Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Massachusetts
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 05-06-2023, 10:53 AM
 
16,396 posts, read 8,198,277 times
Reputation: 11378

Advertisements

Quote:
Originally Posted by newenglandgal123 View Post
Wow, matrix is going to have someone other than me to rank on for looking up a mortgage
Nice, I wonder how many folks out there actually have $1M+ to bring to closing?! If it were me, I'd rather use that $1M cash to buy a home less than $1M and have no mortgage lol
same girl same
Reply With Quote Quick reply to this message

 
Old 05-06-2023, 11:41 AM
 
Location: Needham, MA
8,545 posts, read 14,025,464 times
Reputation: 7939
Quote:
Originally Posted by yesmaybe View Post
I think the idea is that you are talking about people who bought 10-15 years ago. The equity is what they use for the down payment and how they get approved for the mortgage.
Even people who bought 3 years ago have a lot of equity in their house. Either way, it doesn't matter when you add the caveat that the people you're limiting the discussion to are "house poor." If they're sinking that much of their income into the mortgage then it's unlikely they'll qualify for a larger income given they're probably paying an interest rate with a 2 or 3 in the first digit and today's rates are double/triple that.
Reply With Quote Quick reply to this message
 
Old 05-06-2023, 05:19 PM
 
2,710 posts, read 1,733,872 times
Reputation: 1319
What's more accurate, Zestimate or Redfin estimate?
Reply With Quote Quick reply to this message
 
Old 05-06-2023, 05:56 PM
 
Location: Needham, MA
8,545 posts, read 14,025,464 times
Reputation: 7939
Quote:
Originally Posted by matrix5k View Post
What's more accurate, Zestimate or Redfin estimate?
That's like asking . . . what's a bigger piece of garbage? A moldy piece of cheese or a TV with a broken screen? It's literally the same answer to both questions: they're both garbage.
Reply With Quote Quick reply to this message
 
Old 05-06-2023, 06:35 PM
 
3,620 posts, read 1,844,995 times
Reputation: 1508
Quote:
Originally Posted by MikePRU View Post
That's like asking . . . what's a bigger piece of garbage? A moldy piece of cheese or a TV with a broken screen? It's literally the same answer to both questions: they're both garbage.
How come the estimates often times end up being very close to the sales price then? All of the properties I've previously sold fell within the estimate range suggested by Zillow and Redfin, there must be some level of accuracy even if they can't pinpoint to the exact dollar?
Reply With Quote Quick reply to this message
 
Old 05-06-2023, 07:24 PM
 
86 posts, read 46,507 times
Reputation: 76
Quote:
Originally Posted by newenglandgal123 View Post
How come the estimates often times end up being very close to the sales price then? All of the properties I've previously sold fell within the estimate range suggested by Zillow and Redfin, there must be some level of accuracy even if they can't pinpoint to the exact dollar?
Because these websites adjust their estimates to be close to the listing price when a house shows up in the MLS. I've seen that many times. House has a BS "Zestimate" of 800k, next day it comes up for sale with a listing price of 1.3M, suddenly the Zestimate becomes 1.324M, conveniently.

If these algorithms where any good, Zillow wouldn't have gone almost bankrupt thanks to their iBuying product, which was supposed to be the future of their company. They were blindly trusting their algo to automate making cash offers and estimate the after-reno resale value. Needless to say it was a disaster and they had to end everything pronto.

Also I had some fun years ago by registering on Zillow as the owner of my house before I put it up for sale (didn't need to prove anything). I added a bunch sq ft, and the Zestimate immediately went up on that alone. It was hilarious.
Reply With Quote Quick reply to this message
 
Old 05-06-2023, 08:06 PM
 
2,710 posts, read 1,733,872 times
Reputation: 1319
Quote:
Originally Posted by ca1337 View Post
Because these websites adjust their estimates to be close to the listing price when a house shows up in the MLS. I've seen that many times. House has a BS "Zestimate" of 800k, next day it comes up for sale with a listing price of 1.3M, suddenly the Zestimate becomes 1.324M, conveniently.

If these algorithms where any good, Zillow wouldn't have gone almost bankrupt thanks to their iBuying product, which was supposed to be the future of their company. They were blindly trusting their algo to automate making cash offers and estimate the after-reno resale value. Needless to say it was a disaster and they had to end everything pronto.

Also I had some fun years ago by registering on Zillow as the owner of my house before I put it up for sale (didn't need to prove anything). I added a bunch sq ft, and the Zestimate immediately went up on that alone. It was hilarious.
Sq ft is a factor in home value so why wouldn't it go up?
Reply With Quote Quick reply to this message
 
Old 05-06-2023, 08:13 PM
 
Location: The ghetto
17,737 posts, read 9,192,519 times
Reputation: 13327
Quote:
Originally Posted by newenglandgal123 View Post
Here's an almost $300K over lister in Westwood. I guess $100K over list is no longer impressive enough to sellers....gotta up the ante to try to make your bid really stand out. Outrageous! https://www.zillow.com/homedetails/7...57518974_zpid/
Quote:
Originally Posted by massnative71 View Post
Well the buyers only mortgaged $726K, so that means they brought over $1.1 million in cash to the closing. This market is just beyond any resemblance of normal.
Quote:
Originally Posted by newenglandgal123 View Post
Wow, matrix is going to have someone other than me to rank on for looking up a mortgage
Nice, I wonder how many folks out there actually have $1M+ to bring to closing?! If it were me, I'd rather use that $1M cash to buy a home less than $1M and have no mortgage lol
They may have sold their house for $1.1 million and used all of the money for a down payment on the new house.
Reply With Quote Quick reply to this message
 
Old 05-06-2023, 08:18 PM
 
23,560 posts, read 18,707,417 times
Reputation: 10824
Quote:
Originally Posted by redplum33 View Post
They may have sold their house for $1.1 million and used all of the money for a down payment on the new house.

Still though that's a ton of equity to have, unless maybe they moved from a smaller house in Westwood (or elsewhere that they owned for 20-30 or whatever years, that was totally paid off).
Reply With Quote Quick reply to this message
 
Old 05-06-2023, 08:22 PM
 
Location: The ghetto
17,737 posts, read 9,192,519 times
Reputation: 13327
Quote:
Originally Posted by MikePRU View Post
That's like asking . . . what's a bigger piece of garbage? A moldy piece of cheese or a TV with a broken screen? It's literally the same answer to both questions: they're both garbage.
Quote:
Originally Posted by newenglandgal123 View Post
How come the estimates often times end up being very close to the sales price then? All of the properties I've previously sold fell within the estimate range suggested by Zillow and Redfin, there must be some level of accuracy even if they can't pinpoint to the exact dollar?

Seems to me that, even if the Zestimate was changed on the Westwood house when it was listed, they did a pretty good job. The listing price of $1.55 million was at the very bottom of the Zestimate range, so they predicted it would sell for over list. They weren't too far off at all.

76 Hawktree Dr, Westwood, MA 02090
Sold: $1,832,000
Sold on 05/01/23
Zestimate®: $1,627,400

Zestimate range: $1.55M - $1.71M
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Massachusetts

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top