Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Because my parents bought their house before the bubble, I believe they didnt overpay. However one of my neighboors sold her house for $525k. I was completely shocked she got this much! Zillow values her house at $413k which sounds about right, I compared prices in different neighboors both on Zillow and in the classifieds. That $525k house is 2,235 living square feet with 1.21 acre lot. Theres hundreds of houses for sale in the acreage about 10 miles from my neighboorhood for a much better price. I know the land in the acreage is between half and two thirds the price, thats the difference in cost. We had a vacent lot a little over an acre sell for $250k, I see equivalent lots in the acreage selling for $150k to $200k but large lots have a lower per acre cost.
Therefore the land cost difference would be nearly $100k. Yet Zillow zestimates a similar square footage as $350k to $425k depending on the house. Thats probably because the house is newer and much nicer. The $525k house looks old and simple from the outside(never been inside it) My dad did say he would buy that house for up to $400k, I still wouldnt because the market is still softening and once the market bottoms out, a $400k house may be worth only $300-325k. If dad were to buy it, then for no more than $300k.
Frankly I think in todays market, almost everyone is overpaying, but whoever paid $525k definately paid waaaaaaaaay too much! My dad said if he was willing to pay $525k then its worth $525k(Zillow $413k) I told him thats faulty logic and gave an analogy of me paying $100 for a slice of bread. Share your stories, was your house purchase a bad deal or do you know a friend or neighboor who didnt understand the market and overpaid?
Because my parents bought their house before the bubble, I believe they didnt overpay. However one of my neighboors sold her house for $525k. I was completely shocked she got this much! Zillow values her house at $413k which sounds about right, I compared prices in different neighboors both on Zillow and in the classifieds. That $525k house is 2,235 living square feet with 1.21 acre lot. Theres hundreds of houses for sale in the acreage about 10 miles from my neighboorhood for a much better price. I know the land in the acreage is between half and two thirds the price, thats the difference in cost. We had a vacent lot a little over an acre sell for $250k, I see equivalent lots in the acreage selling for $150k to $200k but large lots have a lower per acre cost.
Therefore the land cost difference would be nearly $100k. Yet Zillow zestimates a similar square footage as $350k to $425k depending on the house. Thats probably because the house is newer and much nicer. The $525k house looks old and simple from the outside(never been inside it) My dad did say he would buy that house for up to $400k, I still wouldnt because the market is still softening and once the market bottoms out, a $400k house may be worth only $300-325k. If dad were to buy it, then for no more than $300k.
Frankly I think in todays market, almost everyone is overpaying, but whoever paid $525k definately paid waaaaaaaaay too much! My dad said if he was willing to pay $525k then its worth $525k(Zillow $413k) I told him thats faulty logic and gave an analogy of me paying $100 for a slice of bread. Share your stories, was your house purchase a bad deal or do you know a friend or neighboor who didnt understand the market and overpaid?
Yep a family member of mine bought in July 2005 height of the bubble for 525,000 it's worth about 450,000 now and sinking slowly.
I just read an article that said anyone who bought in Boston from 2004 onward has lost all his or her equity appreciation now. I don't know of anyone personally who's overpaid as most people I know bought their homes by 2000. I bought my current home this year, in January, but I paid cash and it was an incredible value, even in today's economy.
I did! I bought mine in Feb of this year (along with half a dozen on my block) and now it's gone down $50k! It just sucks!
We had been through one condo conversion (kicked out or pay double our rent and a rental house for sale the whole year we were there). We couldn't go through another situation like that.
If I were to sell my house today, whoever buys it will pay too much. I don't believe my house is worth what I'm told it is, but it's true because thats what similar homes are selling for.
If I were to sell my house today, whoever buys it will pay too much. I don't believe my house is worth what I'm told it is, but it's true because thats what similar homes are selling for.
I feel the same way!!!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
