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  1. #18651
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    Quote Originally Posted by Danno View Post
    yeah, I noticed that when we listed our house 3 months ago, the zestimate remarkably changed to match our asking price.
    And if you own 3,800 homes, it isn't a bad way to drive the price up. It isn't like there's really any kind of legal requirement for their Zestimates to be accurate AFAIK. Zillow buying homes definitely presents a conflict of interest.

    But I'm not complaining, if it drives up the price of my home then so be it. Just good to know when you are scrolling through Zillow that the properties listed in the first 48 hrs might have a more accurate value listed. And you can always look at the history anyway.

  2. #18652
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    Quote Originally Posted by Danno View Post
    yeah, I noticed that when we listed our house 3 months ago, the zestimate remarkably changed to match our asking price.
    Staying in CO?

  3. #18653
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    I think Zillow flipping homes is pretty interesting - it's basically a claim their pricing hocus pocus works and they can reliably identify underpriced homes, so they're really putting their money where their mouth is. Funny thing is, I took a cursory look at some of the homes they bought and are selling in the Portland area, and they've had to drop the price on a decent chunk of them to below what they paid, which suggests to me their pricing hocus pocus isn't working that well. No skin off my nose if they want to overpay for homes on which they then take a bath -- as long as they don't steal a home I'm looking at out from under me :-)

  4. #18654
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    Quote Originally Posted by Name Redacted View Post
    And if you own 3,800 homes, it isn't a bad way to drive the price up. It isn't like there's really any kind of legal requirement for their Zestimates to be accurate AFAIK. Zillow buying homes definitely presents a conflict of interest.
    And there is a certain logic to it, right? I mean, Zillow themselves always says the zestimate is a thumbnail estimate, because it cannot take into account the particular details of a particular property. So when someone who can take into account the particular details of a particular property -- the owner -- lists the property at a price significantly higher than the zestimate, it might be because the property is actually worth more than that rough estimate. So zillow changes the zestimate.

    Or at least that would be what their response would be.

    Quote Originally Posted by ColMan View Post
    Staying in CO?
    Yes. Same neighborhood even.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
    "everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy

  5. #18655
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    If you think Zillow is able to manipulate the market by owning 3,800 homes, what do you think about the 80,000 homes owned by BalckRock?

    The U.S. has roughly 140 million housing units. Of those 140 million units, about 80 million are stand-alone single-family homes. Of those 80 million, about 15 million are rental properties. Of those 15 million single-family rentals, institutional investors own about 300,000; most of the rest are owned by individual landlords. Of that 300,000, BlackRock—largely through its investment in the real-estate rental company Invitation Homes—owns about 80,000.

  6. #18656
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    Quote Originally Posted by schuss View Post
    I mean, foundationally appraising is pretty fucked as the real price is "whatever the market will bear" which you don't know until after. Given the number of variables, there's not a lot of good ways to get to a number in supply constrained situations or when there's a low number of comps. Not to mention it's somewhat window dressing given that someone that consistently underappraises will probably get dropped by banks, even with good reason as they'll just package and sell the loan anyhow.
    There's also this: https://www.npr.org/2021/05/21/99853...home-appraisal

  7. #18657
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    Dec 2003
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    Quote Originally Posted by Dantheman View Post
    Oh yeah, structural racism is rife in RE and related stuff from redlining history etc.

  8. #18658
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    Quote Originally Posted by rideit View Post
    I actually kinda like it.
    But I would want wood floors, for sure.
    What are the odds that there are two Teslas in that garage?
    Concrete guy owns it so lowwwwwww. Count me in for a diesel Ram + many toys vote.

  9. #18659
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    Speaking of zillow buying homes....but did you miss the news this morning? Hurry and buy your home now that your competition is gone:

    https://www.marketwatch.com/story/zi...r-271634565866

  10. #18660
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    Checking in from Teton Valley.

    Things appear to be slowing a bit here. Average days on market is up significantly and shitty inventory at ridiculously inflated pricing is still trickling onto the market and not moving.

    Examples of shitty/overpriced inventory here, here and here.

    There are some spec homes being built in my neighborhood at $500/ sq foot that haven't hit the market yet. It'll be interesting to see if that inventory gets absorbed or not. The "buy at any cost" feeding frenzy has definitely slowed since the summer.

