Foreclosure in Chapel Hill>Question Details

Jj, Home Buyer in Chapel Hill, NC

What do you think about Websites that give home valuations? Some houses in one desirable Chapel Hill

Asked by Jj, Chapel Hill, NC Sun Dec 16, 2007

neighborhood have dropped by $30-40,000 in the past 30 days while others next door or across the street have gone down slightly or even gone up. Is the RE slowdown hitting CH?

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Overall, the Triangle market is still steady. We have had homes that were overpriced, and needed to come down to be more realistic. This "correction" is common this time of year. If you'd like to email me the neighborhood(s) you're concerned about, I'd be happy to do a more specific search for you.

As for the sites that give valuations, they're not very good. They don't use enough criteria (age, type, condition) to be sufficient.
1 vote Thank Flag Link Sun Dec 16, 2007
Zillow and the like are flawed. The computer model method of valuating homes doesn't seem so good. I would expect a downturn in the market of most major metro areas. With the housing mania/bubble, they've advanced the next 4 years or more of sales, and set so many people up for foreclosure (giving them the line that people can't loose by buying a home, and people rush out and get a 0 down load with a teaser rate that when expired, they cannot afford). So yea, home prices are going to go down. It's not a big deal unless you bought in the last few years, or you extracted all the equity and blew it on short life consumer goods like cars and televisions. But don't believe the computer models. Flawed computer models are costing the banks billions in losses as we speak (Mark to model versus mark to market of investments).
1 vote Thank Flag Link Mon Dec 17, 2007
Honestly, not much. It's best to contact a REALTOR and ask them to give you an up-to-date comp on the current market and take into account the specific neighborhood.

Hope this helps.
1 vote Thank Flag Link Mon Dec 17, 2007
They are fishing for leads. They will either sell your info or try to secure a listing agreement. Which is fine as long as they are up front about it. I would rather work with a broker that spent more time selling real estate and less time marketing, if the people he uses to manage his marketing are ethical and transparent. No tricks or slight of hand.
1 vote Thank Flag Link Sun Dec 16, 2007
You’ve heard it before; you get what you pay for. Free evaluations listed on websites are nothing more than a very rough approximation. In the Chapel Hill / Durham area Zillow admits that 80% of the time they are within 10% of the real value. This means that on a $300,000 home they could value it between $270,000 and $330,000 which is a $60,000 spread. And this is the best they do, 1 out of 5 times they acknowledge not even being that close.

I am a local Realtor working in Chapel Hill / Durham and north Chatham County. I specialize in Buy Side Brokering and will not work both sides of a transaction which is the norm here in North Carolina. I will diligently search for properties that meet your specific criteria. Once you find a property you want; I will analyze its true market value and show you how the neighborhood has trended over time. I’ve been negotiating some very attractive prices for my clients this year with discounts ranging between 3-15% off of asking prices. The average has been just over 6%.

If I can be of any assistance to you, don’t hesitate to contact me.
0 votes Thank Flag Link Wed Aug 25, 2010
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