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HEY NONG MAN posted:My favorite part of their database of home prices is how the Zestimate magically lines back up with the sale price after it goes on the market. Isn't that a good thing? We were wrong and corrected it with actual data. my favorite part is how my house was the first resale for the entire development. When I brought the house the entire development took a hit to their precious zestimate as they now had a hard sale price.
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Jul 19, 2017 04:55
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Hughlander posted:Isn't that a good thing? We were wrong and corrected it with actual data. my favorite part is how my house was the first resale for the entire development. When I brought the house the entire development took a hit to their precious zestimate as they now had a hard sale price. It is a good thing but it sets some insane expectations for what people think they can get for their house and people sometimes set up their whole strategy of selling around what zillow tells them. It really can gently caress people over hard.
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Jul 19, 2017 05:10
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On Terra Firma posted:It is a good thing but it sets some insane expectations for what people think they can get for their house and people sometimes set up their whole strategy of selling around what zillow tells them. It really can gently caress people over hard. HEADLINE: Real estate web site uses overly optimistic price model, shocking everyone
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Jul 19, 2017 06:39
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I guess the previous owner lied on the listing or to Zillow about the number of bedrooms and sq ft on my house, I went in and "fixed" it on redfin and zillow reducing the number of bedrooms by one on both and the sq ft by like 90 and my estimates on both sites magically went up somehow. I think they are just displaying whatever number will increase user engagement for another 30 seconds of wtf head scratching, there is absolutely no real research behind it. Actually that's a good way to describe the web in 2017: just display whatever nonsense horseshit will lead to a few seconds of wtf head scratching so that our user engagement stats go up by 3% and we can pretend advertising isn't dying.
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Jul 19, 2017 16:18
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Interesting that the Zillow pricing model came up here as they're in the middle of a Kaggle competition to improve it with a million dollar bounty for the winning model. https://www.kaggle.com/c/zillow-prize-1#description.They talk a big game about how the model has revolutionized the real estate industry and blah blah blah. But the presence of a public competition (with such a large bounty) like this reveals that they're unsatisfied with its current performance and don't think they have the resources internally to improve it significantly. If you really hate their model you can try to help improve it here. It should also be interesting to see if people start anecdotally reporting improved results once the competition winds down in 6 months.
ego symphonic fucked around with this message at 20:21 on Jul 19, 2017 |
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Jul 19, 2017 20:19
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ego symphonic posted:Interesting that the Zillow pricing model came up here as they're in the middle of a Kaggle competition to improve it with a million dollar bounty for the winning model. https://www.kaggle.com/c/zillow-prize-1#description.They talk a big game about how the model has revolutionized the real estate industry and blah blah blah. But the presence of a public competition (with such a large bounty) like this reveals that they're unsatisfied with its current performance and don't think they have the resources internally to improve it significantly. If you really hate their model you can try to help improve it here. It should also be interesting to see if people start anecdotally reporting improved results once the competition winds down in 6 months. Netflix did the same thing. It's a great way to have people do work for you on the hopes that it will work, while only having to pay for the right one. If you win you've written your ticket. If no one wins you've done a bunch of free work for Zillow.
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Jul 19, 2017 21:50
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H110Hawk posted:Netflix did the same thing. It's a great way to have people do free marketing for you, especially those upwardly mobile nerd types
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Jul 20, 2017 01:13
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I think it's lovely they don't want to spend the money to hire people who actually can do this poo poo. I'm biased though, cause I'm looking for a job right now.
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Jul 20, 2017 02:31
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So we looked at 20 houses over yesterday and today, and while many had some kind of deal breaker, there were 3 we really liked. I'm looking at some ways to objectively prioritize them on top of just our gut feelings. Any additionally commentary on them would be much appreciated. I'm already a little sick to my stomach at the magnitude of the decision we are about to make. Here are our 3 picks in current favorite order: https://www.zillow.com/homes/-%091316-NW-14th,-Moore,-OK-73170_rb/ https://www.zillow.com/homes/-%092301-SW-94th-ST,-Oklahoma-City,-OK-73159_rb/ https://www.zillow.com/homes/for_sale/2101992911_zpid/2-_beds/2-_baths/35.365553,-97.456885,35.358142,-97.468418_rect/16_zm/1_fr/
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Jul 20, 2017 03:06
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Xenoborg posted:So we looked at 20 houses over yesterday and today, and while many had some kind of deal breaker, there were 3 we really liked. https://www.zillow.com/homes/-%092301-SW-94th-ST,-Oklahoma-City,-OK-73159_rb/ was last sold in Jan and is already on the market again.  https://www.zillow.com/homes/for_sale/2101992911_zpid/2-_beds/2-_baths/35.365553,-97.456885,35.358142,-97.468418_rect/16_zm/1_fr/ been on and off the market for 2+ years without ever being sold.
