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 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."
- 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
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
This post provided by Maureen McCabe HER Realtors*
Contact Maureen McCabe of HER Realtors* - 614.388.8249
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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.