused you this kind of heartburn.
I think the problem is that some folks expect our Zestimates to be perfect evaluations. In truth, no customer should feel this way. Our Zestimates can never replace a living expert. A Zestimate is in no way an appraisal. A Zestimate is not a replacement for a real estate professional like you, Esther. We go to great lengths to make this clear; we even publicly publish our Zestimate accuracy online – we’ve got nothing to hide. Our Zestimates are a starting point for researching home values. We’re not intended to replace the opinion of a local expert.
It’s my job to help folks with problems or concerns just like this. If you ever have another concern like this about a Zestimate, I welcome you to post your concerns in the Zillow Advice forum with the address of the home, or contact me directly with the issue via my profile page on Zillow.
- David Tobey, Zillow.com