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Jul 20, 2017 03:33
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https://www.zillow.com/homes/-%0913...e,-OK-73170_rb/ - Seriously, who the HELL puts a fireplace right next to the front door? https://www.zillow.com/homes/-%0923...y,-OK-73159_rb/ - Based on the pictures alone, this would be our pick. However, recently remodeled would have me asking the previous owners for information on their contractor. EDIT: I just noticed you're within seven miles of the airport. Is noise an issue here? https://www.zillow.com/homes/for_sa...ect/16_zm/1_fr/ - This is impossible for the internet to gauge. Whoever took those pictures had no idea how to frame a shot and there is NO sense of space within the home with the bizarre close-ups. DTaeKim fucked around with this message at 04:07 on Jul 20, 2017 |
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Jul 20, 2017 03:50
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Higgy posted:https://www.zillow.com/homes/-%092301-SW-94th-ST,-Oklahoma-City,-OK-73159_rb/ was last sold in Jan and is already on the market again. 1st one look to be that it was bought, remodeled, and relisted. Will definitely look further into that. Also as the oldest of the three the life remaining on major systems like roof and AC is a consideration. 2nd one I think must be something to do with it being listed before it was completed. Still will ask about that.
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Jul 20, 2017 04:06
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Xenoborg posted:2nd one I think must be something to do with it being listed before it was completed. Still will ask about that. Sometimes builders have a broker that enters in a listing and then once it expires puts it up again to bump it to the top of the pile. If it's new I wouldn't think anything of it.
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Jul 20, 2017 04:54
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Shouldn't you have 20 acres in Oklahoma?
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Jul 20, 2017 14:49
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Elephanthead posted:Shouldn't you have 20 acres in Oklahoma? I could for 10 minutes of commute and 5 hours of mowing. No thanks. Edit: also the GF loves horses and we don't need open land she can think we could put them on Xenoborg fucked around with this message at 14:54 on Jul 20, 2017 |
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Jul 20, 2017 14:51
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You're planning on living in Oklahoma without a tornado shelter in the second two?
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Jul 20, 2017 16:21
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Get goats they will eat the grass plus supply you with meat and milk.
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Jul 20, 2017 19:22
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House #3 (new construction) with the glazed grey kitchen cabinets & grey stained wood trim & molding is going to look super dated in 5 years when everyone gets over the obsession to make everything grey. It's impossible to tell what the house really looks like because half of the pictures are close ups of doors & faucets.
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Jul 21, 2017 00:37
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Home inspection yesterday on a house I was in contract to buy: (note, the sellers insisted on being present for the inspection and lied to the inspector about several things before he badmouthed the house enough that they were embarrassed and left.) 1) do-it-yourself attic pull-down stairway where they cut two roof trusses to install it. Subsequent discovery of a painted-over stress crack in the newly-created load-bearing wall. 2) a/c that was "brand new" last year had an install date of 2005. seller claimed "it was in a box in my shed until last year" and "we just had it refilled with freon a week ago." temp of the house was 10 degrees higher than the digital thermostat was set for. (set to 71, was 81, 84 degree day outside). 3) blower fan for furnace was stuck on low, "he just had it serviced and it did that sometimes." inspector climbed back into the attic and found that ducts to three rooms were clean, indicating no/minimal airflow through those ducts. 4) the "fairly new" vinyl windows turned out to be 19 years old. None would stay up, several had bad seals, 50% would not even open. at this point, seller stormed off. 5) fireplace damper was rusted shut and clogged with debris. seller had claimed it was cleaned this past winter. 6) last, and most expensive, they had installed new laminate flooring. inspector noted several soft spots, so he pulled a vent to investigate. At some point, previous owners had a leak and redid all the flooring...and in the best of DIY mishaps, REMOVED THE VAPOR BARRIER FROM THE SLAB (no basement). The plywood had drawn water through the concrete and started rotting under the flooring. DO NEVER BUY (this house).
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Jul 21, 2017 13:49
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Arkane posted:Only quasi house buying related, but Zillow has a new Instant Offer feature (in some markets). I just submitted my house to see what investors will offer. Will report back! 3 offers, one for $307.5, one for 300k, one for $283k. Zillow has my house worth $369k, which is probably about right as a snapshot in the context of age/sqft/neighborhood/comps, but for various reasons to do with my home being dated, I'd say the market price is closer to $340k. Assuming I can sell for $340k with a realtor, after fees, I'm looking at $313k-ish cash, so I guess the first offer isn't too far off the mark. It's through OfferPad, who is also offering to cover moving expenses locally (and I am planning to move across town), so that's a few hundred bucks. I may try and counter and get them closer to what I think I could get listing my home. With the 3 offers, Zillow also emailed me a CMA from a local realtor that was complete dog poo poo. The realtor looked at 2 recent sales, 1 listing, and 1 yanked listing...2 of the homes weren't really comparable to mine....averaged the 4 of them together (?!?!) and told me that my house was worth $356k. High level realtor stuff there.
