Bought in April for $885k. Texas. Appraised for $915k. Now my Zillow and realtor.com estimate are at $830k. Is anyone else seeing such significant reductions in their perceived home value? I get it, Zillow estimates are not real. But potential buyers certainly seem to notice.
It’s frustrating. Endured the years of prices skyrocketing while I renting in a new city. The anxiety that came with that. Users in this sub saying that prices would continue to climb because of low inventory. Then finally when I bought a property the market seems to be falling rapidly
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Hey Frank, I looked at a listing on Zillow yesterday. It is listed at 535k. Zestimate 528k. Listing dropped to 519k today. Zestimate updated to 507k a couple hours later. It’s just a lot of automated adjustments based on listings. But not necessarily accurate.
I live in the greater ATL area and realized the market is insane right now. What do you guys think the next 12 months is going to look like? There’s so much in the air about a crash but It’s not like there a subprime mortgages. What are some of your plans for the foreseeable future?
If you plug this into a mortgage calculator, you’ll find that this is almost exactly the math that works out when rates go from 4.375% to 7.5% to equal the same monthly payment. You bought at the top of the market; you’ll have to take a loss if you can’t hold on to it in the medium term. Rates aren’t coming down any time soon. If you can’t afford to take the loss, your best option is to not move.
Keep in mind though, you took this loss the moment rates went up - you just didn’t know it yet.
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so what your saying is that i should check if the house rates of the place i buy has any chances of increasing or if the house is at a lower rate when i buy
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i understand thank you for the advice Alejandra
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