I did a posting here on Tuesday about Zillow.com's second-quarter look at the real estate market - which said four in 10 post-2003 buyers here owe more than their homes are worth. That brought this response from El Dorado Hills - mirroring a general sense among many that Zillow can be suspect as an authority figure on home prices. Enjoy:
"The Zillow info is bogus. I am purchasing bank repos, adding up to $20,000 in repairs and selling the homes for a 10-20% gain in just a few months.
With all the bank repos on the market it is lowering the "average" sales price. If you have a nice home with all new appliances, granite countertops and new carpet,paint, interior doors, garage door, updated windows, central heat and ac then it will sell 40% above a similar bank owned property. People need to realize the bank owned properties are rarely livable and need much work, you can't compare that to your own home. I have data to prove it.
All Zillow does is use averages, that's like saying the average rainfall in the united states it 50"/year so California must get 50"/year."
Realtor, General Contractor
El Dorado Hills