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Jul 21, 2017 15:20
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bkerlee posted:Home inspection yesterday on a house I was in contract to buy: This is what amazes me about no-inspection offers, even if you intend to gut it. The fact that money means so little to people that $50k in hidden repairs is no big deal blows my mind. Edit: Remember, they're now legally required to disclose all this stuff they've been lying about. Have you considered having a friend go in to put in an offer w/ inspection contingency?
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Jul 21, 2017 16:09
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H110Hawk posted:This is what amazes me about no-inspection offers, even if you intend to gut it. The fact that money means so little to people that $50k in hidden repairs is no big deal blows my mind. You would have to actually buy it and then sue for damages which the buyer won't be able to actually ever pay so may not be the best house purchasing strategy.
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Jul 21, 2017 23:41
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Wouldn't the realtor also be required to subsequently disclose? Reporting that to thier licensing board could do something.
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Jul 21, 2017 23:49
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This is less a home buying question, because I already did that, but more of a general advice about home sales later question. I am replacing the roof on this house (was never replaced from the initial roof it had ~30 years ago when built). The estimate gave me rates for 30, 40 and 50 year roofs. 30 year is like 6k, 50 is 8.5. We plan on staying here for a minimum of 10 years. Is that worth it? My gut says it's not really going to pay off when we sell the place, and my spouse agrees. But I thought I would post on an internet comedy website and get a second opinion. e: to throw in some fun content, I really enjoyed how, when buying this place, our realtor did a good CMA and figured we were paying about market rate for it. Then the bank comes in and compares a house inside the city limits with sewer to two houses on septic, one of which was in the next county over which has always been significantly lower value, and says "well actually we think this is worth 50k less than you're paying, so go find another 50k." We argued against it with the original CMA, and they picked a couple of differences in that one (lot size, mainly) that I guess are only relevant if we're the ones submitting the CMA, because theirs had a house with a large difference in lot size from ours too. loving banks. The place is amazing though. Dessert Rose fucked around with this message at 02:11 on Jul 22, 2017 |
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Jul 22, 2017 02:08
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Dessert Rose posted:I am replacing the roof on this house (was never replaced from the initial roof it had ~30 years ago when built). The estimate gave me rates for 30, 40 and 50 year roofs. 30 year is like 6k, 50 is 8.5. We plan on staying here for a minimum of 10 years. That's the sad part: it should, but I've never seen it happen. Go with your gut as you are almost certainly right.
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Jul 22, 2017 02:24
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The roof isn't just for you. If you plan on selling it after 10 years it's for the buyer too. $2.5k more for an extra 20 years? If the house is in otherwise good shape with a solid foundation and decent plumbing/electric you'll have no trouble selling it. You could say the same thing about a 30 year roof if you sell in 10, maybe, but it seems like a small price to pay now for a future selling point. And a better roof. Also 8.5k for a new roof on a ~30y old house that has the original sounds like a hell of a deal. What's the construction?
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Jul 22, 2017 02:27
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crazypeltast52 posted:Wouldn't the realtor also be required to subsequently disclose? Reporting that to thier licensing board could do something. Well first some inspector isn't the god of house conditions, all this would have to be litigated and if you think the realtor licensing board is not run by realtors looking out for other realtors then I don't know. Roof chat, 50 year roofs don't really last 50 years. Try to find that roofing supplier in 31 years. Warranty is probably pro rated and only on the materials also and you will need proof it was installed to instruction on a perfect deck. They will gladly give you credit for 25% of the roofing cost of 1980 shingles though on the purchase of 2017 priced shingles sold at msrp though. I personally go with the better shingles because they usually have a higher wind rating and hail resistance along with mold treatment, F you leaves! A 10 year old 30 year roof will look perfect though if properly installed. If you have tree and shade though go with the treated shingles so your roof stays bright. It will save you $1,000 in cleaning before your sale not that the discoloration matters for performance.
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Jul 22, 2017 13:09
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Dessert Rose posted:This is less a home buying question, because I already did that, but more of a general advice about home sales later question. 2.5k discounted at 3% over 30 years is, conveniently enough, almost exactly 6k - for the price of the 50 year roof, you can buy a 30 year roof, make some conservative investments, and buy another 30 year roof in 30 years. And honestly, that math doesn't really matter. If you're selling in 10 or 15 or 20 years, the buyer is likely to be more interested in the age of the roof than how long it is rated for. And all of that is assuming no significant changes in roofing technology in the next 30 years. Whether it's just improved manufacturing techniques for your basic shingles or if solar shingles come down in price enough to make them standard, a 50 year roof with 20 years left on it may not be entirely comparable to a new roof at that time. AreWeDrunkYet fucked around with this message at 13:29 on Jul 22, 2017 |
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Jul 22, 2017 13:25
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crazypeltast52 posted:Wouldn't the realtor also be required to subsequently disclose? Reporting that to thier licensing board could do something. A friend of my realtor called the day it went back up on the market. No disclosure, despite us attaching the inspection report to the termination. My realtor did get some lovely clapback from their realtor, but whatever. He's tough, he can take it.
