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View Full Version : Home and Auto Are you underwater?


alnorth
02-18-2012, 03:13 PM
Just curious to see how over/under water the citizens of Chiefs Planet are with the housing craziness the last few years.

If you have a mortgage, go to zillow.com and type in your address. (Yes, sometimes with unusual houses, huge homes, or rural areas, Zillow is hilariously off, and it doesn't have every home listed, but it generally does a decent job) Divide your mortgage by Zillow's "zestimate", then vote.

doomy3
02-18-2012, 03:14 PM
Zillow isn't even close to being a reliable source for home values.

mikeyis4dcats.
02-18-2012, 03:15 PM
according to Zillow our house is worth about $25k more than we paid in September.

alnorth
02-18-2012, 03:17 PM
Zillow isn't even close to being a reliable source for home values.

This thread can also double as a place to bitch about or mock zillow. In my neighborhood, it is pretty accurate, compared to recent sales of similar homes.

notorious
02-18-2012, 03:19 PM
Owe 23k and the house is worth 100k.

Bought 2 1/2 years ago.

Where does that put me?

Toadkiller
02-18-2012, 03:20 PM
I always take the low end of the zillow estimate then subtract about 10 percent.

doomy3
02-18-2012, 03:20 PM
I have a client who ran his home in Zillow and he is right on the Olathe/Overland Park line. So, it showed up twice. Once in Overland Park and once in Olathe. In Overland Park, his home was worth $100,000 more. Yeah, same house, same address, everything.

Rain Man
02-18-2012, 03:21 PM
If anyone wants to buy my house for the zillow estimate, contact me immediately.

We're not underwater, but then again we've been in the house for 16 years.

I've been wondering about this whole government deal to help people who are underwater or recent home buyers or whatever. Are these the same people who got an $8,000 tax credit for buying homes in the first place?

And also, do you have to be underwater or do you just have to be a recent homebuyer? It's going to be annoying to me if the same people who were given $8,000 end up being given another $17,000. We all lost money in our housing, and some people shouldn't get money over others just because they bought more recently. I lost more money than most new homebuyers (though if you'll pay me that zillow estimate I'll be just fine).

Old Dog
02-18-2012, 03:21 PM
Yeah, that thing can't be right. It says my house is worth over $50K more than what we paid for it in '05.

doomy3
02-18-2012, 03:21 PM
I always take the low end of the zillow estimate then subtract about 10 percent.

Hopefully you don't live in an older home then. Many of the homes in the Brookside and Waldo areas here are grossly undervalued on Zillow. The problem is that Zillow bases everything on tax appraisals and goes from there. On older homes, the tax appraisal is much of the time considerably less than market value.

-King-
02-18-2012, 03:23 PM
Owe 23k and the house is worth 100k.

Bought 2 1/2 years ago.

Where does that put me?

In bad standing with R8ers.

alnorth
02-18-2012, 03:25 PM
It's going to be annoying to me if the same people who were given $8,000 end up being given another $17,000.

People who got that credit (the credit, not the earlier version that was a loan) have to stay in the home for 3 years, or you have to pay it back. By the end of this year, I guess they can flake without worrying about the 8 grand.

notorious
02-18-2012, 03:37 PM
In bad standing with R8ers.

Well, worse things have happened. :D

Rain Man
02-18-2012, 03:38 PM
People who got that credit (the credit, not the earlier version that was a loan) have to stay in the home for 3 years, or you have to pay it back. By the end of this year, I guess they can flake without worrying about the 8 grand.

But are they also eligible to get the $17,000 in principal reduction that Obama was touting?

And I guess I should ask if that whole deal is still alive. I haven't read much about it.

alnorth
02-18-2012, 03:48 PM
But are they also eligible to get the $17,000 in principal reduction that Obama was touting?

And I guess I should ask if that whole deal is still alive. I haven't read much about it.

that credit is long gone, I'm pretty sure it ended in 2009.

I don't know about the $17,000 deal, but its hard for me to believe that someone who got through the stricter underwriting during that credit would be in serious trouble now. They aren't the same people who bought homes with little to no qualification criteria during the housing boom.

Earthling
02-18-2012, 03:49 PM
Nada for the last couple of years or so. :p

Pioli Zombie
02-18-2012, 04:48 PM
Thought it was a fetish thread. I was going to share my Palin in cement shoes fantasy.

Guru
02-18-2012, 05:06 PM
53%

KCUnited
02-18-2012, 06:15 PM
Hopefully you don't live in an older home then. Many of the homes in the Brookside and Waldo areas here are grossly undervalued on Zillow. The problem is that Zillow bases everything on tax appraisals and goes from there. On older homes, the tax appraisal is much of the time considerably less than market value.

We tried using Zillow while home shopping in Brookside and it was worthless. It doesn't account for nearly 700 sq feet and a 4th bedroom in my current home.

R8RFAN
02-18-2012, 06:18 PM
I am sure my house is not worth now what I paid for it in 03 but it's paid for and I ain't moving so who cares

Dr. Facebook Fever
02-18-2012, 06:20 PM
I'm on the second floor so no.

Psyko Tek
02-18-2012, 10:32 PM
bought at 76K in 96
did not milk the equity
it was appraised in 03 for 150
just re financed at 68 k
house payment 490 per month

Bowser
02-18-2012, 10:34 PM
In a hurricane?