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#1
06-26-2007, 02:21 AM
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Looking into buying a home in the Phoenix area.
My wife and I are interested in moving next year, very likely to the Phoenix, AZ area, but it seems like many of the homes there are severely overpriced, even with the recent real estate downturn. I don't know how accurate a site like zillow.com is, but a couple of homes currently listed for sale ~$850k are showing a value of only about $600k through zillow. Are there better sites for home valuation, looking around for the best value, etc. Also
BTW, I am specifically looking to be in the $600k range, I guess, but that is kinda flexible. 
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#2
06-26-2007, 04:10 AM
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Re: Looking into buying a home in the Phoenix area.
Dali,
As far as I know prices in Phoenix are just as overstated as some places in So. Cal. Zillow is probably the best site as far as valuations go but you have to remember that its valuations and actual prices can vary significantly since it uses a pretty "dumbed down" system to value property. All it really takes into account is the home and lot square footage, beds, baths, and general area then it compares it to comprables (maybe a few other things like if the home has a pool etc). It doesnt know for instance if one house has solid gold fixtures throughout etc so you can see a large difference between valued price and actual market price. Hope that helps at least a little, CM
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#3
06-26-2007, 04:55 AM
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Re: Looking into buying a home in the Phoenix area.
Daliman,
I can put you in touch with a friend of mine. He's a real estate investor who lives outside of Phoenix. He knows the real estate there pretty well. As far as zillow, it's definitely off by a good amount in a lot of areas. Phoenix is definitely still in a decline as far as I know. If you buy in the next year or so, and plan on staying long term you should be in good shape, since it's an area that will only continue to grow from what I've seen/heard.
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#4
06-26-2007, 05:11 AM
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Re: Looking into buying a home in the Phoenix area.
[ QUOTE ]
Daliman, I can put you in touch with a friend of mine. He's a real estate investor who lives outside of Phoenix. He knows the real estate there pretty well. As far as zillow, it's definitely off by a good amount in a lot of areas. Phoenix is definitely still in a decline as far as I know. If you buy in the next year or so, and plan on staying long term you should be in good shape, since it's an area that will only continue to grow from what I've seen/heard. [/ QUOTE ] Well, My wife is very good friends with 2 real estate agents in the area, but I was looking more for areas in which I could do research on my own online.
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#5
06-26-2007, 05:13 AM
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Re: Looking into buying a home in the Phoenix area.
[ QUOTE ]
Dali, As far as I know prices in Phoenix are just as overstated as some places in So. Cal. Zillow is probably the best site as far as valuations go but you have to remember that its valuations and actual prices can vary significantly since it uses a pretty "dumbed down" system to value property. All it really takes into account is the home and lot square footage, beds, baths, and general area then it compares it to comprables (maybe a few other things like if the home has a pool etc). It doesnt know for instance if one house has solid gold fixtures throughout etc so you can see a large difference between valued price and actual market price. Hope that helps at least a little, CM [/ QUOTE ] It does help, but the odd thing is that zillow says average home price of the small area for where we were is like $650k, but there's nothing around there for sale for less than 800k.
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#8
06-26-2007, 01:15 PM
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Re: Looking into buying a home in the Phoenix area.
Whenever I've used zillow I've found it to be pretty close to actual appraised values, perhaps I've been lucky.
A couple things: One, people generally overvalue their home, often quite a bit. Two, asking price on a home has nothing to do with values, sales do. If a home is worth 650k they can ask 800k and it'll sit. Three, only take the last six months worth of sales data into account...twelve months ago the sales figures are often drastically different especially in a Todays market. Like pig4bill said, talk to your broker they can look up comps and send them to you in a matter of minutes.
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