I went to the Denver Premier Agent Zillow Summit today and here is what I gleaned from it.
It was pretty informative and I learned a bit about the Zestimate algorithms.
As we all know the data does not take into account upgrades, views, ambiance…. However I did learn that homeowners can actually go into Zillow and update their own homes in the system now. You may benefit from an update when selling your home if extensive improvements were made to your home. If you do it, please let me know what your experience is like.
Here is a pretty powerful graph, stating the price of rents and expense of home ownership in Denver right now. The current interest rates on a thirty year mortgage are really low right now making it a wise move to obtain a mortgage and secure a low and stable monthly payment for your housing.
Basically further data analysis provided by Zillows data analysis department came to the conclusion that buying a home in Denver pays for it’s self in just 2.1 years. If you take into account taxes, closing costs, home owners insurance versus renters insurance and the general cost of home ownership.
This was a micro analysis of the Denver Buyers and Sellers markets at the moment. They attempted to do a micro analysis of the exact neighborhoods throughout the Denver area. They came up with this Buyers and Seller micro market sheet. It would be interesting to see what the actual validity of this is and if one could use it to move up through the market.
This is the scary fact that 20% negative equity remains nation wide on average. We have not seen the drastic fluctuations that Las Vegas or Phoenix has experienced. We also have not seen the 28% appreciation recovery that they have had in California lately. Basically Denver has faired much better, stability wise, then the nation as a whole.
Denver actually faired better in this negative equity situation from the national average and is moving in the right direction gaining a 9% recovery in 2013.
+All of these graphs and data were provided by Zillow and are deemed reliable but not guaranteed.