Zillow Just Upped My House Value

zillowNow, I’m supposedly giving my house away at the price I set for it. It went up by $9,000 based on comparables in my neighborhood. It’s not really a surprise to me because I am in a prime location. I picked the home because of its location. It is close to two major highways, but far enough away I don’t have to listen to the noise. It has three major supermarkets within two blocks of my home. They built around me so much, I now have Duke Integrative Medicine across the street from me, and several office parks that weren’t there before. And the buzz is that there is yet another mall going up very close by. How do I know? Let’s just say that a friend got an offer on their home based on those plans. That’s on top of the major revamping of North Hills Mall and the upcoming new mall on Falls of Neuse nearby too. I am very close to Crabtree Mall too and only twenty minutes from the airport. Did I mention they are making the Museum of Art a world class Museum by 2009? I am about a mile away from it. Really, you’d have to be an idiot not to buy my house, and I guess that lady was. It is priced to sell and it is in a PRIME location. I just want a place I can be flexible enough to leave in two years since I’m planning on leaving the area if I don’t have a job keeping me here. My master’s is about over and I want to get a job doing something interesting while I continue to freelance write on the side. Any investors out there interested? I actually plan on staying in the area, just moving to a rental so that I can be sure that I can leave when my time in Raleigh is up without dealing with the stress of selling the home then. I want to be able to get up and go in less than two years, if needed, and not fuss with selling real estate then. I also want to cash out the home value while I can still enjoy some of the benefits with my daughter who will graduate soon and need money for college. Then, if nothing keeps me here, like a great job, then, I’ll be free to move.

But, the value of my home is shooting up and I’m beginning to wonder if I shouldn’t hold on just a little longer. The foreclosure rate in Raleigh went down by 7% and things are looking brighter here. There are plenty of construction people out of work, which is actually a good thing for me. What would have cost me thousands before to remodel in my home (like new flooring) I can get for a whole lot less now. Home selling is very stressful with people coming in and out all the time and I work from home. It’s really not a doable thing for me. I need this to either sell fast or take it off the market while I still have a business left.

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2 responses to “Zillow Just Upped My House Value

  1. Spirit:
    You know Zillow provides only an estimate, right? I know from dealing with that site previously that a lot of their values are speculative.

    It definitely sounds like you have a great piece of property, and considering where you’re located, you shouldn’t have a hard time selling (even in today’s market).

    Have you ever gotten a legitimate home appraisal? I know a site that can provide one for free if you are looking for one – check out http://www.getmyhomesvalue.com.

  2. Yes, johanthanbentz, it does only provide an estimate. The problem with estimates is that they don’t take into account what the people living in the area know, such as the new mall that isn’t even on the maps yet that no one has heard of – yet. The renovations, like the Art Museum, that is scheduled to finish in 2009. These things will add value ot the area, but they aren’t done yet so the value hasn’t been appraised for that even though it’s coming. Probably developers know, but unless you work for the gas company or some other utility company (and you’re installing new LARGE service nodes), then it probably won’t hit you what the developers are planning unless you get a heads up from someone in the know.

    There was a mobile park recently here in Raleigh that had the land sold right out from under the residents and they never got told until after the fact.

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