Zillow.com - good news for Columbus home sellers brought to you by Maureen McCabe of Real Living HER
Recently Zillow.com published a white paper about foreclosures. I Re-Blogged the information shared by Sara Bonert a Zillow employee, Foreclosures sell at 72% of market price nationally
Columbus is one of the markets in the report. There is a table showing figures for Columbus and other national real estate markets.
Zillow.com good news for Columbus home sellers / bad news for banks / good news for buyers
- Only 19% of Central Ohio sales were foreclosures
- Bad news for sellers (the seller is a bank... remember the foreclosure is owned by the bank) but the foreclosures in Central Ohio (Columbus) sold at 62% of market according to Zillow's study.
- Good news for home buyers that are want want to buy foreclosures.
Zillow.com - good news for Columbus home sellers
There are two distinct markets! The good news is if your home is not a foreclosure, appraisers should NOT be using foreclosure sales to value your property. There are two distinct markets according to Zillow.
In her post Sara wrote:
"These findings show that it is inappropriate to include Foreclosure sales data when appraising non-Foreclosure homes. Adjusting for the condition of recent Foreclosures, as well as the Seller's motivation in the Foreclosure situation, sounds great in theory but is ultimately complex in practice. Especially given the Appraiser has likely not been inside the homes being used as comparables for the subject home."
Get a low appraisal? Is the appraiser using foreclosures to value your home? Challenge it.
Search for Central Ohio Foreclosures
The Zillow white paper has nothing to do with Zillow's Zestimates. The values used by Zillow.com in this white paper are sale prices of homes that are not foreclosures and sale prices of homes that are foreclosures (sometimes referred to as bank owned or REOs.)
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