December 2, 2007
Recent Fathead Buys - Doah!
With so many buyers laying in wait for rock bottom real estate prices and patiently sitting on the sidelines, it is a wonder that some have thrown caution to the wind and purchased homes at inflated prices (and too high commissions). Is that sheer ignorance, total stupidity or did they just fall in love with a property and make an emotional decision with reckless abandon for value and appreciation? Here at Redfin we are no-nonsense, tell-it-like-it-is real estate Mavens. We bring you the best intel on properties including current market valuations, past sales data and neighborhood demographics with cut throat honesty. With all that information so readily accessible, why on earth would some shoppers be foolish enough to make a homeresque investment decision? In today’s volatile market, it simply seems to defy reason! Here are some recent fathead buys for your perusal.
- Sold on September 7, 2007 for $789,000
- Zestimate: $648,560
- Last sold on July 31, 2003 for $440,000
- Immediate past sale was in June, 2001 for $340,000
- Sold on October 26, 2007 for $2,000,000
- Zestimate: $1,908,328
- Last sold on November 17, 2000 for $900,000
- Immediate past sale was in June, 1995 for $580,000
- Sold on September 17, 2007 for $840,000
- Zestimate: $821,082
- Last sold on May 14, 2004 for $611,000
If you liked this post you might also enjoy:
Recent Price Increases - WTF, OMG, What Gives?
Important Data for Beach Home Buyers - Search Smart, Buy Smart, Know the Market
They Don’t Call Us Mavens for Nothin’
Bob said:
Guys, what is Homeresque is using Zillow as an evaluation tool. Everything else I’m in agreement.
December 7, 2007 1:04 PM
Carol said:
Hey Bob, what do you suggest as the anti-Homer? Got a better mousetrap? Let us know!
December 8, 2007 10:28 AM
Bob said:
I think all online property evaluations are Homeresque.
I do think your take on the market is very anti-Homer though. One of my favorite blog posts of the year.
December 8, 2007 5:14 PM
Glenn said:
Zestimates IMHO are not accurate - my house shows 20% higher than its market value.
Even 3 appraisals have a plus or minus factor of 5% between high and low. If that is applied to the zestimate just the Hawk property is out of line.
December 13, 2007 7:02 AM
Carol said:
Agreed Glenn. We’re not gonna do a full blown appraisal on every prospective property, but I do appreciate your point about Zestimates being inflated which makes my point even more so - why oh why would anyone pay more than that and not factor for future losses? One of the most important things about buying real estate is the promise of appreciation over time, don’t start out with a hill to climb!
December 15, 2007 10:05 AM