The housing bubble is bursting, home value prices are plummeting, the real estate market’s crashing! Motivated sellers are adjusting their home value asking price, mostly in response to reports that markets in other areas were sliding fast. Where once the world of comparable sales and real estate values was understood only by real estate agents, now everyday buyers and sellers can learn tons of useful information about area properties including their own.
More often though, Zillow estimates are off significantly – sometimes by 40% or more. Hire a professional appraiser or get a comparative market analysis from a qualified real estate agent before buying or selling. According to RealtyTrac, the median home value sales price in Louisiana in 2006 was about $172,510.
The new study does not attempt to measure impacts on home values or selling prices. Major cities in the state seem to be holding steady real estate markets. Excellent article that really gets to the core of what is good and bad with the Zestimate and Zillow in general.
Their steady real estate market proves that tourism isn’t everything when it comes to steady home value averages and sales. The median household income in Wisconsin in 2005 was about $47,105, a decrease in the value projected in the 2000 census, which was about $51,235.
In Los Angeles County, the median rose 3.9% to $618,000, while sales climbed 7.3%. As with most of the country, the household incomes do not rise quite as fast as home value prices do. The home’s physical attributes and location, as well as market conditions, are also taken into account by the formula, according to Zillow.