I lost more in home value last year than I paid for my FJ

[Decidion]

mrschewey previously said:

In the Pacific North West Zillow.com can be 20-40% off.

Yeah I wouldn't put too much stock in what Zillow says. In fact Zillow can't even keep accurate track of what their own estimates are. Last year they estimated my house at $25K higher than their historical graphs currently ever show it going. I guess they forgot, lol.

[chango]

I hope Zillow is right... My house is listed 70K more than I bought it for 2 years ago

[trainman0978]

I am down just over 12 grand on mine, not from zillow. According to local market value. It sucks. I would sell just to break even and walk away at this point.

[skorp62]

I am not going to be selling anytime soon, maybe not ever, so the market value is not really worrisome. I was hoping to re-fi once I had a better equity stake though and that's not going to be happening anytime soon it looks like. Oh well, my motto is "Plan for the worst and hope for the best" so it looks like I am right on plan. At least we didn't buy on an ARM and have to re-fi within a set time frame or face ballooning payments.

[fj6high]

skorp62 previously said:

I am not going to be selling anytime soon, maybe not ever, so the market value is not really worrisome. I was hoping to re-fi once I had a better equity stake though and that's not going to be happening anytime soon it looks like. Oh well, my motto is "Plan for the worst and hope for the best" so it looks like I am right on plan. At least we didn't buy on an ARM and have to re-fi within a set time frame or face ballooning payments.

If you can afford to stay and hold out do so. I was lucky and sold at the top of the market in 06. If you bought before 04 you should have some equidy and hopefully you don't have a Arm! I believe the bottom is near and just bought back in with a fixed rate 30yr loan @ 5.1325% OF COURSE I plopped down 40% and I will have to gut and rebuild the place, in the long run wealth has been built in real estate! The markets will turn for the better in time!

[FJDave]

Mine is down $100K from a year and a half ago. But I bought it 5 years ago, and still have a ton of equity and a standard 30 year fixed loan. I'm in a good position with this house, and I will not be getting a second on it.

Zillow is a good research tool, but it's just a tool. Don't use it as gospel and your ONLY resource. I like to look on there to see how old a place is, what the approximate value is, etc.