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Jul 22, 2017 13:47
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Any thoughts on manufactured/module/mobile houses? Everything in the DC area is obscenely overpriced, unless you're looking to live in the ghetto south of the river. There are a couple of manufactured communities with stuff either up for sale or vacant plots and the plans I've looked at online are priced at like 1/3rd of the going market rate for a constructed house in the area with the same square footage. I'd be looking to basically get the smallest legal house. I could basically get one of these with the cash I have saved up, or at least pay 50-70% of it up front, meaning i could have it paid off pretty quickly. My ideal house would be a tiny house on a trailer, because I've been moving every few years for work related stuff, but those aren't legal in the DC area. Nitrousoxide fucked around with this message at 14:03 on Jul 25, 2017 |
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Jul 25, 2017 13:59
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Owning the house but renting the land is the absolute worst possible combination of ownership and renting. If you are talking about actually buying land with a manufactured home on it, look at it like any other house and it can be a reasonable deal. Keep in mind that banks won't typically offer mortgages on manufactured homes older than 30 years, so while you can score great deals on houses that are like 28 years old, you won't be able to unload them easily.
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Jul 25, 2017 19:51
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Hey all, I put in an offer on a house (I've bought two condos previously so this ain't my first rodeo) and it's looking like it might be accepted tonight. Now, I have a bunch of lenders that are offering me pretty similar rates, but they are not locked in and one lender is warning me it is about to go up in the next day or two. Once I have the P&S, am I supposed to call up all the prospective lenders and get them to all lock in their rates? Can I lock in rates with multiple of them more or less at the same time, or does locking in a rate require committing to going forward with that lender? Basically their listed rates on their sites are bullshit and I wanna see what the actual lock in rate of each is so I can pick the lowest.
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Jul 26, 2017 01:21
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Zero VGS posted:Basically their listed rates on their sites are bullshit and I wanna see what the actual lock in rate of each is so I can pick the lowest. They should be telling you where they will lock in Loan Estimates. Use those. If it's free you can lock wherever. Until you are sitting in front of a notary you can walk away. You have a financing contingency right?
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Jul 26, 2017 04:18
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H110Hawk posted:They should be telling you where they will lock in Loan Estimates. Use those. If it's free you can lock wherever. Until you are sitting in front of a notary you can walk away. You have a financing contingency right? Yeah the offer says I have to get the financing at prevailing rates. I pressed one of my lenders about it and he just let me docusign to lock in 3.375 without being committed, so I feel less worried about it now.
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Jul 26, 2017 05:26
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Zero VGS posted:Yeah the offer says I have to get the financing at prevailing rates. I pressed one of my lenders about it and he just let me docusign to lock in 3.375 without being committed, so I feel less worried about it now. What did you sign? You might be a bit more committed than you expect. 3.375 is a 15 year rate, right? That seems a bit high. If it's a 30 year rate, it seems "too good to be true" and you should figure out where you're being hosed.
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Jul 26, 2017 11:47
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baquerd posted:What did you sign? You might be a bit more committed than you expect. 3.375 is a 15 year rate, right? That seems a bit high. If it's a 30 year rate, it seems "too good to be true" and you should figure out where you're being hosed. Im looking at lenders right now too. Ive got an offer for 30 year at 3.25% for 3.3 points and a $1250 lender fee. Is that also too good as to be suspicious territory? Its an online only lender, and their rates are in general about 0.25% better than local banks/CU and 0.5% better than the national banks Ive looked at.
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Jul 26, 2017 13:53
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how much do the points cost?
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Jul 26, 2017 14:05
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I thought a point was always 1%. So in my case about $2000 each.
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Jul 26, 2017 14:43
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baquerd posted:What did you sign? You might be a bit more committed than you expect. 3.375 is a 15 year rate, right? That seems a bit high. If it's a 30 year rate, it seems "too good to be true" and you should figure out where you're being hosed. It is a 30 year fixed VA Loan, but three different banks, one I've even heard of before (BNC) all quoted me the 3.375%. I think the VA loans are just a lower than everyone else right now. Back in 2008 when I checked, VA loans were 6% when everyone else was 4%, so they certainly corrected for that.
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Jul 26, 2017 15:06
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VA loans are typically lower. I have a 3.375% 30 year I got two years ago via the VA. That is still a good interest rate.
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Jul 26, 2017 15:14
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