  11. #18661
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    Quote Originally Posted by sirbumpsalot View Post
    Speaking of zillow buying homes....but did you miss the news this morning? Hurry and buy your home now that your competition is gone:

    https://www.marketwatch.com/story/zi...r-271634565866
    Schweet! Unfortunately, Amazon has changed their policy to allow semi-permanent remote work, as long as you can get in for meetings as needed, which I think is going to be great for anyone who currently owns a house in Bellingham, but will be crappy for me.

  12. #18662
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    Quote Originally Posted by Kevo View Post
    Checking in from Teton Valley.

    Things appear to be slowing a bit here. Average days on market is up significantly and shitty inventory at ridiculously inflated pricing is still trickling onto the market and not moving.

    Examples of shitty/overpriced inventory here, here and here.

    There are some spec homes being built in my neighborhood at $500/ sq foot that haven't hit the market yet. It'll be interesting to see if that inventory gets absorbed or not. The "buy at any cost" feeding frenzy has definitely slowed since the summer.
    Things def seem to have stalled a little bit, curious to see if things that are priced for peak construction cost sell or if dev's lose their asses. These guys put in some cookie cutter townhome down from me with a nice view of Fall River's trash pit, the silent auction 4 at a time is a nice touch.


  13. #18663
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    Last year was so crazy that everyone sees the slowdown and thinks "ooh, does this mean things are cooling" or even "ooh, here comes the crash". But if you excised last year out of our consciousness, what I am seeing here, and what everyone is reporting in this thread, is completely normal seasonal slowdown in a strong market, not anything remotely resembling a true pullback.

    I hope I am wrong, because now, as a non-homeowner that wants to buy back in at some point, I would love a crash. But so far, I don't see any signs of that or even a real flattening beyond the usual seasonal one.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
    "everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy

  14. #18664
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    Boise and Idaho in general are seeing a slight slowdown from last year's peak. But, if you look at prices from two years ago, still way above anything that would be considered normal appreciation and growth. We've got a long way to tumble before being considered back to normal like you're saying.

  15. #18665
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    Quote Originally Posted by Conundrum View Post
    Boise and Idaho in general are seeing a slight slowdown from last year's peak. But, if you look at prices from two years ago, still way above anything that would be considered normal appreciation and growth. We've got a long way to tumble before being considered back to normal like you're saying.
    I have friends that just moved to Boise from PDX. They found a nice SFH up against the mountains within city limits for $500k. They were house shopping for a total of one weekend and avoided bidding wars.

    The price is still high compared to pre-2020 levels, but not terrible.

  16. #18666
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    Terrible is relative. A house we were looking at buying to move into (didn't due to some structural issues) sold 2/20 and just sold again for 70% more. Probably doesn't seem bad if you're coming in with your pockets full of big city equity cheddar but tough for the natives. Unless you were already in the game. I doubt it's going to every really get back to pre '20 levels though. Personally, we're in a good spot but many are not if they want to stick around. Such is life. Embrace the change right?

  17. #18667
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    Quote Originally Posted by Kevo View Post
    Checking in from Teton Valley.

    Things appear to be slowing a bit here. Average days on market is up significantly and shitty inventory at ridiculously inflated pricing is still trickling onto the market and not moving.

    Examples of shitty/overpriced inventory here, here and here.

    There are some spec homes being built in my neighborhood at $500/ sq foot that haven't hit the market yet. It'll be interesting to see if that inventory gets absorbed or not. The "buy at any cost" feeding frenzy has definitely slowed since the summer.
    I kinda get the feeling this is pretty much nationwide. Generally.

  18. #18668
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    Quote Originally Posted by Danno View Post
    Last year was so crazy that everyone sees the slowdown and thinks "ooh, does this mean things are cooling" or even "ooh, here comes the crash". But if you excised last year out of our consciousness, what I am seeing here, and what everyone is reporting in this thread, is completely normal seasonal slowdown in a strong market, not anything remotely resembling a true pullback.

    I hope I am wrong, because now, as a non-homeowner that wants to buy back in at some point, I would love a crash. But so far, I don't see any signs of that or even a real flattening beyond the usual seasonal one.
    This isn't going to be a crash or bubble pop. It's going to be musical chairs. Starting now, a lot of people are going to be like David Byrne in one of his more popular songs. "How did I get here?" Looking around. And a little stuck. For years.

  19. #18669
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    Sep 2006
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    Quote Originally Posted by sirbumpsalot View Post
    Speaking of zillow buying homes....but did you miss the news this morning? Hurry and buy your home now that your competition is gone:

    https://www.marketwatch.com/story/zi...r-271634565866
    Right - And the sooner you lock in that sub 4% 30 year fixed mortgage, the better.

    https://finance.yahoo.com/news/mortg...160021820.html
    "We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch

  20. #18670
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    Oct 2007
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    Seasonal slowdown is seasonal.

    People who cashed out always hope for a crash but what if you can’t get the bank to give you money? You think the bank is gonna lend people money to buy houses that are tanking in value? Sure, when things correct and start heading back up you might find a good deal but that’s gonna be years out.

    Anyway, I don’t see thing really crashing, at least not in this area, maybe they’ll level out for a while.

  21. #18671
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    Quote Originally Posted by Toadman View Post
    Right - And the sooner you lock in that sub 4% 30 year fixed mortgage, the better.

    https://finance.yahoo.com/news/mortg...160021820.html
    Now THAT could cool the market. But it won't help anyone on the sidelines (unless they have cash). Because the mortgage payment won't change even if the price goes down.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
    "everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy

  22. #18672
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    Quote Originally Posted by Danno View Post
    Now THAT could cool the market. But it won't help anyone on the sidelines (unless they have cash). Because the mortgage payment won't change even if the price goes down.
    I'm not suggesting trying to time the market, but if it was possible it would be great to sell out during low rates and buy back during high rates assuming monthly payments stay the same. You'd keep your monthly payment the same and make $$ by extracting money at the high and reinvesting in a down market.

    I know of someone who tried to do this in Vancouver BC at "the peak" in 2018. Last I heard he's still waiting on a crash...

    Quote Originally Posted by Conundrum View Post
    Terrible is relative. A house we were looking at buying to move into (didn't due to some structural issues) sold 2/20 and just sold again for 70% more. Probably doesn't seem bad if you're coming in with your pockets full of big city equity cheddar but tough for the natives. Unless you were already in the game. I doubt it's going to every really get back to pre '20 levels though. Personally, we're in a good spot but many are not if they want to stick around. Such is life. Embrace the change right?
    1/2 of this particular couple grew up in Boise. This couple has lived all over the country building their careers and finally are buying their first home in Boise after scrimping and saving for years and years. Their monthly payment in Boise for a SFH is going to be less than the cost of their apartment in PDX.

    One works locally, but the other did have to import a remote job to Boise to make it work though.

    Quote Originally Posted by snapt View Post
    Things def seem to have stalled a little bit, curious to see if things that are priced for peak construction cost sell or if dev's lose their asses. These guys put in some cookie cutter townhome down from me with a nice view of Fall River's trash pit, the silent auction 4 at a time is a nice touch.
    Seems like a major risk to develop property at the moment. Even modest trim levels are costing developers $400/sq foot at the moment. Like you said, it's possible that some may end up upside down. I'm not sure if there is enough demand to sell 48 new 1100-1400 sq foot townhomes in Driggs at $600k+.

  23. #18673
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    Oct 2005
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    Hey, no shade on people moving here whether they have roots or not. If I thought that way, I'd be plenty pissed most of the time and I tried that for a bit (probably will see that in my past postings if you look for it). Only pointing out that compared to Portland, CA, TX, Chicago, Seattle etc, it seems pretty reasonable (not terrible in your words). Compared to a lot of other places and local incomes, it's growing out of reach and that includes rents which to me seems kind of terrible. And I doubt prices are going to come down or wages are going to go up for folks like teachers and nurses to be able to afford to buy here.

  24. #18674
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    Aug 2007
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    Out walking the pups this afternoon, one of the neighbors asked if I heard about the house across the street built in 1950, very original but clean and painted on a 100 X 100 lot. I said I thought he took it off the market after a couple of weeks of no offers? Nope, almost $1M over the asking price of $3M for an obvious tear down
    Unbelievable...
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  25. #18675
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