Columbus Ohio real estate

Columbus doesn't look bad; Zillow's NOT calling the bottom nationally

snippet of Zillow map of Northern Franklin CountyColumbus is one of the 161 cities in Zillow's Index, of course.  Spencer Rascoff of Zillow wrote of the ZHVI (Zillow Home Value Index):  Sorry to spoil the party, but we're not at the bottom!

... Zillow is not yet calling the bottom of the home price drop.

Zillow is different than the numbers that Realtor.com,  the Ohio Association of Realtors, Columbus Board of Realtors or really anyone else put out.  Those are based on home sales.  The Zillow Home Value Index is based on ALL homes.  Well almost all. 

Do you get it?  Zillow makes their proclaimations of value based on the value of all homes, not the homes that are on the market, just sold or failed to sell... they value all homes, continually.

Zillow.com is the company many Realtors love to hate... but that's about the Zestimates (value of a home) not the ZHVI isn't it? 

Of home values Spencer wrote: "True, individual Zestimates have their issues (more about Zestimate accuracy), but the Zillow Home Value Index is very reliable because it has enough aggregated data to wash away inaccurate Zestimates -- in other words, statistically speaking, for every Zestimate that's too low, there's another one that's equally too high, so the ZHVI is highly reliable."

Columbus MSA Charts

 

  • Appreciation of Home Values 
  • Negative Equity Map
  • Negative Equity Chart 
  • Appreciation Map of Home Values  

The image? A little modern art?  No the image here is a snippet of the part of the map of Columbus...  just an itty bitty portion.  Red is best, dark blue is worst... the legend on the map shows the percentages.

Appreciation Map of Home Values look at the reddish areas!  Those area dropped least in values in the first quarter of 2009 (all homes not just those that sold.)  Do you know what your ZIP code looks like by shape?  This map is by ZIP code of course....  I can pick out 43085,43235, 43065 etc. 43016, 43229, 43081, 43014, etc. etc...

Real estate is really, really local...  should buyers be lulled by generalizations about the value of homes dropping nationally??? or really even by ZIP code.   A ZIP code is not the homogenouse.  Buyers can miss out on some great homes... if they wait for lower prices.

More about Zillow:

A Re-Blog of Spencer's post: sorry to spoil the party but we are not at the bottom  

Zillow Zestimate of $1.5 millon on an $8.5 -$9 million home

"a fun voyueristic tool"

Not 100% sure what your ZIP code looks like use - ZIP code map

More about Home Value

Case Shiller numbers can be skewed from a Zillow employee

 

Provided by Maureen McCabe Real Living HER Worthington

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Information is deemed to be accurate but should be verified to your satisfaction.  Information provided herein is supplied by several sources and is subject to change without notice.  Opinions expressed are solely those of Maureen McCabe.

 


 

4 commentsMaureen McCabe • May 07 2009 06:35AM
Columbus doesn't look bad; Zillow's NOT calling the bottom nationally
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Columbus is one of the 161 cities in Zillow's Index, of course. Spencer Rascoff of Zillow wrote of the ZHVI (Zillow Home Value Index): Sorry to spoil the party, but we're not at the bottom!.. Zillow is not yet calling the bottom of the home… more
Why Case Shiller Numbers Can Be Skewed
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The good stuff here "Why Case Shiller Numbers Can Be Skewed" is from Sara Bonert of Zillow. This is a reblog of Sara's post about Standard & Poor's Case Shiller report. The Columbus Metro Area is NOT one of the 20 Metro Areas in the index… more
"a fun, voyeuristic tool"
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No, no not more Zillow! Yes more Zillow. com.. but more Trulia. com too. According to a December 7, blog entry on The Real Estate Economy "Zillow is an ad-driven content site designed for buyers and nosey neighbors, or in the words of a Trulia… more