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BigBoyTiger 
LSU Fan
Chicago
Member since Aug 2005
8519 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 12:39 pm to bryso)
I agree. Don't have the capital to get into those. I am going to start small with single family locations.
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Queen
LSU Fan
383 miles from Death Valley
Member since Nov 2009
2429 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 12:51 pm to wegotdatwood)
quote:
Thinking 220k would be the absolute max we could spend?
You don't want to have your housing costs exceed 30 percent of your monthly income.
And if you have good credit and no debt, you'll probably get approved for a lot more than you want to spend.
FWIW my fiance' and I got pre-approved a few months ago, and they told us we could spend almost $200k more than we would ever consider.
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wegotdatwood 
Arkansas Fan
Member since Aug 2009
14166 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 1:54 pm to Queen)
quote:
You don't want to have your housing costs exceed 30 percent of your monthly income.
That would be roughly slightly less than 30%.
We really want to be south of 200k and most likely will get in something in that range.
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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
4815 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 3:30 pm to wegotdatwood)
That 30 is based on an interest rate twice today's rates. As long as you are not a retard at 30% you'll be fine
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NC_Tigah
LSU Fan
Member since Sep 2003
40700 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 6:08 pm to bryso)
quote:
Stuff their formula makes up and has about 0 worth
and that is certainly a bull shite response.
Zillow is often off.
Trulia is often off.
Few know that better than I do.
There was a seven digit difference between the two services estimates on a recent purchase of ours. Now there is a 100K difference => in the opposite direction. But, the actual sales they record, their pictures of properties, price history, area price trends, etc. are certainly helpful.
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bryso 
Clemson Fan
The Real Death Valley
Member since Dec 2006
26808 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 7:44 pm to NC_Tigah)
quote:
There was a seven digit difference between the two services estimates on a recent purchase of ours. Now there is a 100K difference => in the opposite direction. But, the actual sales they record, their pictures of properties, price history, area price trends, etc. are certainly helpful.
Elaborate please bc I'm not really getting what you're saying.
Yea zillow etc is a great service for looking at the current inventory out there... But it's not very good at making estimates of values IMO.
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bryso
Clemson Fan
The Real Death Valley
Member since Dec 2006
26808 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 8:04 pm to bryso)
Examples of why i think the online estimate formulas are worthless.
LINK /
last sold in march of last year for 290,000 they say 2670,000
LINK /
last sold in nov of 2012 for 280,000 estimated at 230,000
so thats my point.
just because zillow and truila says its worth something doesn't mean its accurate.
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jglass3lsu
LSU Fan
Houston
Member since Jan 2007
686 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 8:07 pm to bryso)
Zillow is 100k off on most homes in my neighborhood.
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bryso
Clemson Fan
The Real Death Valley
Member since Dec 2006
26808 posts
| re: Question about Zillow and a home search. (Posted on 1/14/13 at 8:12 pm to jglass3lsu)
ya. it is tough for a computer to make up values... i mean IMO the only real way to do it is look at comps and see what other homes in the area are going for... and get as close as u can PSF wise.
idk to mean its tough to value something where people basically set the price... with a rental property u can say if it make $10 and costs me $4 to run it i will have $6 so how much is $6 worth to me?
with a house it's kinda a i'll pay this much for that because i want it..
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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
4815 posts
| re: Question about Zillow and a home search. (Posted on 1/15/13 at 6:02 am to bryso)
quote:
with a house it's kinda a i'll pay this much for that because i want it..
Unless you take out a mortgage.
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