Market Conditions in Montauk>Question Details

Lisa, Home Seller in Bethesda, MD

There seems to be big fluctuations in prices in short period of time. This obviously looks like it's at an all time low but slowly creeping up.

Asked by Lisa, Bethesda, MD Sun Jan 30, 2011

As a home owner, it seems like it might be wise to hang on, and sell in the next year or two? My house value went from 2.3M a year ago to 1.23M this month on zillow.

Help the community by answering this question:

Answers

7
Home values are based on recent sales of similar sales to your home. Similar homes are calculated on bedroom and bathroom counts, square footage, property size. age, condition and location. These features are difficult for Zillow to indentify. The values on that website are based on a formula of recent sales of homes within a geographic radius. They are not comparing the features of similar homes and calculating a value. The real estate agents have been in the homes that have sold and are able to select similar properties and establish a realistic market value based on recent sales. I have noticed a couple of years ago Zillow was showing the values of homes I have visited were very high. Now I am seeing the Zillow Zestimates are much lower. Talk to a real estate agent and they will provide you with a factual market value. The data base they use is the same information the banks use for bank appraisals.
0 votes Thank Flag Link Wed Feb 9, 2011
Don't rely on any online values, for accurate information as to your property's worth consult with a few agents from different realty companies, or consider hiring a professional appraiser. As to hold on or sell--unfortunately none of us can answer with accuracy as to where the market will be tomorrow or in the days to come, as none of us knows, what we all know is today--therefore, sell when you need to sell and are ready to sell.
0 votes Thank Flag Link Sun Jan 30, 2011
Lisa,

There is no website that I know of other than what Realtor's use to compare homes by area and type. This is best accomplished by choosing a Realtor to give you a Market Analysis on your particular home. You may be daunted in asking for a Realtor's help if you are not ready to sell, but that sincerely, Lisa, is part of our job. We need to serve our client's best interests over and over until they are ready to make a move. The more willing the Realtor is to help you with this service, the more likely it will be that you will choose that Realtor when it is time to sell.

The equation I use to let someone know when it is time to sell a home is; what the client proposes to do with the money from the sale. In example, if you were to take money out of one investment to place it in another that will turn a higher rate of return, the answer becomes a little easier on the mind.

I hope you found this answer helpful.
0 votes Thank Flag Link Sun Jan 30, 2011
Lisa -

Like previous posts have state - you CANNOT use zillow or trulia to size up what your home is worth - don't even use it to get a "ball park" estimate.

Are you in Bethesda MD or Montauk, NY?

If you're in NY - Long Island - you can use the web reference.
Web Reference: http://www.homevaluesny.com
0 votes Thank Flag Link Sun Jan 30, 2011
Hello Lisa, Nobody can predict the future especially in a unique area like Montauk. One thing I can assure you of is that Zillow's market prices are generally way off base! They are general range prices that may include a tiny home on the next block that just sold. Not a fan of the Zillow home pricing system. Allan
0 votes Thank Flag Link Sun Jan 30, 2011
You shouldn't base your property value on the Zillow zestimate. The zestimate is a number that's determined via various statistical models, and those models don't factor in certain neighborhood specific info. For example, a property might have the same zestimate value as one across the street from it, but the one across the street might be adjacent to a trash dump which would lower its perceived value.

You should base it on a CMA based on recent, sold comps; and/or a recent appraisal.
0 votes Thank Flag Link Sun Jan 30, 2011
Lisa,

This is a very good question asked by a large group of homeowners.

Those flucuations could be caused by buyers testing the market.

Also, there are a tone of owners who have been waiting to sell and every time the market ticks up more inventory hits the market and then prices level off or come down.

Some folks have been waiting for years to put their home on the market.

Could you be one of them?

Think about it.......................

Ray Levy
Coldwell Banker
Mount Dora, Fl 32757
352-978-8551
0 votes Thank Flag Link Sun Jan 30, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer